<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="">å¸åºæ³¢å¨å¾å¾éèçæèµæºä¼ï¼å ³é®æ¯å¦ä½å¨ä¸ç¡®å®æ§ä¸å¯»æ¾ç¡®å®æ§</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="">8æ以æ¥ï¼é¦æ¸¯é¶è¡åä¸ææ¯ï¼HIBORï¼çªç¶å¤§å¹ æåï¼1个ææHIBORä»6æ份ç0.5%ä¸è·¯é£åè³</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">2.86%</span></strong><span leaf="">ï¼å¼åå¸åºå¹¿æ³å ³æ³¨ãè¿ä¸æ¥å§åå对é¦æ¸¯ç»æµãæ¿å°äº§å¸åºä»¥åé¶è¡ä¸å°äº§çææ ·çå½±åï¼æ®éæèµè å该å¦ä½çå¾ è¿ä¸ç°è±¡ï¼</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=""><span textstyle="" style="font-size: 18px;font-weight: bold;">HIBOR为ä½çªç¶é£åï¼</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="">è¦ç解HIBORæ¥åçåå ï¼æ们éè¦å ³æ³¨é¦æ¸¯çæµå¨æ§ç¶åµãæªè³8æ13æ¥ï¼é¦æ¸¯é¶è¡ä½ç³»æ»ç»ä½å·²éè³</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">537亿港å </span></strong><span leaf="">ï¼æ¥è¿5æå注èµåç446亿港å æ°´å¹³ã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">é¦æ¸¯é¶è¡å ¬ä¼æ¤åæ¾æåºï¼å½æ»ç»ä½éè³500亿港å å·¦å³æ¶ï¼HIBORå°±ä¼å¼å§å¿«éä¸åãå®é æ åµå°è¯äºè¿ä¸å¤æââæµå¨æ§ç´§ç¼©ç´æ¥æ¨é«äºé¶è¡é´çèµéææ¬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="">å¦ä¸æ¹é¢ï¼å¤æ±å¸åºä¸æèµè 大éåå¤ç¾å /港å çå©å·®äº¤æï¼carry tradeï¼ãéç港å èèµææ¬ä¸åï¼è¿ä¸äº¤æçå¸å¼åä¸éï¼æèµè å¼å§è°æ´å¤´å¯¸ï¼è¿ä¸æ¥å å§äºæ¸¯å å©ççä¸è¡ååã</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;"><em style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">å¾ç¤ºï¼å½æ»ç»ä½ä½äº500亿港å æ¶ï¼HIBORåææ°çº§ä¸å</span></em><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=""><span textstyle="" style="font-size: 18px;font-weight: bold;">HIBORä¼åè³ä»ä¹æ°´å¹³ï¼</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="">æ ¹æ®åå²æ°æ®ï¼å½åæ»ç»ä½æ°´å¹³å¯¹åºç1个ææHIBORåçåºé´åºè¯¥å¨**3.5%-3.8%**ä¹é´ãè¿æå³çç®åç2.86%å¯è½è¿ä¸æ¯ç»ç¹ã</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¸è¿èèå°å¸åºå¯¹ç¾èå¨éæ¯çé¢æ以å头寸è°æ´éæ¸å®æï¼HIBORæ´å¯è½è½å¨è¿ä¸åºé´çä¸ç«¯èéä¸ç«¯ãå¦æç¾å /港å æ±ç触å7.75ç强æ¹å æ¢ä¿è¯æ°´å¹³ï¼æè ç¾èå¨æåä¸å å¿«éæ¯æ¥ä¼ï¼é½å°æå©äºHIBORä»é«ä½åè½ã</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=""><span textstyle="" style="font-size: 18px;font-weight: bold;">对é¦æ¸¯ç»æµçå½±åï¼çææ¿åï¼é¿æå¯æ</span></span></h2><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">HIBORçå¿«éä¸å为é¦æ¸¯çæç»æµå¢é¿å¸¦æ¥äºä¸ç¡®å®æ§ãå¦ææªæ¥å 个æ1个ææHIBORç»´æå¨3%以ä¸ï¼å°éè½¬è¶ ä½å©ç对第äºå£åº¦ç»æµå¢é¿çæ¯æä½ç¨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;"><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">æ¶è´¹è åä¼ä¸å¯è½ä¼éæ°è¯ä¼°è¿æçæèµåæ¶è´¹å³ç</span></strong><span leaf="">ï¼åè´·ææ¿ä¹ä¼åå°æå¶ãå ä¸åºå£åç½®æåºçæ¶é以åå ¨çéæ±ç²è½¯ï¼é¢è®¡2025å¹´ä¸åå¹´é¦æ¸¯å®é GDPå¢é¿çå°æ¾ç¼è³</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">2.1%</span></strong><span leaf="">ï¼ä½äºä¸åå¹´ç3.1%ï¼ã</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;"><em style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">é¦æ¸¯ç»æµå¢é¿é¢è®¡å°å¨ä¸åå¹´æ¾ç¼</span></em></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="">好æ¶æ¯æ¯ï¼éçç¾èå¨éæ¯å¨æçéå¯ï¼é¢è®¡ç´¯è®¡éæ¯175个åºç¹ï¼ï¼é¦æ¸¯å©çå°å¨æå¹´åºç°æ´æç»çä¸éï¼æ¨å¨2026å¹´ç»æµå¢é¿å°å¹ ååè³</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">2.2%</span></strong><span leaf="">ã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">æ¿å°äº§å¸åºï¼çæå©ç©ºï¼é¿æä¾ç¶ç好</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HIBORæ¥åï¼ä½æ们ä»ç¶å¯¹é¦æ¸¯ä½å® å¸åºä¿æ建设æ§çæ³ãåå å¦ä¸ï¼</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="">æå ³é®çå¨äºï¼</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">æä¼æ å©çï¼Prime Rateï¼çèµ°å¿æ¯HIBORæ´éè¦</span></strong><span leaf="">ãè½ç¶HIBORå¤§å¹ ä¸å导è´å®é ææå©ç触å3.5%çä¸éï¼æä¼æ å©çå1.75%ï¼ï¼ä½æªæ¥ç¾èå¨éæ¯å°æ¨å¨æä¼æ å©çä¸è¡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="">é¢è®¡å°2026å¹´åºï¼æä¼æ å©çå°è³å°ä¸é100个åºç¹ï¼ä½¿å®é ææå©çéè³</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">2.5%</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">å·¦å³ãè¿ä¸å©çæ°´å¹³å°ä½äº</span></strong><span leaf="">3.6%</span></strong><span leaf=""> çæ¯ç§éæ¶ççï¼å½¢ææ£å©å·®ï¼ç»§ç»å¸å¼æèµè è´ä¹°é¦æ¸¯æ¿äº§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;"><em style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">å³ä½¿å©çä¸åï¼æ£å©å·®æ ¼å±ä¾ç¶ä¿æ</span></em></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">å ¶ä»æ¯æå ç´ å æ¬ï¼å¹´å è¿ä»ç§éææ°å·²ä¸æ¶¨</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">4%</span></strong><span leaf="">ï¼ä¸é¢è®¡å°ç»§ç»ä¸åï¼æ¸¯è¡å¸åºåæï¼æçææ°å¹´å ä¸æ¶¨</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">25%</span></strong><span leaf="">ï¼ææ¯äºå¸åºä¿¡å¿ï¼åºåæ°´å¹³æç»ä¸éï¼å å°ä¹°å®¶æ´»è·ï¼å æ´ä½äº¤æç</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">40-50%</span></strong><span leaf="">ï¼ï¼é¢å¤å°è±ç¨çåæ¶å¢å äºå¸å¼åã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">å¨ä¸ªè¡éæ©ä¸ï¼å好æåºå°äº§ï¼Henderson Landï¼ãé¦æ¸¯ç½®å°ï¼HK Landï¼åé¢å±æ¿äº§åºéï¼Link REITï¼ï¼å»ºè®®é¿å æ°ä¸çåå±ï¼NWDï¼ï¼å å ¶é«æ æåè´åºæ°´å¹³å¨å©çä¸åç¯å¢ä¸æ´ä¸ºèå¼±ã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">é¶è¡ä¸ï¼åå©æ¯æ¶å ¥æåä¸ä¿¡è´·è´¨éååç平衡</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="">对é¦æ¸¯é¶è¡èè¨ï¼HIBORä¸å带æ¥äºåéå½±åã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">å©å¥½çä¸é¢æ¯åå©æ¯æ¶å ¥ï¼NIIï¼çæå</span></strong><span leaf="">ãå¦æHIBORå¨ä»å¹´ä¸åå¹´ç»´æå¨2.75%ï¼æ ¹æ®å½åè¿ææ²çº¿ï¼ï¼ç¸æ¯æ们模åä¸å设ç1.5%çå¹³åæ°´å¹³ï¼ä» æ¤ä¸é¡¹å°±å¯è½ä½¿2025å¹´ç¨åå©æ¶¦å¢å </span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">1.1-1.3%</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;"><em style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">HIBORä¸å对é¶è¡åå©æ¯æ¶å ¥çå½±å</span></em><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">ææçä¸é¢æ¯ä¿¡è´·è´¨éå¯è½é¢ä¸´åå</span></strong><span leaf="">ãhigherå¸åºå©çå°è¿ä¸æ¥èéªé¶è¡çä¿¡è´·è´¨éï¼å°¤å ¶æ¯æ¬å°é¶è¡çé¦æ¸¯åä¸å°äº§ï¼CREï¼æå£ãæ±ä¸°é¶è¡ä¸åå¹´ä¸ç»©å·²ç»æ¾ç¤ºåºè¿æ¹é¢çä¸äºæ¶å迹象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="">å¤å åå½é é¶è¡å¨ä»·å¼åå®å ¨æ§æ¹é¢æ´å ·ä¼å¿ã overweightæ±ä¸°æ§è¡ï¼HSBCï¼å渣æé¶è¡ï¼Standard Charteredï¼ï¼è对æ¬å°é¶è¡ææ´å è°¨æ çæ度ã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">èç³»æ±çå¶åº¦æ¯å¦é¢ä¸´å¨èï¼</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»ç»ä½ä¸éï¼ä½æ们认为èç³»æ±çå¶åº¦ï¼LERSï¼å¹¶ä¸ä¼æå±é©ãæ»ç»ä½åªæ¯é¦æ¸¯è´§å¸åºç¡çä¸å°é¨åï¼å½åå æ¯</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">2.6%</span></strong><span leaf="">ï¼ï¼å¹¶éå¤æ±å¨å¤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="">æ»ç»ä½æ¬èº«çä¸è½ä¼å¯¼è´HIBORé£åï¼è¿åèæ为èç³»æ±çå¶åº¦çâèªå¨ç¨³å®å¨âãåæ¶ï¼é管å±çæµå¨æ§ç¾å èµäº§ä¸ç´ä¿æå¨å ¶æµå¨æ§æ¸¯å è´åºï¼å³è´§å¸åºç¡ï¼ç</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">1.1å</span></strong><span leaf="">ï¼å¤æ±å¨å¤ä¸å¹¿ä¹è´§å¸çæ¯çç®å为</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">37%</span></strong><span leaf="">ï¼è¿é«äºIMF为å¼æ¾ç»æµä½è®¾å®ç</span><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">20%</span></strong><span leaf=""> çå 足水平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="">ç»´æ港å éä½ç¾å æ±çå¶åº¦å¯¹é¦æ¸¯å ·ææç¥éè¦æ§ï¼é¦æ¸¯ä½ä¸ºè¿æ¥ä¸å½ä¸è¥¿æ¹ä¸ççå ³é®é¨æ·ï¼ç¨³å®ç港å /ç¾å æ±çæå©äºå¨æ²¡ææ±çé£é©çæ åµä¸ä¿è¿èµæ¬èªç±æµå¨ï¼å¤±å»ç¨³å®çè´§å¸éï¼éä½æ±çï¼å¯è½å¯¼è´éèåç»æµæ³¢å¨æ§æ¥å§å¢å ã</span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span></p><h2 style="margin: 24px 0px 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 35px;color: rgba(0, 0, 0, 0.86);font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">æèµå¯ç¤ºï¼å¨æ³¢å¨ä¸å¯»æ¾æºä¼</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="">å½åHIBORçæ³¢å¨æ¢å¸¦æ¥äºææï¼ä¹åé äºæºä¼ã对äºåºå®æ¶çæèµè ï¼ç»´ææ¯ä»5å¹´æ港å å©çäºæ¢ï¼IRSï¼ versusæ¶å5å¹´æç¾å IRSç交æï¼ç®æ -35bpï¼æ¢æ-90bpï¼ä»¥åºå¯¹HIBOR继ç»æ£å¸¸åçè¶å¿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="">对è¡ç¥¨æèµè èè¨ï¼é¶è¡è¡å¯è½ä»NIIæåä¸åçï¼ä½éè¦æä¿¡è´·è´¨éé£é©ï¼å°äº§è¡çæå¯è½æ¿åï¼ä½é¿æåºæ¬é¢ä¾ç¶ç¨³å¥ï¼åè°å¯è½æ¯å¸å±æºä¼ã</span></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;font-size: 14px;line-height: 24.5px;color: rgba(0, 0, 0, 0.86);text-align: justify;word-break: break-all;font-family: system-ui, -apple-system, BlinkMacSystemFont, "segoe ui", Roboto, Helvetica, Arial, sans-serif;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><strong style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">é¦æ¸¯å¸åºåæ¥åäºå¨æ³¢å¨ä¸æ¾å°æ°ç平衡ç¹</span></strong><span leaf="">ï¼è¿æ¬¡å¯è½ä¹ä¸ä¾å¤ãéçç¾èå¨æ¿ç转ååä¸å½ç»æµå¤èï¼é¦æ¸¯å¸åºææå¨ç»åçæè°æ´åéæ°æ¾å°ä¸è¡è½¨è¿¹ã</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;"><em style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"><span leaf="">æ¬æåºäºæ©æ ¹å£«ä¸¹å©ç 究æ¥åãé¦æ¸¯å®è§çç¥ãç»æµãå°äº§ä¸é¶è¡ </span><span style="margin: 0px;padding: 0px;box-sizing: border-box;-webkit-tap-highlight-color: transparent;"></span><span leaf="">| äºå¤ªå°åºãçåæè§ç¹ï¼æ°æ®æªæ¢2025å¹´8æ20æ¥ãå¸åºæé£é©ï¼æèµéè°¨æ ã</span></em></p><section><span leaf=""><br /></span></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>