<blockquote style="margin: 6px 0px;padding: 6px 12px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;border-left: 4px solid rgba(0, 0, 0, 0.08);color: rgb(0, 0, 0);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-size: medium;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;"><span leaf="">ä»·æ ¼æä¸äº§è½è¿å©çåéååä¸ï¼ä¸å½çµæ± éèè¡ä¸æ£ç»åè°é¾æ¶å»ï¼ä½æå 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Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">è¿ä¸¤å®¶è¡ä¸å·¨å¤´çåæ¶â失éâåæ äºæ´ä¸ªè¡ä¸é¢ä¸´ç严峻ææââ</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">ä»·æ ¼æç»ä¸è¡</span></strong><span leaf="">ä¸</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">产è½è¿å©åå</span></strong><span leaf="">æ£å¨æ¤åä¼ä¸ççå©ç©ºé´ã</span></p><hr style="margin: 16px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;border-width: 0.5px 0px 0px;border-right-style: initial;border-bottom-style: initial;border-left-style: initial;border-right-color: initial;border-bottom-color: initial;border-left-color: initial;border-image: initial;border-top-style: solid;border-top-color: rgba(0, 0, 0, 0.08);color: rgb(0, 0, 0);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-size: medium;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" /><h2 style="margin-top: 0px !important;margin-right: 0px;margin-bottom: 0px;margin-left: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><br /></span></h2><h2 style="margin-top: 0px !important;margin-right: 0px;margin-bottom: 0px;margin-left: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">01 è¡ä¸å¯å¬ï¼ä»·æ ¼ææç»ï¼ä¼ä¸çå©æ¿å</span></span></h2><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">Goldman Sachsç 究æ¥åæ¾ç¤ºï¼è¡ä¸å°å¢ä¸»è¦æºäºä¸¤ä¸ªå ³é®å ç´ ãä¸æ¹é¢ï¼éèä»·æ ¼æç»èµ°ä½ï¼å¯¼è´ä¼ä¸è®¡æ大éåè´§è·ä»·æ失ââäºåè½æºè®¡æ6700ä¸å ï¼ææºæ质计æ3100ä¸å ã</span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">å¦ä¸æ¹é¢ï¼ä¼ä¸æµ·å¤å·¥åçå é建设ä¹å¢å äºè¿è¥ææ¬ãäºåè½æºçåçå©å·¥åãææºæè´¨ç马æ¥è¥¿äºåçå ¸å·¥åé½å¨äº§è½ç¬å¡é¶æ®µï¼çæå æç´¯äºä¼ä¸å©æ¶¦ã</span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">ä»·æ ¼ååå¨æ°æ®ä¸å¾å°ææ¾ä½ç°ã2025å¹´äºå£åº¦ï¼æ¹¿æ³7μméèä»·æ ¼å·²ç»è·è³æ¯å¹³æ¹ç±³0.6-1.0å ï¼èå¹²æ³14μméèä»·æ ¼ä¹ä¸æ»è³æ¯å¹³æ¹ç±³0.4-0.9å 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sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">02 å¸åºæ´çï¼å¤´é¨ä¼ä¸éå¿æ©å¤§ä»½é¢</span></span></h2><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">尽管è¡ä¸æ´ä½é¢ä¸´ææï¼å¸åºéä¸åº¦å´å¨ä¸ææåãæ°æ®æ¾ç¤ºï¼</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">ä¸å½åä¸å¤§çéèå¶é åå¸åºä»½é¢</span></strong><span leaf="">ä»2024å¹´11æç57%æåè³2025å¹´7æç63%ï¼å·²ç»æ¥è¿2023å¹´çæ°´å¹³ã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">å ¶ä¸ï¼äºåè½æºçå¸åºä»½é¢åå5个ç¾åç¹è³35%ï¼å·©åºäºå ¶å ¨çæ大çµæ± éèä¾åºåçå°ä½ãææºæè´¨åä¿æäºçº¦16%çå¸åºä»½é¢ï¼ç¨³å± è¡ä¸ç¬¬äºã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">è¿ç§å¸åºéä¸åº¦çæåå®é ä¸ä¸ºè¡ä¸é¿æå¥åº·åå±å¥ å®äºåºç¡ãéçå°è§æ¨¡ãé«ææ¬äº§è½çéæ¥åºæ¸ ï¼å¤´é¨ä¼ä¸çå®ä»·è½ååçå©æ°´å¹³ææå¾å°æ¹åã</span></p><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><br /></span></h2><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">03 æç¹å°è³ï¼ä¸å¤§ä¿¡å·é¢ç¤ºè¡ä¸å¤è</span></span></h2><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">Goldman Sachsåæå¸ç»´æ2025å¹´æ¯è¡ä¸è§¦åºåå¼¹ä¹å¹´çå¤æï¼ä¸»è¦åºäºä¸ä¸ªå ³é®ä¿¡å·ã</span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">é¾å¤´ä¼ä¸å·²å ¨é¢è¾¾å°çäºå¹³è¡¡ç¹</span></strong><span leaf="">ãèª2024年以æ¥ï¼åä¸å¤§çéèå¶é åé½å·²å®ç°çäºå¹³è¡¡ï¼è¿æå³ç继ç»ä¸è¡ç空é´æéã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">å½å 产è½ææ¾é«å³°å³å°ç»æ</span></strong><span leaf="">ãäºåè½æºãææºæè´¨åä¸æç§æçæ©äº§è®¡åæ¾ç¤ºï¼å½å 产è½å¢å 浪潮æ¥è¿å°¾å£°ï¼ä¾ç»ååå°éæ¥ç¼è§£ã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: 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border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">åºäºæ´æ°åçä¾é模ååçµæ± å¸åºæ»è§æ¨¡é¢æµï¼ Goldman Sachsé¢è®¡2025-2026å¹´éèè¡ä¸äº§è½å©ç¨çå°ä»åæ¥ç69%/81%æåè³74%/81%ã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><br /></span></h2><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">04 ä¼ä¸åæï¼ä¸¤å®¶é¾å¤´çå·®å¼åçªå´</span></span></h2><h3 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;font-weight: 500;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">äºåè½æºï¼å ¨ç巨头éå¢èå</span></h3><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">ä½ä¸ºå æ®å ¨çä¸åä¹ä¸å¸åºä»½é¢çéèé¾å¤´ï¼äºåè½æºæ£å¨ç§¯æå¸å±å ¨çå¸åºãå ¬å¸é¢è®¡å°2027å¹´éèä¾åºéå°ä»2024å¹´ç70亿平æ¹ç±³å¢å è³130亿平æ¹ç±³ï¼å¢å¹ æ¥è¿ç¿»åã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">尽管çæä¸ç»©æ¿åï¼ Goldman Sachsä»ç»äºäºâä¹°å ¥âè¯çº§ï¼ç®æ ä»·ä»35.9å ä¸è°è³36.1å ãåæå¸è®¤ä¸ºï¼</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">å½åè¡ä»·è¿äºæ²è§</span></strong><span leaf="">ï¼æªè½åæ å ¬å¸å¨ä¸æççå©è½ååå¸åºå°ä½ã</span></p><h3 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;font-weight: 500;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">ææºæè´¨ï¼æµ·å¤å¸å±è°æ±çªç ´</span></h3><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">ä½ä¸ºå ¨ç第äºå¤§éèä¾åºåï¼ææºæè´¨åæ ·é¢ä¸´çå©ä¸æ»çååãåæå¸é¢è®¡å ¶åä½æ¯å©å°ä»2022å¹´ç0.76å /å¹³æ¹ç±³éè³2025å¹´ç约0.2å /å¹³æ¹ç±³ã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">ä½å ¬å¸æµ·å¤å¸å±æ£å¨å éï¼é©¬æ¥è¥¿äºåçå ¸å·¥åçæ产å°å¸®å©å ¬å¸è·å¾æµ·å¤å¸åºç溢价空é´ã Goldman Sachsç»´æâä¹°å ¥âè¯çº§ï¼ç®æ ä»·ä»12.4å ä¸è°è³13.3å ã</span></p><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><br /></span></h2><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">05 æªæ¥å±æï¼è¡ä¸å¤èè·¯å¾æ¸ æ°</span></span></h2><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">çµæ± éèè¡ä¸çåå±ä¸æ°è½æºæ±½è½¦äº§ä¸æ¯æ¯ç¸å ³ãéçå ¨ççµå¨åè¶å¿çæç»æ¨è¿ï¼éèéæ±ä»å°ä¿æå¿«éå¢é¿ã</span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">è¡ä¸å½åçä½è¿·ç¶æä¸ä¼æç»å¤ªä¹ ãéç产è½å©ç¨ççæååä»·æ ¼æçç¼åï¼</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">é¾å¤´ä¼ä¸çå©è½åææå¨2025å¹´åºè³2026å¹´åå¼å§ä¿®å¤</span></strong><span leaf="">ã</span></p><p style="margin: 0px;padding: 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normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">éçè½å产è½çåºæ¸ åå¸åºéä¸åº¦çæé«ï¼è¡ä¸å°èµ°åæ´å å¥åº·çåå±é¶æ®µãé£äºè½å¤å¨è¿ä¸ªå¯å¬ä¸åæä¸æ¥çä¼ä¸ï¼å°å¨æ¥å¤©å°æ¥æ¶æ¶è·æ´å¤çå¸åºä»½é¢åæ´å¼ºå²ççå©è½åã</span></p><section><span leaf=""><br /></span></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>