1、20256,358 8,587 8,707 4,647 4,293 13.1 10.4 13.6 7.5 9.2 5.2%5.2%5.6%4.0%4.8%28,67235,62931,54529,84928,9885.1%-10.7%3.0%-20.1%-25.9%2,886 3,280 2,523 1,126 2,052 20242025620251-82025/8/15R219,734.011.420848721.21.06,000SYTJ2025060082025/8/15R2103,196.899.28772012.01.04,500SYTJ2025050042025/8/15R247

2、,867.623.805475791.51.05,300SYTJ2025050052025/8/15R2(B1)19,449.371.75044332.01.04,500SYTJ2025050062025/8/15R236,716.933.30452372.01.04,500SYTJ2025050072025/8/29B17,733.440.2892606561.72,200SYTJ202502001010%5%10%15%20%25%30%35%40%45%050,000100,000150,000200,000250,000300,000350,0002014201520162017201

3、82019202020212022202320242025Q1-Q3020406080100120201420152016201720182019202020212022202320242025Q12025Q22025Q31,369,29348,21856.733.1%10,091:/1,369,293-55.925.8%52.642.6%-59.937.0%北站-市府2025Q4-2026:050,000100,000150,000200,000250,0002025Q42026B35%27%TMT15%12%5%5%1%1,7351,355-567:136.910,0911.733.1%1

4、.5%56.735%27%60%TMT15%12%20261596050050021025%10%15%20%25%30%0100,000200,000300,000400,000500,000600,000700,000800,0002016201720182019202020212022202320242025Q12025Q22025Q36,569,251023018.98%10,81005010015020025030035020122013201420152016201720182019202020212022202320242025Q12025Q22025Q3:/6,569,2514

5、4.8120-2902%54.6157-36039%102.3186-98015%36.4140-33824%104.2165-40210%168.2142-47624%59.9130-30032%41.6143-3857%020,00040,00060,00080,000100,000120,0002025Q4202620272025-2027:0100,000200,000300,000400,000500,000600,000700,000800,000900,0002012201320142015201620172018201920202021202220232024 2025F 2026F 2027F2025656.923018.98%-26Qiwu F,6040052,2025 CWKCWKCWKCWKCWK286A2006-1Tel:+86 24-Sabrina W