<blockquote style="margin: 6px 0px;padding: 6px 12px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;border-left: 4px solid rgba(0, 0, 0, 0.08);color: rgb(0, 0, 0);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-size: medium;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;"><span leaf="">ç§æè¡ä¸çæèµè 们æ£å°ç®å èç¦äºè®¡ç®èµéï¼èéå±±äºä½ä¸ºä¸å½é¢å çäºæå¡æä¾åï¼æ£ååAIç¸å ³ä¸å¡çè¿ çå¢é¿å¸å¼å¸åºæ³¨æã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p></blockquote><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">è¿æ¥ï¼é«çåå¸äºä¸ä»½å ³äºéå±±äºï¼Kingsoft Cloudï¼ç深度ç 究æ¥åï¼å¯¹å ¶æªæ¥å å¹´çè´¢å¡è¡¨ç°åå¢é¿æ½åè¿è¡äºè¯¦ç»é¢æµãæ°æ®æ¾ç¤ºï¼éå±±äºçAIç¸å ³æ¶å ¥å æ¯æ£å¿«éæåï¼é¢è®¡ä»2024å¹´ç18%å¢é¿å°2027å¹´ç47%ã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">ä¸æ¤åæ¶ï¼å ¬å¸æ»æ¶å ¥ä¹ææå®ç°å¯è§å¢é¿ï¼é¢è®¡2025å¹´å2026å¹´å¢éåå«è¾¾å°23.1%å18.5%ãç¶èï¼äº®ç¼çå¢é¿èåï¼é«è´åºåæ¿ççå¸åºç«äºä¹å¸¦æ¥äºä¸å°çææã</span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><br /></span></p><hr style="margin: 16px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;border-width: 0.5px 0px 0px;border-right-style: initial;border-bottom-style: initial;border-left-style: initial;border-right-color: initial;border-bottom-color: initial;border-left-color: initial;border-image: initial;border-top-style: solid;border-top-color: rgba(0, 0, 0, 0.08);color: rgb(0, 0, 0);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-size: medium;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" /><h2 style="margin-top: 0px !important;margin-right: 0px;margin-bottom: 0px;margin-left: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">01 AIä¸å¡å´èµ·ï¼æ为å¢é¿æ°å¼æ</span></span></h2><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">éå±±äºæ£å¿«é转å为AI驱å¨çäºæå¡æä¾åãæ ¹æ®é«çé¢æµï¼å ¬å¸AIç¸å ³æ¶å ¥å æ¯å°ä»2024å¹´ç18%å¤§å¹ æåè³2027å¹´ç47%ï¼</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">å ä¹å æ®æ»æ¶å ¥çåå£æ±å±±</span></strong><span leaf="">ã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">è¿ä¸è½¬åä¸ä» æ¹åäºæ¶å ¥ç»æï¼æ´æ¨å¨äºæ´ä½å¢é¿ãæ¥åæ¾ç¤ºï¼å æ¬AIå¨å çæ»æ¶å ¥å¢é¿çé¢è®¡å°ä»2024å¹´ç10.5%å éè³2025å¹´ç23.1%ã</span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">å¦æä¸è®¡å ¥AIä¸å¡ï¼éå±±äºçä¼ ç»äºæå¡å¢é¿å®é ä¸ç¸å¯¹å¹³ç¼ãè¿è¡¨æ</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">AIå·²æä¸ºå ¬å¸æéè¦çå¢é¿å¨å</span></strong><span leaf="">ã</span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">é«çåæå¸é¢è®¡ï¼âæ们建模é¢æµéå±±äº2025年第ä¸å£åº¦æ¶å ¥åæ¯å¢é¿å°å éè³34%ãâè¿ä¸å¢éå¨ä¸å½äºè®¡ç®å¸åºä¸ç¸å½çªåºã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><br /></span></h2><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">02 大è¡ä¸æ¯æï¼ç¸å ³æ¹ä¸å¡è´¡ç®æ¾è</span></span></h2><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">éå±±äºä¸å°ç±³éå¢åé山软件éå¢çå ³è交æä¸ºå ¶æä¾äºç¨³å®çæ¶å ¥æ¥æºãæ¥åæ¾ç¤ºï¼æ¥èªå°ç±³åé山软件çæ¶å ¥é¢è®¡å°ä»2024å¹´å æ»æ¶å ¥ç20%å¢å å°2027å¹´ç37%ã</span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">è¿äºç¸å ³æ¹ä¸å¡çå¢é¿é度æ人ï¼é¢è®¡å¨2024-2027å¹´é´å®ç°</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">45%çå¹´å¤åå¢é¿ç</span></strong><span leaf="">ï¼è¿é«äºå ¶ä»å®¢æ·9%çå¢é¿çã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">è¿ç§æ·±åº¦ç»å®æ¢å¸¦æ¥äºä¸å¡ç¨³å®æ§ï¼ä¹åé äºååæåºãæ¥åæåºï¼éå±±äºå¨ä¸ä¸å½å ¶ä»äºæå¡æä¾åçç«äºä¸è±é¢èåºçé¨ååå ï¼å°±æ¯å ¶ä¸ç¸å ³æ¹å¨AIåçµå¨æ±½è½¦é©±å¨éæ±æ¹é¢çæ¶å ¥ååæåºã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><br /></span></h2><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">03 çå©æ¹åï¼ä½åå©æ¶¦ä»ä¸ºè´å¼</span></span></h2><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">尽管æ¶å ¥å¢é¿å¼ºå²ï¼ä½éå±±äºççå©ä¹è·¯ä»ç¶åå·ã</span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">EBITDAï¼ç¨æ¯ææ§åæéåå©æ¶¦ï¼æ¹é¢è¡¨ç°äº®ç¼ï¼é¢è®¡å°ä»2024å¹´ç6.389亿å 人æ°å¸å¢é¿å°2027å¹´ç42.157亿å ï¼</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">EBITDAå©æ¶¦çä»10.7%æåè³32.6%</span></strong><span leaf="">ã</span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">ç¶èï¼å ¬å¸åå©æ¶¦ä»ç¶æ·±é·è´å¼åºé´ãæ¥åé¢æµï¼2025å¹´åäºæå°è¾¾å°13.323亿å ï¼2026å¹´å2027å¹´è½æææ¶çªï¼ä½ä»åå«è¾¾å°9.633亿å å8.551亿å ã</span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">æ¯è¡æ¶çä¹åæ ·ä¸ºè´å¼ï¼é¢è®¡2025å¹´åºæ¬æ¯è¡æ¶çï¼é¤ç¹æ®é¡¹ç®åï¼ä¸º-3.13å 人æ°å¸ãè¿æå³çæèµè å¨çæå å¯è½æ æ³æå¾ è¡æ¯æ¶çã</span></p><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><br /></span></h2><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">04 è´¢å¡ç¶åµï¼é«è´åºçå¼äººæ 忧</span></span></h2><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">éå±±äºçèµäº§è´åºè¡¨æ¾ç¤ºåºä¸äºä»¤äººæ 忧çä¿¡å·ãæ¥åæ°æ®æ¾ç¤ºï¼å ¬å¸åè´åºæçæ¯çä»2024å¹´ç51.8%å¤§å¹ ä¸åè³2027å¹´ç221.5%ï¼</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">æ æçææ¾æå</span></strong><span leaf="">ã</span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">å©æ¯è¦çåæ°ä¹ä»2024å¹´ç11.9åæ¥å§ä¸éè³2027å¹´çä» 0.3åï¼è¡¨æå ¬å¸å¿è¿å©æ¯çè½åå¤§å¹ åå¼±ã</span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">é«çåæå¸å¨æ¥åä¸æå°ï¼âæ们å°2025-27å¹´è°æ´ååäºæé¢ä¼°å¤§å¹ ä¸è°ï¼å³è°æ´ååå©çä¸è°2.7-4.8个ç¾åç¹ï¼ï¼å 为æä»¬è®¡å ¥äºä¸ºèµå©AIæèµèå¢å åºå¡å¸¦æ¥çæ´é«å©æ¯æ¯åºãâ</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">ä¸æ¤åæ¶ï¼å ¬å¸çèªç±ç°éæµä»ç¶ä¸ºè´å¼ï¼é¢è®¡2025年为-17.499亿å ï¼2026å¹´è¿ä¸æ¥æ¶åè³-32.505亿å ã</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">æç»çè´èªç±ç°éæµ</span></strong><span leaf="">å¯è½å¯¹å ¬å¸çé¿æè´¢å¡å¥åº·ææææã</span></p><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><br /></span></h2><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">05 ä¼°å¼åæï¼é«çç»´æâä¸æ§âè¯çº§</span></span></h2><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">åºäºè´´ç°ç°éæµï¼DCFï¼æ¨¡åï¼é«çå°éå±±äºç12个æç®æ ä»·ä»ä¹åç12.7ç¾å ä¸è°è³13.5ç¾å ï¼ä½ä»ç»´æâä¸æ§âè¯çº§ï¼æå³çé¢è®¡æ2%çä¸è¡ç©ºé´ã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">该ç®æ 价对åº2025/26å¹´ä¼ä¸ä»·å¼/éå®é¢åæ°ä¸º3.4å/2.8åï¼ä»¥å2025/26å¹´ä¼ä¸ä»·å¼/EBITDAåæ°ä¸º16.2å/10.3åã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">æ¥åæç¡®æåºï¼âè½ç¶æ们对å°ç±³/é山软件带æ¥çAI/äºéæ±æ积ææ度ï¼ä½æ们注æå°éå±±äºå¨æ¶å ¥å¢é¿åèµéæ¯ææ¹é¢å¯¹ç¸å ³æ¹çä¸å¡ä¾èµåº¦ä¸åãâ</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">ä¼°å¼æ¹é¢ï¼å¸åçï¼P/Bï¼é¢è®¡å°ä»2024å¹´ç1.2åä¸åè³2027å¹´ç5.4åï¼åæ å¸åºå¯¹å ¬å¸æªæ¥å¢é¿æ½åç认å¯ã</span></p><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><br /></span></h2><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">06 è¡ä¸ç«äºï¼ä¸å½å¸åºæ ¼å±åæ</span></span></h2><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">ä¸å½äºè®¡ç®å¸åºç«äºæ¿çï¼éå±±äºé¢ä¸´çæ¥èªé¿éå·´å·´äºãç¾åº¦äºåè ¾è®¯äºç巨头ç强å¿ç«äºã</span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">æ¥åä¸çæ°æ®æ¾ç¤ºï¼</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">é¿éå·´å·´äºå¨ä¸å½å¸åºå æ®ä¸»å¯¼å°ä½</span></strong><span leaf="">ï¼å ¶æ¬¡æ¯è ¾è®¯äºåç¾åº¦äºãéå±±äºè½ç¶è§æ¨¡è¾å°ï¼ä½ååAIç¹è²åç¸å ³æ¹æ¯æï¼å¨ç»åå¸åºä¸æ¾å°äºèªå·±çå®ä½ã</span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">é«çæ¥åæåºï¼éå±±äºé¢ä¸´ç主è¦é£é©å æ¬âåè¡ç«äºååå 大âåâæ æ³è·å¾èµéæ¯æèµæ¬æ¯åºæèµâã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">ä¸æ¤åæ¶ï¼ä¸å½å ¬æäºè¡ä¸çéæ±å¤èé度ä¹å¯è½å½±åéå±±äºçåå±æ¥ä¼ã faster-than-expectedï¼å¿«äºé¢æï¼æ slower-than-expectedï¼æ ¢äºé¢æï¼çéæ±æ¢å¤é½å°å¯¹å ¬å¸çä¸ç»©äº§çé大影åã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><hr style="margin: 16px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;border-width: 0.5px 0px 0px;border-right-style: initial;border-bottom-style: initial;border-left-style: initial;border-right-color: initial;border-bottom-color: initial;border-left-color: initial;border-image: initial;border-top-style: solid;border-top-color: rgba(0, 0, 0, 0.08);color: rgb(0, 0, 0);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-size: medium;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" /><p style="margin-top: 0px !important;margin-right: 0px;margin-bottom: 0px;margin-left: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">尽管é¢ä¸´è´åºä¸ååå¸åºç«äºçåéååï¼ä½éå±±äºå¨AIèµéä¸çå åä¼å¿åç¸å ³æ¹ç强åæ¯æï¼ä¸ºå ¶å¨äºè®¡ç®è¡ä¸ç«äºä¸èµ¢å¾äºç¬ç¹å°ä½ã</span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">åå°è¡åæå¸æåºï¼âæ们çå°éå±±äºå¨ä¸å½äºæå¡æä¾åä¸è±é¢èåºï¼å ¶ä¸æ¯å¨2025年第äºå£åº¦AI对æ¶å ¥è´¡ç®æé«ï¼è¾¾å°31%ï¼å ¶äºæ¯æ¥èªç¸å ³æ¹å°ç±³/é山软件çæ¶å ¥å¢é¿è½è§åº¦ï¼è¿å¨2024-27å¹´æä¾äº45%çæ¶å ¥å¹´å¤åå¢é¿çãâ</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">éçAIæ¶ä»£çå ¨é¢å°æ¥ï¼éå±±äºè½å¦åå©è¿ä¸æ³¢ææ¯é©å½å®ç°çå©æç¹ï¼å°æ¯æèµè æç»å ³æ³¨çç¦ç¹ãå ¶è¡ä»·èµ°å¿å°ä¸ä» åå³äºæ¶å ¥å¢é¿ï¼æ´åå³äº</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">è½å¦å°å¢é¿è½¬å为å®å®å¨å¨çå©æ¶¦</span></strong><span leaf="">ã</span></p><section><span leaf=""><br /></span></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>