1、202529,517 9,027 13,318 18,024 16,719 7.5 9.2 13.1 13.6 10.4 4.6%5.3%4.8%5.5%5.0%56,21256,11753,67857,70568,813-21.9%-16.4%8.5%2.5%-11.8%2,086 4,373 4,915 4,843 6,585 2024Q420251-232025/1/2621,738.488,383.992.914,020309-304-370202-004-005-GB00046W000000002025/2/1842,786.77,273.742.0850339-322-370203

2、-002-003-GB00206W000000000150%5%10%15%20%25%30%(20,000)020,00040,00060,00080,000100,000120,000140,000160,000180,000201420152016201720182019202020212022202320242025Q102040608010012014020122013201420152016201720182019202020212022202320242025Q11,835,52842,000100.125.0%19,16561,835,528CBD101.4725.2%CBD1

3、09.1829.6%CBD88.5119.9%CBD72025Q2-2027050,000100,000150,000200,0002025Q2-Q420262027826%21%TMT16%12%11%6%4%2%2%T1CBD800CBD650CBD600T8CBD600CBD350CBD35092025183.619,16525%1.1%100.1TMT26%21%16%363702110%2%4%6%8%10%12%14%(200,000)(100,000)0100,000200,000300,000400,000500,000600,000700,000800,000900,0002

4、0162017201820192020202120222023202420254,139,30030,0004358.26%37,5219015015010510015090950 1,300 1,180 950 950 1,250 960 02004006008001,0001,2001,4001,60012/4,139,3008.590-9502.10%4.5150-1,3001.80%77.4150-1,1803.69%29.2105-9504.19%45.9100-95012.38%62.3150-1,25012.97%82.190-96011.79%CBD13050,000100,0

5、00150,000200,000250,000300,000350,000202520262027CBD2025-2027UP140100,000200,000300,000400,000500,000600,000700,000800,000900,0002013201420152016201720182019202020212022202320242025F 2026F 2027FCBDSam EdelmanMardi MercrediYUNNANSSongmont152025413.94358.26%SongmontYUNNANSMardi Mercredi65310Joyce HanJNicole YuanNSabrina WeiS202523414Tel:+86 532 8575