<p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¼è¨ï¼ç«å¨</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âæ´ç±³æ²¹çâä¸âæ辰大海âçååè·¯å£ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´çä¸å½ç»æµï¼æ£ç»åçä¸åºæ·±å»çç»æ转åãä¸è¾¹æ¯âæ´ç±³æ²¹çâçæ°çåºæ¬é¢ââä½ç©ä»·å¾ªç¯ååæªè§£ï¼å± æ°æ¶è´¹çä»å¤ä½ä½ï¼æ¿å°äº§å¸åºäºå¾ æ¢è·å稳ï¼å¦ä¸è¾¹æ¯âæ辰大海âçç§åçªå´ââ</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">AI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ãæºè½é©¾é©¶ã人形æºå¨äººçé¢åå®ç°ä»âè·è·âå°âåºæ¯åé¢è·âççªç ´ï¼å ¨çå¸åºä»½é¢æç»æåãè¿ç§âå轨ç¹å¾âä¸ä» æ¯ä¸å½ç»æµçç°å®åç §ï¼æ´æ¯æ£æ·æèµè æ建认ç¥æ¡æ¶çæ ¸å¿åæã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å ¨çå®è§æ ¼å±åæ¥æ¼åï¼ç¾å ä¿¡ç¨å¼±åãæ³å¸ä½ç³»éæï¼èµäº§é ç½®é»è¾æ£ä»</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âåä¸æ³å¸â转åâæ³å¸</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å®ç©èµäº§âç»åãå¨æ¤èæ¯ä¸ï¼å¦ä½å¹³è¡¡ä¼ ç»ç»æµçâ稳âä¸æ°å ´äº§ä¸çâè¿âï¼å¦ä½å¨æ¿ç转åä¸ææç»ææ§æºä¼ï¼æ为æ£æ·æèµè çå ³é®å½é¢ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¬æå°ä»¥</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âæ°æ®ä¸ºéãé»è¾ä¸ºçº²âï¼æ·±åº¦è§£è¯»ç»æµå轨ç¹å¾ãå ¨çåå±ãæ¿çæ¹åä¸éç¹é¢åï¼ä¸ºæ£æ·æä¾ä¸å¥å ¼å ·åç»æ§ä¸å®ææ§çåææ¡æ¶</span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">第ä¸ç« ï¼ä¸å½ç»æµç</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âå轨ç¹å¾âââä½ç©ä»·å¾ªç¯ä¸ç§åçªå´çå ±ç </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä½ç©ä»·å¾ªç¯ï¼æ¶è´¹ç«¯çâæ´ç±³æ²¹çâå°å± </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ ¸å¿çç¾ï¼å± æ°æ¶è´¹çåä½ï¼å½å约</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">40%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ä½äºåè¾¾å½å®¶</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">55%60%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">çæ°´å¹³ï¼ï¼ç¤¾ä¼ä¿éä½ç³»æå¾ å®åï¼å°æ¹æ¿åºåå±è§é¿æâéç产轻æ¶è´¹âã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1.1.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ°æ®éè§ï¼æ¶è´¹ç²è½¯çåºå±é»è¾ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¨èçé«ä¼ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´å± æ°å¨èçä»ç»´æå¨</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">34%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">é«ä½ï¼é¢é²æ§å¨èå¾åæå¶æ¶è´¹ææ¿ã对æ¯å½é ï¼ç¾å½å± æ°å¨èç约</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">7%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼æ¥æ¬çº¦</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">24%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ä¸å½å± æ°âä¸æ¢è±ãä¸æ¿è±âçå¿ææ¾èï¼æ°æ®æ¥æºï¼å½å®¶ç»è®¡å±</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">年年度æ¥åï¼ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¶è´¹ç»æ失衡ï¼æå¡æ¶è´¹å æ¯</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">52%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´é¦æ¬¡è¶ è¿ååæ¶è´¹ï¼ï¼ä½å¥åº·ãæè²ãææ çâåå±åæ¶è´¹âå¢éï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">15%20%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ä¸åè¾¾å½å®¶ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">30%+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ä»æå·®è·ï¼å¿ éæ¶è´¹ï¼é£åãå»è¯ï¼å æ¯</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">35%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼å¯éæ¶è´¹ï¼å®¶çµã汽车ï¼åæ¶å ¥é¢æå¶çº¦ï¼å¢éä» </span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">5%8%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å°æ¹åå±è§çº¦æï¼å°æ¹æ¿åºè´¢ç¨ä¾èµå·¥ä¸å¢å¼ç¨ï¼å æ¯çº¦</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">40%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ï¼æ¶è´¹ç«¯è´¡ç®ä» å å°å¤´ï¼æ¶è´¹ç¨å æ¯</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">8%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ï¼å¯¼è´âéç产ãè½»æ¶è´¹âçè·¯å¾ä¾èµã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1.1.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ£æ·è§è§ï¼æ¶è´¹æ¿åçâæ»å®ä¹éâ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¿ éæ¶è´¹ï¼é£å饮æãå»è¯çæ¿å表ç°ç¸å¯¹ç¨³å¥ï¼å¯ä½ä¸ºç»å</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âåè±ç³âãéå ³æ³¨</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">CPI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼å± æ°æ¶è´¹ä»·æ ¼ææ°ï¼èµ°å¿ï¼è¥</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">CPI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ååè³</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1.5%2%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼å¿ éæ¶è´¹çå©å¼¹æ§å°å¢å¼ºã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¯éæ¶è´¹ï¼å®¶çµã汽车çä¾èµæ¿çåºæ¿ï¼å¦</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">â以æ§æ¢æ°â补贴ï¼ï¼éè·è¸ªæ¿çæç»æ§ãä¾å¦</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">年家çµä»¥æ§æ¢æ°è¡¥è´´æå¨ééå¢é¿</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">12%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ä½</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">年补贴è§æ¨¡ä¸å»å¹´æå¹³ï¼çº¦</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">3000</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">亿å ï¼ï¼è¾¹é æåºæéåã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æå¡æ¶è´¹ï¼ç§æç±»æå¡ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">AI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æè²ãæºè½å»çï¼æææ¿çå ç æ¹åï¼é¢è®¡æ°å¢è¡¥è´´</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1000</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">亿å ï¼å ³æ³¨å¨çº¿å»çãèä¸æè²çç»åèµéçéæ±å ç°èå¥ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç§åçªå´ï¼ä»âè·è·âå°âåºæ¯åé¢è·âçä¸å½è·¯å¾ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å ³é®çªç ´ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´â</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">DeepSec</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¶å»âæ å¿ä¸å½</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">AI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">è¿å ¥å ¨ç第ä¸æ¢¯éï¼æºè½é©¾é©¶æ¸éççªç ´</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">30%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼äººå½¢æºå¨äººå¨å¶é ä¸åºæ¯å®ç°åä¸ååºç¨ï¼è½å°ææ¬éè³</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">20</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¸å </span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">/</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å°ï¼ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1.2.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¸å¤§æ ¸å¿ä¼å¿ï¼ç®æ³ãæ°æ®ãåºç¡è®¾æ½ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç®æ³ï¼å ¨ç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">50%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">AI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">人æéä¸äºä¸å½ï¼è½»éå模åç åæçé¢å ï¼ææ¬ä» 为ç¾å½å类项ç®ç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1/10</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ãä¾å¦æå¼æºå¤§æ¨¡ååæ°è§æ¨¡ä» 为</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">GPT4</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1/5</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ä½å¨å·¥ä¸è´¨æ£åºæ¯åç¡®çè¾¾</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">99.2%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼æ¿ä»£äººå·¥ææ¬</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">30%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ°æ®ï¼å¶é ä¸åºæ¯æ°æ®ï¼å¦å·¥ä¸äºèç½å¹³å°è¿æ¥ä¼ä¸è¶ </span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">100</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¸å®¶ï¼ä¸è¶ 级</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">APP</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç¨æ·è¡ä¸ºæ°æ®ï¼æ¥æ´»ç¨æ·è¶ </span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">10</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">亿ï¼å½¢æç¬ç¹ä¼å¿ï¼è®ç»æ°æ®éè¾ç¾å½åç±»ä¼ä¸é«</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">40%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åºç¡è®¾æ½ï¼ç®åä¸å¿å»ºè®¾ææ¬è¾ç¾å½ä½</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">40%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼çµåä¾åºç¨³å®ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´æ°æ®ä¸å¿ç®åå©ç¨çè¾¾</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">75%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ç¾å½ä¸º</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">60%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">PUE</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¼ï¼è½æºä½¿ç¨æçï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1.2</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼å ¨çé¢å ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1.2.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">é£é©ä¸æºéï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">AI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">çâåååâæåº </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">çæé£é©ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2028</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´å</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">AI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">对æå¡ä¸</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">/</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç½é¢å²ä½æ¿ä»£æåºæ¾ç°ï¼é¢è®¡æ¿ä»£ç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">15%20%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ï¼éå ³æ³¨æ¿ç对æè²å¹è®ã社ä¼ä¿éçé å¥æ¯æã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">é¿ææºéï¼</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">â</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">AI+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¼ ç»è¡ä¸âèå空é´å¹¿éï¼éç¹å ³æ³¨å·¥ä¸è´¨æ£ï¼å¸åºè§æ¨¡</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´é¢è®¡è¾¾</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">500</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">亿å ï¼ãæºè½é©¾é©¶ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">L4</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">级æ¸éç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´æè¾¾</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">15%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ã人形æºå¨äººæ ¸å¿é¨ä»¶ï¼ä¼ºæçµæºãåéå¨å½äº§åççªç ´</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">60%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">表ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´ä¸å½ç§åæ ¸å¿èµéå¸åºè§æ¨¡é¢æµ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-aistatus="1" data-imgfileid="100048066" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwne61VqSj9KA7xl5rNQWGgMyJLLaXXmrNSuM0eO5wKk3MiagfA6O7ia60d6z9Fjiaia2pGKpusooiaebHQ/640?wx_fmt=png&from=appmsg" data-type="png" type="block"></section><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">第äºç« ï¼å ¨çå®è§æ ¼å±æ¼å</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ââç¾å å»é ä¸æ³å¸ä½ç³»éæ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç¾å ä¿¡ç¨å¼±åï¼äºæåååºæ¨¡å¼çéæ¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">èæ¯ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2024</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´ç¾å ææ°è´¬å¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">10%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´ä¸å年延ç»è´¬å¼è¶å¿ãç¾å½éè¿âé«å¢é¿</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">é«éè</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åä½å©çâçååºæ¨¡å¼ï¼å¯¼è´å®é å©çï¼åä¹å©çéèï¼æç»ä¸ºè´ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´å®é å©ç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1.2%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2.1.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ°æ®å¯¹æ¯ï¼ç¾å ä¿¡ç¨åæçéåè¯æ® </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åºå¡é«ä¼ï¼ç¾å½èé¦åºå¡</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">/GDP</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä»</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2020</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´ç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">130%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åè³</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´ç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">155%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼è¿è¶ äºæåå³°å¼ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">118%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">éèç²æ§ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´ç¾å½</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">CPI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">è¾¾</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">4.8%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼æ ¸å¿</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">PCE</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ä¸ªäººæ¶è´¹æ¯åºï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">3.5%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼åé«äº</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">çæ¿çç®æ ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å©çåå¶ï¼ç¾èå¨</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2024</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´éæ¯</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">3</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">次ï¼ç´¯è®¡</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">75</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">个åºç¹ï¼ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´é¢è®¡åé</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">50</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">个åºç¹ï¼èé¦åºéå©çæéè³</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">3.0%3.25%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼å®é å©çè¿ä¸æ¥ä¸è¡ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2.1.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ£æ·è§è§ï¼ç¾å è´¬å¼ä¸çèµäº§åå®ä»· </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">é»éï¼æ³å¸ä¿¡ç¨å¼±åèæ¯ä¸ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´é»éç®æ ä»·æçªç ´</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2500</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç¾å </span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">/</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">çå¸ï¼é ç½®æ¯ä¾å»ºè®®æåè³ç»åç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">15%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ä¼ ç»é ç½®æ¯ä¾çº¦</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">5%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">大å®ååï¼åæ²¹ï¼å¸ä¼¦ç¹ï¼ãéçæç¥èµæºä»·æ ¼å¯¹ç¾å è´¬å¼ææï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´åå«ä¸æ¶¨</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">15%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ã</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">18%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´æ延ç»æ¶¨å¿ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">人æ°å¸èµäº§ï¼çæ人æ°å¸ååºå£é¡ºå·®ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">8000</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">亿ç¾å ï¼ä¸ç»æ±å£èæ§æ¨å¨æåè³</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">6.86.85</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ä½ä¸æåå½å 宽æ¾å¶çº¦é¾æç»åå¼ï¼éè¦ææ±çæ³¢å¨å¯¹ååèµéçå½±åã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ³å¸ä½ç³»éæï¼ä»âåä¸æ³å¸âå°âæ³å¸</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å®ç©èµäº§âç»å </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ ¸å¿é»è¾ï¼å ¨ç主è¦ç»æµä½åºå¡é«ä¼ï¼åè¾¾å½å®¶æ¿åºåºå¡</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">/GDP</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹³å</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">130%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ï¼æ³å¸å¯¹æç¥èµäº§ï¼è´µéå±ãè½æºãç¨æéå±ï¼æç»è´¬å¼ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2.2.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">èµäº§é ç½®èå¼è½¬ç§» </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¼ ç»</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âè¡åºå¹³è¡¡â失æï¼åè¾¾å½å®¶</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">10</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´æå½åºæ¶ççï¼å¦ç¾å½</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2.8%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ãå¾·å½</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1.5%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ä½äºéèçï¼å®é æ¶ç为è´ï¼åºå¸âå®å ¨å«âä½ç¨åå¼±ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å®ç©èµäº§å´èµ·ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´å ¨ç央è¡é»éå¢æéè¾¾</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1136</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¨ï¼ååå²æ°é«ï¼ï¼ä¸å½å¤®è¡å¢æ</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">210</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¨ï¼è½æºãç¨æéå±ï¼éãé´ãç¨åï¼æ为主æåºéé ç½®æ°å® ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2.2.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ£æ·åºå¯¹çç¥ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¤å åé ç½®ï¼å°ä¼ ç»</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âè¡åº</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">6:4</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âè°æ´ä¸ºâè¡ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">40%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åºï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">30%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å®ç©èµäº§ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">15%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç°éï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">15%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼âï¼éä½åä¸æ³å¸èµäº§é£é©ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å ³æ³¨äººæ°å¸è®¡ä»·å®ç©èµäº§ï¼å½å é»é</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">ETF</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼å¦åå®é»é</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">ETF</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ãåæ¶é»é</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">ETF</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ãè½æºä¸»é¢åºéï¼å¦åæ¹åæ²¹</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">ETF</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼å¯ä½ä¸ºä¾¿æ·é ç½®å·¥å ·ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">第ä¸ç« ï¼æ¿çæ¹åä¸ææé¢æµ</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ââè´¢æ¿ä¸è´§å¸çâå轮驱å¨â </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">3.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">è´¢æ¿æ¿çï¼ç¸æºææ©ä¸ç»æä¼å </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">è´¢æ¿æ¿çæ¯</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">年稳å¢é¿çæ ¸å¿ææï¼éç¹é¢åå æ¬æ¶è´¹è¡¥è´´ãæ¿å°äº§æ¯æã社ä¿æ¹é©ï¼ä¸è å½¢æâçæåºæ¿</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¸æ转åâçç»åæ³ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">3.1.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¶è´¹è¡¥è´´ï¼ä»âèç¨åâåâæå¡ä¸âæ©å± </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å½åç¶æï¼å»¶ç»å®¶çµã汽车以æ§æ¢æ°æ¿çï¼è§æ¨¡ä¸</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´æå¹³ï¼çº¦</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">3000</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">亿å ï¼ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ½å¨å ç æ¹åï¼æ©å±è³ç§æç±»æå¡æ¶è´¹ï¼å¦</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">AI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æè²ãæºè½å»çï¼ï¼é¢è®¡æ°å¢è¡¥è´´</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1000</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">亿å ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">é¢æææï¼æ¶è´¹çæå</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">0.51</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">个ç¾åç¹ï¼æå¨</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">GDP</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¢é¿</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">0.30.5</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">个ç¾åç¹ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">3.1.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¿å°äº§æ¯æï¼âè´´ææâæå ³é®ææ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¿ç对æ¯ï¼</span></span></font><span leaf=""><span textstyle="" style="font-size: 17px;"> </span></span></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-aistatus="1" data-imgfileid="100048067" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwne61VqSj9KA7xl5rNQWGgMTzqE4t7H4ovwm8xwm1re12fomz70iccKpSkahpNOO2kcib1TVgHtfdzQ/640?wx_fmt=png&from=appmsg" data-type="png" type="block"></section><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æææµç®ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">100</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åºç¹è´´æ¯å¯ä½¿éç¹åå¸ææå©çä»</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">4.2%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">éè³</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">3.2%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼æ¥è¿ç§éåæ¥çï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">3.0%3.5%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ï¼è´æ¿ææ¬ä¸é约</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">15%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ãè¯ç¹åå¸ï¼å¦æ·±å³ãèå·ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">12</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ææ°æ¿æ交éç¯æ¯å¢é¿</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">20%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼æ¾ç¤ºæ¿ç对éæ±çæå¨ä½ç¨ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">3.1.3 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">社ä¿æ¹é©ï¼ä»âå½å¯âå°âæ°å¯âçå ³é®ä¸æ¥ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¿çç®æ ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2030</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´åå°åæ°</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">/</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åæ°å·¥æ补贴ä»</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">200</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å æè³</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1000</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å ï¼è´¢æ¿æ¯åºå¢å </span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">GDP</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¼ å¯¼è·¯å¾ï¼ç¤¾ä¿å®å</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âé¢é²æ§å¨èçä¸éï¼é¢è®¡</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">35</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">个ç¾åç¹ï¼âæ¶è´¹è½åæåï¼å± æ°æ¶è´¹çææä»</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">40%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åè³</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">45%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">èµéæ¥æºï¼éè¿å½ä¼è¡æåæ¨ç¤¾ä¿ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´åæ¨å¸å¼è¶ </span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1.2</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¸äº¿å ï¼ãè´¢æ¿èµ¤åé度æ©å¤§ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">年赤åçæè¾¾</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">3.5%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼å®ç°ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">3.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">è´§å¸æ¿çï¼âä¸å¯è½ä¸è§âä¸çå¹³è¡¡æ¯ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¿ç约æï¼éå ¼é¡¾</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âä½ç©ä»·å¾ªç¯ï¼é宽æ¾ï¼ãæ±ç稳å®ãé¶è¡æ¯å·®âï¼å¤§å¹ éæ¯ç©ºé´åéã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">3.2.1 2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´è´§å¸æ¿çé¢æµ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">éæ¯éåï¼å ¨å¹´éæ¯</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1520</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">个åºç¹ï¼éå</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">12</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">次ï¼éæ¾é¿æèµé</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">11.5</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¸äº¿å ï¼ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç»ææ§å·¥å ·ï¼éç¹éè¿</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âè´¢æ¿è´´æ¯âæ¿ä»£ç´æ¥éæ¯ï¼å¦ææå©ç补贴ãç§åä¼ä¸è´·æ¬¾è´´æ¯ï¼æ¢éä½å®ä½èèµææ¬ï¼åç¼è§£é¶è¡æ¯å·®ååï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´ä¸å¸é¶è¡åæ¯å·®</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2.1%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼è¾</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2020</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´ä¸é</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">0.5</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">个ç¾åç¹ï¼ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">3.2.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ£æ·è§è§ï¼æµå¨æ§ç¯å¢å¯¹èµäº§çå½±å </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æé¿è¡åçï¼æ¸©å宽æ¾ç¯å¢ä¸ï¼ç§åãæ¶è´¹çå©çææåèµäº§ä¼°å¼ä¿®å¤ç©ºé´è¾å¤§ï¼</span></span></font><span leaf=""><span textstyle="" style="font-size: 17px;"> </span></span></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ±çæ³¢å¨é£é©ï¼äººæ°å¸çæåå¼è³</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">6.86.85</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åï¼ä¸ææåå½</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">7.07.2</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åºé´ï¼ååèµéæµåå¯è½æ³¢å¨ï¼éå ³æ³¨å¤èµéä»è¡ï¼å¦æ¶è´¹é¾å¤´ãæ°è½æºèµéï¼ççæè°æ´ååã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">第åç« ï¼éç¹é¢å深度解æ</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ââä»æ¿å°äº§å°ç§åçæèµé»è¾ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">4.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¿å°äº§å¸åºï¼æ¢è·å稳çâä¸è·¯å¾â </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¿å°äº§ä»æ¯ç»æµ</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âåè±ç³âï¼ç´æ¥</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">é´æ¥è´¡ç®</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">GDP</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">约</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">25%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´æ¿çå°èç¦âæ¶åºåãä¿ä¸»ä½ãè´´ææâä¸æ¡è·¯å¾ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">4.1.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¶åºåï¼ä»âååæ¿âå°âä¿éæ¿âç转å </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç°ç¶ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">30</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åååæ¿åºåå»åå¨æ</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">18</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">个æï¼åçåºé´</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1214</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">个æï¼ï¼äººå£åæµå ¥åå¸ï¼å¦æå·ãæé½ï¼åºåååæ´å¤§ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¿çè¿å±ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">12</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">个è¯ç¹åå¸å·²æ¶è´ååæ¿</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1.2</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">亿平æ¹ç±³æ¹ä¿éæ¿ï¼é¢è®¡</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´æ©å´è³</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">20</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åï¼æ¶è´è§æ¨¡å¢è³</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">亿平æ¹ç±³ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å½±åï¼çæç¼è§£æ¿ä¼ç°éæµååï¼é¿ææ¹åä½æ¶å ¥ç¾¤ä½å± ä½æ¡ä»¶ï¼å¯¹ç§èµå¸åºï¼é¿ç§å ¬å¯ãç©ä¸ç®¡çï¼å½¢æå©å¥½ã</span></span></font><span leaf=""><span textstyle="" style="font-size: 17px;"> </span></span></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">4.1.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¿ä¸»ä½ï¼åºå¡éç»ä¸â追责âå¹¶è¡ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ ¸å¿æè·¯ï¼</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âæ项ç®ä¸æä¼ä¸âï¼ä¼å ä¿éå·²å®é¡¹ç®äº¤ä»ï¼åæ¥è¿½è´£è¿è§ç®¡çå±ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¡ä¾åèï¼æ头é¨æ¿ä¼éè¿</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âåºè½¬è¡</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¼å ¥ææâå®æéç»ï¼é¡¹ç®å¤å·¥çä»</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">30%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æåè³</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">80%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ£æ·è§è§ï¼è§é¿é«åºå¡æ¿ä¼ï¼åè´åºçè¶ </span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">120%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ï¼å ³æ³¨â央å½ä¼èæ¯</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åºåæ·±èâç稳å¥åæ¿ä¼ï¼å¦æ»¨æ±éå¢ã建åæ¿äº§ï¼ï¼ä»¥ååçäºä¿äº¤æ¥¼ç建ç建æï¼æ°´æ³¥ãç»çãé²æ°´ææï¼ä¼ä¸ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">4.1.3 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">è´´ææï¼è´¢æ¿è´´æ¯æ¬å¨è´æ¿éæ± </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">èµéæ¥æºï¼è´¢æ¿é¢ç®å®æ</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å°æ¹æ¿åºä¸é¡¹åºè¡¥å ï¼é¢è®¡å ¨å¹´è´´æ¯è§æ¨¡</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">4000</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">亿å ï¼å </span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">GDP</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">约</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">0.3%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å·®å¼åå®æ½ï¼é¦å¥æ¿è´´æ¯</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">100</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åºç¹ï¼äºå¥æ¿</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">50</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åºç¹ï¼å¤å¥æ¿ä¸è´´æ¯ï¼éè¿æ°æ®èç½é¿å çæ¿ç¾¤ä½å¥å©ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¸åºå½±åï¼é¢è®¡æå¨ååæ¿éå®é¢ç§¯å¢é¿</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">8%10%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼æ ¸å¿åå¸æ¿ä»·</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026Q3</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¢è·ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2027</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´æå°å¹ åå</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">3%5%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">4.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç§æåæ°ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">AI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç«èµçâä¸å½è·¯å¾â </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¸ç¾</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">AI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åå±è·¯å¾ååï¼ç¾å½èç¦</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">AGI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼éç¨äººå·¥æºè½ï¼âç»æå¼âç åï¼ä¸å½ä¾§éè½»éåãåºæ¯ååºç¨ï¼å½¢æå·®å¼åä¼å¿ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">4.2.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ ¸å¿èµéä¸ç«äºä¼å¿ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">AI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åºç¨ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å·¥ä¸è´¨æ£ï¼åç¡®ç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">99.2%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼æ¿ä»£äººå·¥ææ¬</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">30%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´å¸åºè§æ¨¡é¢è®¡</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">500</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">亿å ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æºè½é©¾é©¶ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">L4</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">级æ¸éç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´è¾¾</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">15%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ä¼ æå¨ãç®æ³è½¯ä»¶å½äº§åçè¶ </span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">70%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">人形æºå¨äººï¼å¶é ä¸åºæ¯è½å°ææ¬éè³</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">20</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¸å </span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">/</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å°ï¼ä¼ºæçµæºå½äº§åççªç ´</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">60%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">产ä¸é¾æºä¼ï¼</span></span></font><span leaf=""><span textstyle="" style="font-size: 17px;"> </span></span></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç®æ³å±ï¼å¤§æ¨¡åä¼ä¸ï¼å¼æºæ¨¡åå¸å çå ¨ç第ä¸ï¼ï¼</span></span></font><span leaf=""><span textstyle="" style="font-size: 17px;"> </span></span></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ°æ®å±ï¼å·¥ä¸äºèç½å¹³å°ï¼è¿æ¥ä¼ä¸è¶ </span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">100</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¸å®¶ï¼ãè¶ çº§</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">APP</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼æ¥æ´»ç¨æ·è¶ </span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">10</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">亿ï¼ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç®åå±ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">GPU</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å½äº§åï¼èªä¸»è¯çæ§è½è¾¾å½é 主æµæ°´å¹³ç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">80%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ãæ°æ®ä¸å¿ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">PUE</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1.2</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼å ¨çé¢å ï¼ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">4.2.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">é£é©æ示ï¼å°±ä¸æ¿ä»£ä¸ä¼¦çææ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">çæé£é©ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2028</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´å</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">AI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">对æå¡ä¸</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">/</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç½é¢å²ä½æ¿ä»£æåºæ¾ç°ï¼é¢è®¡æ¿ä»£ç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">15%20%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ï¼éå ³æ³¨æ¿ç对æè²å¹è®ã社ä¼ä¿éçé å¥æ¯æï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ£æ·è§è§ï¼èç¦</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">â</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">AI+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¼ ç»è¡ä¸âçèåæºä¼ï¼å¦</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">AI+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¶é ã</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">AI+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å»çï¼ï¼è§é¿çº¯æ¦å¿µçä½ï¼å ³æ³¨ä¼ä¸å®é 订åä¸çå©å ç°è½åï¼å¦å·¥ä¸è´¨æ£è®¾å¤åçååè´åºå¢éï¼ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">4.3 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¶è´¹ææ¯ï¼ä»âå½å¯âå°âæ°å¯âç转å </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ ¸å¿çç¾ï¼å°æ¹æ¿åºè´¢ç¨ä¾èµå·¥ä¸å¢å¼ç¨ï¼å æ¯çº¦</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">40%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ï¼æ¶è´¹ç«¯è´¡ç®ä» å å°å¤´ï¼æ¶è´¹ç¨å æ¯</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">8%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">4.3.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¹é©æ¹åï¼å°æ¹èæ ¸ä¸è´¢ç¨ä½ç³»è°æ´ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">èæ ¸ä½ç³»ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´è¯ç¹æ°å¢âå± æ°æ¶è´¹çââ社ä¿è¦ççâææ ï¼æéå æ¯æåè³</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">30%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">è´¢ç¨æ¹é©ï¼è¯ç¹</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âæ¶è´¹ç¨åç½®å¾æ¶âï¼ç产端å¾æ¶æ¹ä¸ºæ¶è´¹ç«¯å¾æ¶ï¼ï¼ä½¿å°æ¹æ¿åºä»âéç产â转åâéæ¶è´¹âã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">4.3.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¶è´¹è¶å¿ï¼ä»âçååâå°âåå±åâ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ°æ®ååï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´æå¡æ¶è´¹å æ¯</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">52%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼é¦æ¬¡è¶ è¿ååæ¶è´¹ï¼ï¼å¥åº·ãæè²ãææ æ¯åºå¢éè¾¾</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">15%20%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç»ææ§æºä¼ï¼</span></span></font><span leaf=""><span textstyle="" style="font-size: 17px;"> </span></span></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">é¶åç»æµï¼å »èæå¡ï¼å¸åºè§æ¨¡</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´é¢è®¡è¾¾</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">12</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¸äº¿å ï¼ãéèå产åï¼æºè½ç©¿æ´è®¾å¤å¢é</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">30%+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">Z</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¸ä»£æ¶è´¹ï¼å½æ½®ï¼æ±æãå½æ½®ç¾å¦å¢é</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">25%+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ãçµç«ï¼ç¨æ·è§æ¨¡è¾¾</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">5</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">亿人ï¼ãå å®å®ï¼èæ社交平å°ææ´»è¶ </span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">亿ï¼ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">第äºç« ï¼å ¨çèµäº§é ç½®çç¥</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ââæ£æ·çâæ»å®ä¹éâ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">5.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ±çä¸é»éï¼é¿é©ä¸æéèçâåè±ç³â </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">5.1.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">人æ°å¸æ±çï¼çæåå¼ä¸ä¸æå¶çº¦ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">çæ驱å¨ï¼åºå£é¡ºå·®ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´è¾¾</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">8000</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">亿ç¾å ï¼ãç»æ±å£èæ§ï¼æ¥èåä¼ä¸æ¢æ±éæ±ï¼æ¨å¨äººæ°å¸åè³</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">6.86.85</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¸æå¶çº¦ï¼å½å ä½ç©ä»·å¾ªç¯é宽æ¾è´§å¸ç¯å¢ï¼ä¸ç¾å©å·®æç»´æåæï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´ä¸å½</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">10</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´æå½åºæ¶çç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2.8%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ç¾å½</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2.5%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ï¼äººæ°å¸é¾ä»¥æç»åå¼ï¼ä¸ææåå½</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">7.07.2</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">5.1.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">é»éï¼æ³å¸ä¿¡ç¨å¼±åä¸çæ ¸å¿é ç½® </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">驱å¨é»è¾ï¼å ¨ç央è¡å¢æï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´å¢æ</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1136</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¨ï¼ãå®é å©çä¸è¡ï¼ç¾å½å®é å©ç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">1.2%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ãå°ç¼æ¿æ²»é£é©ï¼ä¿ä¹å²çªãå°æµ·å±å¿ï¼ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç®æ ä»·é¢æµï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´çªç ´</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2500</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç¾å </span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">/</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">çå¸ï¼è¾</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´åºï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2050</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç¾å ï¼ä¸æ¶¨</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">22%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">é 置建议ï¼é»é</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">ETF</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼å¦åå®é»é</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">ETF</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼é ç½®æ¯ä¾æåè³ç»åç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">15%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼å®ç©é»éï¼éæ¡ãéå¸ï¼ä½ä¸ºé¿æé¿é©å·¥å ·ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">5.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¸å½æçå¸åºï¼âä¸ç«å ±æ¯âä¸çç»ææ§æºä¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">驱å¨é»è¾ï¼</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âæ¿çç«ï¼è´¢æ¿å ç ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¼ä¸ç«ï¼ç§åçå©ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">èµéç«ï¼å款æ¬å®¶ï¼âå ±æ¯ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">A</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">è¡çå©å¢éé¢è®¡ååè³</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">810%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">5.2.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">主线èµé </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç§åçªå´ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">AI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åºç¨ï¼å·¥ä¸ãå»çï¼ãæºè½é©¾é©¶ãæºå¨äººæ ¸å¿é¨ä»¶ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¶è´¹å¤èï¼æå¡æ¶è´¹ï¼å¨çº¿å»çãèä¸æè²ï¼ã大ä¼æ¶è´¹ï¼é£å饮æãæè£ å®¶çººï¼ï¼</span></span></font><span leaf=""><span textstyle="" style="font-size: 17px;"> </span></span></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¿çåçï¼é¶è¡ï¼ææä¸å¡æ¾éï¼ã建ç建æï¼ä¿äº¤æ¥¼ï¼ãå½ä¼æ¹é©ï¼èæ ¸ä¼åï¼ã</span></span></font><span leaf=""><span textstyle="" style="font-size: 17px;"> </span></span></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">5.2.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">é£é©ç¹ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¿å°äº§éå®æ°æ®ä½äºé¢æï¼è¥æ ¸å¿åå¸éå®é¢ç§¯å¢éä½äº</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">5%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼å°äº§é¾ç¸å ³æ¿åææ¿åï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç¾èå¨éæ¯èå¥æ¾ç¼ï¼è¥ç¾å½</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">CPI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç²æ§è¶ é¢æï¼ç¾èå¨ææ¨è¿éæ¯ï¼ç¾å åå¼¹åå¶é£é©èµäº§ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">第å ç« ï¼å ³é®æ´å¯ä¸æªæ¥å±æ</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ââæ¥æ¬ç»éªãå½ä¼æ¹é©ä¸åå å· </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">6.1 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¥æ¬ç»éªéé´ï¼å¦ä½é¿å â失è½äºåå¹´â </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ä¸å½ç ´å±è·¯å¾ï¼éè¿</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âåºå¡éç»</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¶è´¹åºæ¿</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¹é©ç¨³ä¿¡å¿âä¸é¨æ²æç ´ä½ç©ä»·å¾ªç¯ï¼è¿åº¦å·²è¾¾</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">50%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼é¢è®¡</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2028</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´åå®æã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åºå¡éç»ï¼æ¿ä¼åºå¡éç»ãå°æ¹æ¿åºéæ§åºå¡å解ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´å解è§æ¨¡è¶ </span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">8000</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">亿å ï¼ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¶è´¹åºæ¿ï¼ç¤¾ä¿è¡¥è´´æåãæ¶è´¹å¸åæ¾ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2025</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´åæ¾è§æ¨¡</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">5000</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">亿å ï¼ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ¹é©ç¨³ä¿¡å¿ï¼å½ä¼èæ ¸ä¼åãæ°ä¼äº§æä¿æ¤ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´åºå°ãæ°è¥ä¼ä¸åå±ä¿è¿æ³ãï¼ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">6.2 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å½ä¼æ¹é©æ°å¨åï¼ä»âè§æ¨¡å¯¼åâå°âä»·å¼åé â </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">èæ ¸ä½ç³»ï¼æ°å¢</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âçå©å¢é¿âææ ï¼ç®¡çå±èªèµä¸å¸å¼æé©ï¼è¯ç¹ä¼ä¸å¸å¼æ¯å¢é¿</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">10%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼èªèµä¸æµ®</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">5%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å红æºå¶ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´è¯ç¹âè¶ é¢å©æ¶¦å红âï¼å½å½ä¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">ROE</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼åèµäº§æ¶ççï¼è¶ è¡ä¸å¹³åæ°´å¹³æ¶ï¼å红æ¯ä¾ä»</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">30%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æåè³</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">50%</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">æ£æ·æºä¼ï¼å ³æ³¨ä½ä¼°å¼ãé«è¡æ¯å½ä¼ï¼å¦çµåãå ¬ç¨äºä¸ï¼ï¼è¡æ¯ç</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">5%+</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ï¼å ¼å ·é²å¾¡æ§ä¸æ¹é©å¼¹æ§ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">6.3 </span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">åå å·æ¿çï¼ä»â产è½èçâå°âéæ±ç«¯æ¹é©â </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">汽车è¡ä¸æ æï¼ä»</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âä»·æ ¼æâ转åâéæ±ç«¯åºæ¿âï¼å°æ¹æ¿åºèæ ¸é¦å¢âå± æ°æ¶è´¹çâææ ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">çææªæ½ï¼æ°è½æºæ±½è½¦è´ç½®è¡¥è´´å»¶ç»ï¼</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">年补贴è§æ¨¡</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2000</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">亿å ï¼ï¼å çµåºç¡è®¾æ½æèµå¢å </span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">500</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">亿å ï¼ </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">é¿ææ¹é©ï¼å°æ¹æ¿åºè´¢ç¨ä»</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âç产端â转åâæ¶è´¹ç«¯âï¼è¯ç¹âæ¶è´¹ç¨åç½®å¾æ¶âï¼æ¶è´¹å¼ºåå°æ¹è´¢æ¿æ¶å ¥é«ã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ç»è¯ï¼æ£æ·æèµç</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âå轨æç»´â </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">2026</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">å¹´çå¸åºï¼æ¢æ¯âæ´ç±³æ²¹çâçç°å®èéªï¼ä¹æ¯âæ辰大海âçæºéçªå£ãæ£æ·æèµè é建ç«âå轨æç»´âï¼ä¸æ¹é¢ï¼å ³æ³¨æ¶è´¹ãæ¿å°äº§çä¼ ç»ç»æµçæ¿çæåºæºä¼ï¼ææ¡å¿ éæ¶è´¹ãé«è¡æ¯èµäº§çé²å¾¡æ§ï¼å¦ä¸æ¹é¢ï¼å¸å±ç§åçªå´çç»ææ§æºä¼ï¼å¨</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-size: 17px;">AI</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">ãæºè½é©¾é©¶ãæºå¨äººçèµé寻æ¾é¿ææé¿æ çã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">è®°ä½ï¼æèµçæ¬è´¨æ¯è®¤ç¥çåç°ãå¨ç»æµè½¬åçéµçæï¼å¯æ以æ°æ®ä¸ºéã以é»è¾ä¸ºçº²ï¼æè½å¨</span></span></font><font face="å®ä½"><span leaf=""><span textstyle="" style="font-size: 17px;">âå轨æ¶ä»£âä¸æ¾å°å±äºèªå·±çç ´å±ä¹éã </span></span></font></span><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><section><p><span style="mso-spacerun:'yes';font-family:å®ä½;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:'Times New Roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"><font face="å®ä½"><span leaf="" data-pm-slice="1 1 ["para",{"tagName":"p","attributes":{"class":"MsoNormal"},"namespaceURI":"http://www.w3.org/1999/xhtml"},"node",{"tagName":"span","attributes":{"style":"mso-spacerun:'yes'; font-family:å®ä½; mso-ascii-font-family:Calibri; mso-hansi-font-family:Calibri; mso-bidi-font-family:'Times New Roman'; font-size:10.5000pt; mso-font-kerning:1.0000pt;"},"namespaceURI":"http://www.w3.org/1999/xhtml"},"node",{"tagName":"font","attributes":{"face":"å®ä½"},"namespaceURI":"http://www.w3.org/1999/xhtml"}]"><span textstyle="" style="font-size: 17px;">ï¼æ³¨ï¼æ¬æä» ä½å®è§è¶å¿è§£è¯»ï¼ä¸ææ交æ建议ï¼ã</span></span></font></span></p></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>