1、202522,280 2,122 3,232 4,194 4,071 3,091 7.5 9.2 13.1 13.6 10.4 9.5 4.7%5.5%4.7%6.0%5.9%4.9%15,68315,11315,04317,24519,34817,769-9.9%-22.1%5.8%6.4%-6.5%-0.9%610 938 1,413 1,344 1,659 1,341 2025Q132025/3/2740,06418,0291.5 3 1.52025TDGP13C00052025/3/286,7663,5701.0 1.3 1.02025TDGP05C00082025/4/1680,00

2、05,2001 2025TDGPTQM00012025/4/2722,36821,7331.2 1.5 0.82025TDGP12C00190150%5%10%15%20%25%30%35%40%45%50%(20,000)80,000180,000280,000380,000480,000580,0002013201420152016201720182019202020212022202320241H 202502040608010012014020152016201720182019202020212022202320241H 20252,096,58160,00086.0329.8%78

3、,390-62,096,58187.7623.4%77.0819.6%50.6538.4%CBD99.6232.6%70.4731.2%CBD72025-20270200,000400,000600,000800,000202520262027AICBDCBD8TMT38%25%17%6%5%4%3%2%CBD9,0002,10012,0001,6831,0621,0009202560,000209.71.829.8%3.4%86.032025TMT38%25%17%TMTTMT109CBD02110%2%4%6%8%10%12%14%16%18%(100,000)0100,000200,00

4、0300,000400,000500,000600,000700,000800,000900,000201420152016201720182019202020212022202320241H 20253,872,00004738.78%-980-80120150100120300140100290 580 500 420 400 900 420 550 02004006008001,00012/20243,872,00049.880-29017.4%32.5100-4207.5%21150-5005.6%29.1120-4004.7%52.2300-9005.9%33.8140-4207.3

5、%CBD43.5120-5505.1%54.0100-50010.0%130100,000200,000300,000400,000500,000600,0002025下半年202620272025-2027140100,000200,000300,000400,000500,000600,000700,000800,000900,0002016201720182019202020212022202320242025F2026F2027FBonjourCBDCBDCBDAnn Andelman152025387.24738.78%Bonjour106CBD4420252025Joyce HanJNicole YuanNSabrina WeiS202523414Tel:+86 532 8575