1、202522,280 2,122 3,232 4,194 4,071 7.5 9.2 13.1 13.6 10.4 4.7%5.5%4.7%6.0%5.9%15,68315,11315,04317,24519,348-9.9%-22.1%5.8%6.4%-6.5%610 938 1,413 1,344 1,659 20242025332025/4/2219,999.31,499.951.5-2.5300G-2025-0022025/5/2762,64438,588.701.63,850G-2025-0032025/6/425,687.11926.531.5-2.8268G-2025-00120

2、25/6/1727,437.872,198.192.411,000370203003003GB00077W000000002025/6/1813,549.359,1242.59,600329-335-370203-003-008-GB00106-W0000000011,085.80150%5%10%15%20%25%30%(20,000)020,00040,00060,00080,000100,000120,000140,000160,000180,000201420152016201720182019202020212022202320242025H102040608010012014020

3、13201420152016201720182019202020212022202320242025Q12025Q21,835,528099.8224.7%6,26761,835,528CBD101.4125.1%CBD108.8628.7%CBD87.9519.9%CBD72025-2027050,000100,000150,000200,000202520262027838%33%11%TMT5%5%4%4%CBD2,000CBD1,200T1CBD900T1CBD600CBD560CBD43092025183.66,26724.7%0.3%99.838%33%424302021-2035

4、02110%2%4%6%8%10%12%14%(200,000)(100,000)0100,000200,000300,000400,000500,000600,000700,000800,000900,0002016201720182019202020212022202320242025H14,169,30030,0004358.51%17,0579015015010510015090950 1,300 1,180 950 950 1,250 960 02004006008001,0001,2001,4001,60012/4,169,3008.590-9502.50%4.5150-1,300

5、1.80%77.4150-1,1803.63%29.2105-9504.42%45.9100-95012.45%62.3150-1,25012.38%82.190-96012.24%CBD13050,000100,000150,000200,000250,000202520262027CBD2025H2-2027UP140100,000200,000300,000400,000500,000600,000700,000800,000900,0002013201420152016201720182019202020212022202320242025F 2026F 2027FCBDMALLHOT CRUSHKOLON KRAFTKEEN152025UP416.94358.51%49522()Joyce HanJNicole YuanNSabrina WeiS202523414Tel:+86 532 8575