{"id":991,"date":"2026-03-17T21:34:16","date_gmt":"2026-03-17T13:34:16","guid":{"rendered":"https:\/\/cwam.cc\/%e5%8c%97%e4%ba%ac%e4%b8%8a%e6%b5%b7%e4%ba%8c%e6%89%8b%e6%88%bf%e5%b0%8f%e9%98%b3%e6%98%a5%e6%b7%b1%e5%ba%a6%e5%a4%8d%e7%9b%98%ef%bc%9a2022-2026%e5%b9%b4a%e8%82%a1%e4%bc%a0%e5%af%bc%e6%95%88-3\/"},"modified":"2026-03-17T21:34:16","modified_gmt":"2026-03-17T13:34:16","slug":"%e5%8c%97%e4%ba%ac%e4%b8%8a%e6%b5%b7%e4%ba%8c%e6%89%8b%e6%88%bf%e5%b0%8f%e9%98%b3%e6%98%a5%e6%b7%b1%e5%ba%a6%e5%a4%8d%e7%9b%98%ef%bc%9a2022-2026%e5%b9%b4a%e8%82%a1%e4%bc%a0%e5%af%bc%e6%95%88-3","status":"publish","type":"post","link":"https:\/\/cwam.cc\/%e5%8c%97%e4%ba%ac%e4%b8%8a%e6%b5%b7%e4%ba%8c%e6%89%8b%e6%88%bf%e5%b0%8f%e9%98%b3%e6%98%a5%e6%b7%b1%e5%ba%a6%e5%a4%8d%e7%9b%98%ef%bc%9a2022-2026%e5%b9%b4a%e8%82%a1%e4%bc%a0%e5%af%bc%e6%95%88-3\/","title":{"rendered":"\u5317\u4eac\u4e0a\u6d77\u4e8c\u624b\u623f\u5c0f\u9633\u6625\u6df1\u5ea6\u590d\u76d8\uff1a2022-2026\u5e74A\u80a1\u4f20\u5bfc\u6548\u5e94\u7814\u7a76\uff08\u4e13\u4e1a\u7248\uff09"},"content":{"rendered":"

\u5317\u4eac\u4e0a\u6d77\u4e8c\u624b\u623f"\u5c0f\u9633\u6625"\u884c\u60c5\u6df1\u5ea6\u590d\u76d8\u53caA\u80a1\u4f20\u5bfc\u6548\u5e94\u7814\u7a76<\/h1>\n

\u7814\u7a76\u4e3b\u9898<\/strong>\uff1a2022\u5e74\u81f3\u4eca\uff082022-2026Q1\uff09\u5317\u4eac\u3001\u4e0a\u6d77\u4e8c\u624b\u623f\u5e02\u573a”\u5c0f\u9633\u6625”\u884c\u60c5\u5bf9A\u80a1\u5e02\u573a\u7684\u4f20\u5bfc\u6548\u5e94
\u62a5\u544a\u65e5\u671f<\/strong>\uff1a2026\u5e743\u670817\u65e5
\u6765\u6e90<\/strong>\uff1aAlpha\u6d3e\u6295\u7814\u6570\u636e<\/p>\n

\n

\u4e00\u3001\u5386\u6b21\u5c0f\u9633\u6625\u884c\u60c5\u951a\u5b9a\u4e0e\u5b8f\u89c2\u80cc\u666f<\/h2>\n

1.1 \u5c0f\u9633\u6625\u65f6\u95f4\u533a\u95f4\u4e0e\u6210\u4ea4\u91cf\u6570\u636e<\/h3>\n
\n\n\n\n\n\n\n\n\n
\u5e74\u4efd<\/th>\n\u65f6\u95f4\u533a\u95f4<\/th>\n\u5317\u4eac\u6210\u4ea4\u91cf\uff08\u5957\uff09<\/th>\n\u4e0a\u6d77\u6210\u4ea4\u91cf\uff08\u5957\uff09<\/th>\n\u540c\u6bd4\u589e\u901f<\/th>\n<\/tr>\n<\/thead>\n
2023\u5e74<\/td>\n3\u6708-4\u6708<\/td>\n3\u6708\uff1a21,942\u5957<br>4\u6708\uff1a13,928\u5957<\/td>\n3\u6708\uff1a>20,000\u5957<\/td>\n\u5317\u4eac\u9762\u79ef+26.73%<\/td>\n<\/tr>\n
2024\u5e74<\/td>\n2\u6708-4\u6708<\/td>\n3\u6708\uff1a14,280\u5957<\/td>\n3\u6708\uff1a12,000+\u5957<\/td>\n\u5317\u4eac\u9762\u79ef-34.2%<\/td>\n<\/tr>\n
2025\u5e74<\/td>\n1\u6708-3\u6708<\/td>\nQ1\u7d2f\u8ba1\uff1a44,000\u5957<\/td>\nQ1\u7d2f\u8ba1\uff1a58,000\u5957<\/td>\n\u5317\u4eac+31.3%\uff0c\u4e0a\u6d77+45.3%<\/td>\n<\/tr>\n
2026\u5e74<\/td>\n1\u6708-3\u6708<\/td>\n\u7ea61.0-1.5\u4e07\u5957\/\u6708<\/td>\n1\u6708\uff1a22,800\u5957<\/td>\n\u4e0a\u6d77+24.2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n
\n

\u8363\u67af\u7ebf\u53c2\u8003<\/strong>\uff1a\u5317\u4eac1.5\u4e07\u5957\/\u6708\uff0c\u4e0a\u6d772\u4e07\u5957\/\u6708<\/p>\n<\/blockquote>\n

1.2 \u8d27\u5e01\u653f\u7b56\u4e0e\u8c03\u63a7\u653f\u7b56<\/h3>\n
\n\n\n\n\n\n\n\n\n
\u5e74\u4efd<\/th>\n5\u5e74\u671fLPR\u8c03\u6574<\/th>\n\u9996\u4ed8\u6bd4\u4f8b\u8c03\u6574<\/th>\n\u5176\u4ed6\u5173\u952e\u653f\u7b56<\/th>\n<\/tr>\n<\/thead>\n
2023\u5e74<\/td>\n6\u6708\u4e0b\u8c0310bp\u81f34.20%<\/td>\n12\u6708\u9996\u595730%\uff0c\u4e8c\u5957\u6838\u5fc3\u533a50%\/\u5916\u56f440%<\/td>\n\u8ba4\u623f\u4e0d\u8ba4\u8d37<\/td>\n<\/tr>\n
2024\u5e74<\/td>\n\u7ee7\u7eed\u5c0f\u5e45\u4e0b\u8c03<\/td>\n\u5ef6\u7eed2023\u5e74\u653f\u7b56<\/td>\n\u9650\u8d2d\u653e\u677e<\/td>\n<\/tr>\n
2025\u5e74<\/td>\n\u6301\u7eed\u4e0b\u884c<\/td>\n\u4e0a\u6d77\u9996\u59573\u6210<\/td>\n\u793e\u4fdd\u5e74\u9650\u7f29\u77ed<\/td>\n<\/tr>\n
2026\u5e74<\/td>\n3\u6708\u5df2\u964d\u81f32.6%\u4e00\u7ebf<\/td>\n2\u6708\u6838\u5fc3\u533a\u9650\u8d2d\u677e\u7ed1<\/td>\n\u65e7\u6539\u6536\u50a8\u3001\u623f\u7968\u5b89\u7f6e<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n
\n

\u4e8c\u3001A\u80a1\u677f\u5757\u8868\u73b0\u6df1\u5ea6\u5206\u6790<\/h2>\n

2.1 \u623f\u5730\u4ea7\u5f00\u53d1\u677f\u5757<\/h3>\n
\n\n\n\n\n\n\n\n\n
\u5e74\u4efd<\/th>\n\u4ee3\u8868\u4e2a\u80a1<\/th>\n\u533a\u95f4\u6da8\u5e45<\/th>\n\u4e0a\u6da8\u5468\u671f<\/th>\n\u5f39\u6027\u6392\u540d<\/th>\n<\/tr>\n<\/thead>\n
2023\u5e743-4\u6708<\/td>\n\u4fdd\u5229\u53d1\u5c55\u3001\u4e07\u79d1A\u3001\u62db\u5546\u86c7\u53e3<\/td>\n\u6570\u636e\u672a\u62ab\u9732<\/td>\n\u672a\u62ab\u9732<\/td>\n\u672a\u62ab\u9732<\/td>\n<\/tr>\n
2024\u5e742-4\u6708<\/td>\n\u5927\u540d\u57ce\uff1a+13.3%<br>\u4e07\u901a\u53d1\u5c55\uff1a+8.7%<br>\u4e07\u79d1A\uff1a-13.3%<\/td>\n\u5206\u5316\u660e\u663e<\/td>\n\u5355\u5468\u6216\u9636\u6bb5\u6027\u53cd\u5f39<\/td>\n\u5927\u540d\u57ce\uff08+13.3%\uff09<\/td>\n<\/tr>\n
2025\u5e741-3\u6708<\/td>\n\u62db\u5546\u86c7\u53e3\u3001\u4fdd\u5229\u53d1\u5c55\u3001\u6ee8\u6c5f\u96c6\u56e2<\/td>\n\u6574\u4f53\u5f39\u6027\u597d\u8f6c<\/td>\n1-3\u6708\u4e3a\u4e3b<\/td>\n\u62db\u5546\u86c7\u53e3<\/td>\n<\/tr>\n
2026\u5e741-3\u6708<\/td>\n\u4fdd\u5229\u53d1\u5c55\uff1a-1.52%<br>\u4e07\u79d1A\uff1a-1.05%<br>\u62db\u5546\u86c7\u53e3\uff1a-0.92%<\/td>\n\u6574\u4f53\u5fae\u8dcc<\/td>\n1-3\u6708\u9010\u6b65\u53cd\u5f39<\/td>\n\u65e0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

2.2 \u623f\u5730\u4ea7\u4e2d\u4ecb\u670d\u52a1\u677f\u5757<\/h3>\n
\n\n\n\n\n\n\n\n\n
\u5e74\u4efd<\/th>\n\u4ee3\u8868\u4e2a\u80a1<\/th>\n\u533a\u95f4\u6da8\u5e45<\/th>\n\u5f39\u6027\u8868\u73b0<\/th>\n<\/tr>\n<\/thead>\n
2023\u5e743-4\u6708<\/td>\n\u6211\u7231\u6211\u5bb6\u3001\u8d1d\u58f3<\/td>\n\u6570\u636e\u672a\u62ab\u9732<\/td>\n\u672a\u62ab\u9732<\/td>\n<\/tr>\n
2024\u5e742-4\u6708<\/td>\n\u6211\u7231\u6211\u5bb6\uff1a-14.4%<\/td>\n\u4e0b\u8dcc<\/td>\n\u5f31\u5f39\u6027<\/td>\n<\/tr>\n
2025\u5e741-3\u6708<\/td>\n\u6211\u7231\u6211\u5bb6\u3001\u8d1d\u58f3<\/td>\n\u4f30\u503c\u4fee\u590d\u5f39\u6027\u5f3a<\/td>\n\u6211\u7231\u6211\u5bb6\u3001\u8d1d\u58f3<\/td>\n<\/tr>\n
2026\u5e741-3\u6708<\/td>\n\u6211\u7231\u6211\u5bb6\uff1a+16.44%<\/td>\n\u5f3a\u52b2\u4e0a\u6da8<\/td>\n\u5f39\u6027\u6700\u5927<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

2.3 \u767d\u7535\u677f\u5757<\/h3>\n
\n\n\n\n\n\n\n\n\n
\u5e74\u4efd<\/th>\n\u4ee3\u8868\u4e2a\u80a1<\/th>\n\u6da8\u5e45\u8868\u73b0<\/th>\n\u5f39\u6027\u7279\u5f81<\/th>\n<\/tr>\n<\/thead>\n
2023\u5e743-4\u6708<\/td>\n\u7f8e\u7684\u96c6\u56e2\uff1a+4.8%<br>\u683c\u529b\u7535\u5668\uff1a+5.9%<br>\u6d77\u5c14\u667a\u5bb6\uff1a+7.4%<\/td>\n\u5c0f\u5e45\u4e0a\u6da8<\/td>\n\u7b51\u5e95\u56de\u5347<\/td>\n<\/tr>\n
2024\u5e742-4\u6708<\/td>\n\u7f8e\u7684\u96c6\u56e2\u3001\u6d77\u5c14\u667a\u5bb6<\/td>\n\u4f30\u503c\u4fee\u590d<\/td>\n\u7a33\u5065\u6062\u590d<\/td>\n<\/tr>\n
2025\u5e741-3\u6708<\/td>\n\u7f8e\u7684\u96c6\u56e2\u3001\u6d77\u5c14\u667a\u5bb6\u3001\u683c\u529b\u7535\u5668<\/td>\n\u5355\u8fb9\u884c\u60c5\u7a33\u5065<\/td>\n\u9ad8\u80a1\u606f\u4fdd\u62a4<\/td>\n<\/tr>\n
2026\u5e741-3\u6708<\/td>\n\u7f8e\u7684\u96c6\u56e2\u3001\u6d77\u5c14\u667a\u5bb6\u3001\u683c\u529b\u7535\u5668<\/td>\n\u9884\u671f\u53cc\u51fb<\/td>\n\u5f39\u6027\u5927<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

2.4 \u53a8\u7535\u677f\u5757<\/h3>\n
\n\n\n\n\n\n\n\n\n
\u5e74\u4efd<\/th>\n\u4ee3\u8868\u4e2a\u80a1<\/th>\n\u6da8\u5e45\u8868\u73b0<\/th>\n\u5f39\u6027\u7279\u5f81<\/th>\n<\/tr>\n<\/thead>\n
2023\u5e743-4\u6708<\/td>\n\u8001\u677f\u7535\u5668\uff1a+7.5%<br>\u706b\u661f\u4eba\uff1a+4.6%<\/td>\n\u660e\u663e\u53cd\u5f39<\/td>\n\u5f39\u6027\u5927\u4e8e\u767d\u7535<\/td>\n<\/tr>\n
2024\u5e742-4\u6708<\/td>\n\u8001\u677f\u7535\u5668\u3001\u534e\u5e1d\u80a1\u4efd\u3001\u706b\u661f\u4eba<\/td>\n\u53cc\u6e20\u9053\u6062\u590d<\/td>\n\u4e0b\u6c89\u5e02\u573a\u9f99\u5934\u5360\u4f18<\/td>\n<\/tr>\n
2025\u5e741-3\u6708<\/td>\n\u8001\u677f\u7535\u5668<\/td>\n\u4e1a\u7ee9\u6062\u590d\u660e\u6717<\/td>\n\u5f39\u6027\u5f3a\u52b2<\/td>\n<\/tr>\n
2026\u5e741-3\u6708<\/td>\n\u8001\u677f\u7535\u5668\u3001\u534e\u5e1d\u80a1\u4efd\u3001\u706b\u661f\u4eba<\/td>\n\u4f30\u503c\u4e1a\u7ee9\u53cc\u5347<\/td>\n\u96c6\u4e2d\u5ea6\u63d0\u5347<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

2.5 \u5bb6\u5c45\u5efa\u6750\u677f\u5757<\/h3>\n
\n\n\n\n\n\n\n\n\n
\u5e74\u4efd<\/th>\n\u4ee3\u8868\u4e2a\u80a1<\/th>\n\u8868\u73b0\u7279\u5f81<\/th>\n<\/tr>\n<\/thead>\n
2023\u5e743-4\u6708<\/td>\n\u6b27\u6d3e\u5bb6\u5c45\u3001\u7d22\u83f2\u4e9a\u3001\u4e1c\u65b9\u96e8\u8679\u3001\u4e09\u68f5\u6811<\/td>\n\u4e1a\u7ee9\u63d0\u524d\u4fee\u590d\uff0c\u7ed3\u6784\u6027\u8d85\u989d\u6536\u76ca<\/td>\n<\/tr>\n
2024\u5e742-4\u6708<\/td>\n\u6b27\u6d3e\u5bb6\u5c45\u3001\u7d22\u83f2\u4e9a\u3001\u4e1c\u65b9\u96e8\u8679\u3001\u4e09\u68f5\u6811<\/td>\n\u5b58\u91cf\u5e02\u573a\u9f99\u5934\u96c6\u4e2d<\/td>\n<\/tr>\n
2025\u5e741-3\u6708<\/td>\n\u4e09\u68f5\u6811\u3001\u4e1c\u65b9\u96e8\u8679<\/td>\n\u6d88\u8d39\u5efa\u6750\u5f39\u6027\u6700\u5927<\/td>\n<\/tr>\n
2026\u5e741-3\u6708<\/td>\n\u4e1c\u65b9\u96e8\u8679\u3001\u4e09\u68f5\u6811\u3001\u6b27\u6d3e\u5bb6\u5c45<\/td>\n\u7a33\u5065\u4fee\u590d\uff0c\u5b89\u5168\u8fb9\u9645\u597d<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

2.6 \u94f6\u884c\u677f\u5757<\/h3>\n
\n\n\n\n\n\n\n\n\n
\u5e74\u4efd<\/th>\n\u62db\u5546\u94f6\u884c<\/th>\n\u5e73\u5b89\u94f6\u884c<\/th>\n\u5b81\u6ce2\u94f6\u884c<\/th>\n\u5174\u4e1a\u94f6\u884c<\/th>\n\u5f39\u6027\u7279\u5f81<\/th>\n<\/tr>\n<\/thead>\n
2023\u5e743-4\u6708<\/td>\n\u53cd\u5f39\u660e\u663e\uff0c\u83b7\u63a8\u8350<\/td>\n\u96f6\u552e\u5f3a\u52bf\uff0c\u5f39\u6027\u9ad8<\/td>\n\u4e1a\u7ee9\u97e7\u6027\uff0c+8bp\u589e\u6301<\/td>\n\u8d44\u4ea7\u8d1f\u503a\u91cd\u4f30<\/td>\n\u677f\u5757\u03b2\u5c5e\u6027\u5f3a<\/td>\n<\/tr>\n
2024\u5e742-4\u6708<\/td>\n+9bp\u589e\u6301\uff0c\u6301\u7eed\u9886\u5148<\/td>\n\u96f6\u552e\u4e1a\u52a1\u5d1b\u8d77<\/td>\n\u7a33\u5065\u589e\u6301<\/td>\n\u4f30\u503c\u6ea2\u4ef7\u91ca\u653e<\/td>\n\u4f18\u8d28\u94f6\u884c\u03b2\u4e3b\u7ebf<\/td>\n<\/tr>\n
2025\u5e741-3\u6708<\/td>\n\u5f39\u6027\u6700\u5927<\/td>\n\u03b2\u5c5e\u6027\u5f3a<\/td>\n\u540c\u4e1a\u6700\u4f18<\/td>\n\u4e1a\u7ee9\u6539\u5584<\/td>\n\u7ed3\u6784\u6027\u5206\u5316<\/td>\n<\/tr>\n
2026\u5e741-3\u6708<\/td>\n+4.4%<\/td>\n+2.5%<\/td>\n\u6ce2\u52a8~5%<\/td>\n+1.7%<\/td>\n\u5934\u90e8\u94f6\u884c\u6301\u7eed\u4e0a\u626c<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n
\n

\u4e09\u3001\u6838\u5fc3\u5bf9\u6bd4\u6c47\u603b\u8868<\/h2>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u7ef4\u5ea6<\/th>\n2023\u5e743-4\u6708<\/th>\n2024\u5e742-4\u6708<\/th>\n2025\u5e741-3\u6708<\/th>\n2026\u5e741-3\u6708<\/th>\n<\/tr>\n<\/thead>\n
\u542f\u52a8\u8282\u70b9<\/strong><\/td>\n\u6625\u8282\u540e3\u6708\u542f\u52a8<\/td>\n\u6625\u8282\u540e2\u6708\u542f\u52a8<\/td>\n1\u6708\u63d0\u524d\u542f\u52a8<\/td>\n1\u6708\u4e2d\u65ec\u542f\u52a8<\/td>\n<\/tr>\n
\u6838\u5fc3\u9a71\u52a8\u653f\u7b56<\/strong><\/td>\nLPR\u4e0b\u8c0310bp<br>\u8ba4\u623f\u4e0d\u8ba4\u8d37<\/td>\n\u9650\u8d2d\u653e\u677e<br>\u4ee5\u65e7\u6362\u65b0<\/td>\n\u9996\u4ed8\u964d\u81f33\u6210<br>\u793e\u4fdd\u5e74\u9650\u7f29\u77ed<\/td>\n\u6838\u5fc3\u533a\u9650\u8d2d\u677e\u7ed1<br>\u623f\u8d37\u5229\u73872.6%<\/td>\n<\/tr>\n
\u4e8c\u624b\u623f\u6210\u4ea4<\/strong><\/td>\n\u5317\u4eac3\u67082.19\u4e07\u5957<br>\u4e0a\u6d77>2\u4e07\u5957<\/td>\n\u5317\u4eac3\u67081.43\u4e07\u5957<br>\u4e0a\u6d771.2\u4e07+\u5957<\/td>\n\u5317\u4eacQ1 4.4\u4e07\u5957<br>\u4e0a\u6d77Q1 5.8\u4e07\u5957<\/td>\n\u5317\u4eac1-1.5\u4e07\u5957\/\u6708<br>\u4e0a\u6d771\u67082.28\u4e07\u5957<\/td>\n<\/tr>\n
\u5730\u4ea7\u677f\u5757\u6da8\u5e45<\/strong><\/td>\n\u6570\u636e\u672a\u62ab\u9732<\/td>\n\u5927\u540d\u57ce+13.3%<br>\u4e07\u79d1A-13.3%<\/td>\n\u6574\u4f53\u5f39\u6027\u597d\u8f6c<\/td>\n\u9f99\u5934\u5fae\u8dcc-1%~-1.5%<\/td>\n<\/tr>\n
\u4e2d\u4ecb\u677f\u5757\u6da8\u5e45<\/strong><\/td>\n\u6570\u636e\u672a\u62ab\u9732<\/td>\n\u6211\u7231\u6211\u5bb6-14.4%<\/td>\n\u4f30\u503c\u4fee\u590d<\/td>\n\u6211\u7231\u6211\u5bb6+16.44%<\/strong><\/td>\n<\/tr>\n
\u767d\u7535\u677f\u5757\u6da8\u5e45<\/strong><\/td>\n\u7f8e\u7684+4.8%<br>\u683c\u529b+5.9%<br>\u6d77\u5c14+7.4%<\/td>\n\u4f30\u503c\u4fee\u590d<\/td>\n\u5355\u8fb9\u7a33\u5065<\/td>\n\u9884\u671f\u53cc\u51fb<\/td>\n<\/tr>\n
\u53a8\u7535\u677f\u5757\u6da8\u5e45<\/strong><\/td>\n\u8001\u677f+7.5%<br>\u706b\u661f\u4eba+4.6%<\/td>\n\u53cc\u6e20\u9053\u6062\u590d<\/td>\n\u4e1a\u7ee9\u660e\u6717<\/td>\n\u4f30\u503c\u4e1a\u7ee9\u53cc\u5347<\/td>\n<\/tr>\n
\u94f6\u884c\u677f\u5757\u6da8\u5e45<\/strong><\/td>\n\u53cd\u5f39\u660e\u663e<\/td>\n\u4f18\u8d28\u94f6\u884c\u03b2\u4fee\u590d<\/td>\n\u7ed3\u6784\u6027\u5206\u5316<\/td>\n\u62db\u5546+4.4%<br>\u5174\u4e1a+1.7%<\/td>\n<\/tr>\n
\u6700\u5f3a\u5f39\u6027\u4e2a\u80a1<\/strong><\/td>\n\u6d77\u5c14\u667a\u5bb6\uff08\u767d\u7535\uff09<\/td>\n\u5927\u540d\u57ce\uff08\u5730\u4ea7\uff09<\/td>\n\u62db\u5546\u86c7\u53e3\uff08\u5730\u4ea7\uff09<\/td>\n\u6211\u7231\u6211\u5bb6\uff08\u4e2d\u4ecb\uff09<\/strong><\/td>\n<\/tr>\n
\u533a\u95f4\u6700\u5927\u6da8\u5e45<\/strong><\/td>\n+7.4%\uff08\u6d77\u5c14\uff09<\/td>\n+13.3%\uff08\u5927\u540d\u57ce\uff09<\/td>\n\u672a\u62ab\u9732<\/td>\n+16.44%\uff08\u6211\u7231\u6211\u5bb6\uff09<\/strong><\/td>\n<\/tr>\n
\u4e0a\u6da8\u5468\u671f<\/strong><\/td>\n2-3\u6708<\/td>\n2-4\u6708<\/td>\n1-3\u6708<\/td>\n1-3\u6708<\/td>\n<\/tr>\n
\u8870\u9000\u8bf1\u56e0<\/strong><\/td>\n4\u6708\u6210\u4ea4\u56de\u843d<\/td>\n\u4ee5\u4ef7\u6362\u91cf<br>\u4ef7\u683c\u672a\u4f01\u7a33<\/td>\n\u589e\u901f\u653e\u7f13<\/td>\n\u8c6a\u5b85\u75b2\u8f6f<br>\u4f4e\u603b\u4ef7\u4e3b\u5bfc<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n
\n

\u56db\u3001\u5f39\u6027\u7968\u6df1\u5ea6\u5206\u6790<\/h2>\n

4.1 \u5404\u677f\u5757\u5f39\u6027\u51a0\u519b<\/h3>\n
\n\n\n\n\n\n\n\n\n\n\n
\u677f\u5757<\/th>\n\u5f39\u6027\u6700\u5927\u4e2a\u80a1<\/th>\n\u7279\u5f81<\/th>\n\u4e0a\u6da8\u52a8\u529b<\/th>\n<\/tr>\n<\/thead>\n
\u623f\u5730\u4ea7\u4e2d\u4ecb<\/td>\n\u6211\u7231\u6211\u5bb6<\/strong>\uff082026\u5e74+16.44%\uff09<\/td>\n50-200\u4ebf\u5e02\u503c\uff0c\u9ad8\u8d1d\u5854<\/td>\n\u4e8c\u624b\u623f\u4ea4\u6613\u91cf\u653e\u5927\uff0c\u4f30\u503c\u4fee\u590d<\/td>\n<\/tr>\n
\u623f\u5730\u4ea7\u5f00\u53d1<\/td>\n\u5927\u540d\u57ce\uff082024\u5e74+13.3%\uff09<\/td>\n\u4e2d\u5c0f\u5e02\u503c\uff0c\u56f0\u5883\u53cd\u8f6c<\/td>\n\u653f\u7b56\u523a\u6fc0\uff0c\u535a\u5f08\u6027\u5f3a<\/td>\n<\/tr>\n
\u767d\u7535<\/td>\n\u6d77\u5c14\u667a\u5bb6\uff082023\u5e74+7.4%\uff09<\/td>\n\u9f99\u5934\u7a33\u5065\uff0c\u9ad8\u5206\u7ea2<\/td>\n\u4f30\u503c\u4fee\u590d+\u4e1a\u7ee9\u6539\u5584<\/td>\n<\/tr>\n
\u53a8\u7535<\/td>\n\u8001\u677f\u7535\u5668\uff082023\u5e74+7.5%\uff09<\/td>\n\u5185\u9500\u5360\u6bd4\u9ad8\uff0c\u66f4\u65b0\u5c5e\u6027<\/td>\n\u4e8c\u624b\u623f\u6362\u88c5\u9700\u6c42<\/td>\n<\/tr>\n
\u5bb6\u5c45\u5efa\u6750<\/td>\n\u4e09\u68f5\u6811\u3001\u4e1c\u65b9\u96e8\u8679<\/td>\n\u7ec6\u5206\u9886\u57df\u9f99\u5934<\/td>\n\u6d88\u8d39\u5efa\u6750\u9700\u6c42\u590d\u82cf<\/td>\n<\/tr>\n
\u94f6\u884c<\/td>\n\u62db\u5546\u94f6\u884c\uff082026\u5e74+4.4%\uff09<\/td>\n\u96f6\u552e\u9f99\u5934\uff0c\u8d44\u4ea7\u8d28\u91cf\u6539\u5584<\/td>\n\u5730\u4ea7\u98ce\u9669\u91ca\u653e\uff0c\u76c8\u5229\u80fd\u529b\u589e\u5f3a<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

4.2 \u5f39\u6027\u9a71\u52a8\u56e0\u7d20\u5206\u6790<\/h3>\n

ROE\u6539\u5584\u9884\u671f vs \u4f30\u503c\u4fee\u590d\uff08PE\u5f39\u6027\uff09<\/strong>\uff1a<\/p>\n

    <\/p>\n
  • \u6211\u7231\u6211\u5bb6<\/strong>\uff1a\u4e3b\u8981\u4e3a\u4f30\u503c\u4fee\u590d\u9a71\u52a8\uff0c\u4e8c\u624b\u623f\u6210\u4ea4\u653e\u91cf\u5e26\u6765\u77ed\u671f\u4e1a\u7ee9\u9884\u671f\u6539\u5584\uff0cPE\u5f39\u6027\u5927<\/li>\n

    <\/p>\n

  • \u5927\u540d\u57ce<\/strong>\uff1a\u56f0\u5883\u53cd\u8f6c\u903b\u8f91\uff0c\u535a\u5f08\u6027\u5f3a\uff0cROE\u6539\u5584\u9884\u671f\u4e3b\u5bfc<\/li>\n

    <\/p>\n

  • \u6d77\u5c14\u667a\u5bb6\/\u8001\u677f\u7535\u5668<\/strong>\uff1aROE\u6539\u5584+\u4f30\u503c\u4fee\u590d\u53cc\u8f6e\u9a71\u52a8\uff0c\u4e1a\u7ee9\u786e\u5b9a\u6027\u9ad8<\/li>\n

    <\/p>\n

  • \u62db\u5546\u94f6\u884c<\/strong>\uff1a\u8d44\u4ea7\u8d28\u91cf\u6539\u5584\u5e26\u52a8\u4f30\u503c\u4fee\u590d\uff0c\u76c8\u5229\u80fd\u529b\u7a33\u5b9a<\/li>\n

    <\/ul>\n

    <\/p>\n

    \n

    \u4e94\u3001\u5317\u4eac\/\u4e0a\u6d77\u7279\u8272\u5206\u6790<\/h2>\n

    5.1 \u5317\u4eac\u7279\u8272<\/h3>\n
      \n
    • \u5b66\u533a\u623f\u70ed\u5ea6<\/strong>\uff1a2023\u5e74\u5b66\u533a\u623f\u9700\u6c42\u96c6\u4e2d\u91ca\u653e\uff0c\u5e26\u52a8\u7279\u5b9a\u533a\u57df\u5730\u4ea7\u9f99\u5934<\/li>\n
    • \u653f\u7b56\u8282\u594f<\/strong>\uff1a\u8ddf\u968f\u5168\u56fd\u653f\u7b56\uff0c\u9996\u4ed8\u6bd4\u4f8b\u8c03\u6574\u76f8\u5bf9\u4fdd\u5b88<\/li>\n
    • \u677f\u5757\u4f20\u5bfc<\/strong>\uff1a\u4e8c\u624b\u623f\u6210\u4ea4\u2192\u4e2d\u4ecb\u670d\u52a1\u2192\u88c5\u4fee\u96f6\u552e\u2192\u5bb6\u5c45\u5efa\u6750<\/li>\n<\/ul>\n

      5.2 \u4e0a\u6d77\u7279\u8272<\/h3>\n
        \n
      • \u8c6a\u5b85\/\u9ad8\u7aef\u6539\u5584<\/strong>\uff1a2026\u5e74\u9650\u8d2d\u677e\u7ed1\u540e\uff0c\u8c6a\u5b85\u5e02\u573a\u56de\u6696\u5e26\u52a8\u9ad8\u7aef\u5bb6\u5c45\/\u88c5\u4fee\u9f99\u5934<\/li>\n
      • \u653f\u7b56\u5b9e\u9a8c\u7530<\/strong>\uff1a\u65e7\u6539\u6536\u50a8\u3001\u623f\u7968\u5b89\u7f6e\u3001\u516c\u79ef\u91d1\u989d\u5ea6\u63d0\u5347\u7b49\u521b\u65b0\u653f\u7b56<\/li>\n
      • \u4f20\u5bfc\u94fe\u6761<\/strong>\uff1a\u653f\u7b56\u51fa\u53f0\u2192\u4e8c\u624b\u623f\u653e\u91cf\u2192\u4e2d\u4ecb\u670d\u52a1\u2192\u53a8\u7535\/\u5bb6\u5c45\u2192\u767d\u7535<\/li>\n<\/ul>\n
        \n

        \u516d\u3001\u6295\u8d44\u7ed3\u8bba\u4e0e\u7b56\u7565\u5efa\u8bae<\/h2>\n

        6.1 \u5386\u6b21\u5c0f\u9633\u6625\u89c4\u5f8b\u603b\u7ed3<\/h3>\n

        \n

          <\/p>\n
        1. \u65f6\u95f4\u89c4\u5f8b<\/strong>\uff1a\u6bcf\u5e741-3\u6708\u62162-4\u6708\u4e3a\u5c0f\u9633\u6625\u4e3b\u884c\u60c5\u671f\uff0c\u6625\u8282\u540e\u5b63\u8282\u6027\u9700\u6c42+\u653f\u7b56\u523a\u6fc0\u53cc\u91cd\u9a71\u52a8<\/li>\n

          <\/p>\n

        2. \u677f\u5757\u8f6e\u52a8\u987a\u5e8f<\/strong>\uff1a\u4e2d\u4ecb\u670d\u52a1 \u2192 \u623f\u5730\u4ea7\u5f00\u53d1 \u2192 \u53a8\u7535\/\u5bb6\u5c45\u5efa\u6750 \u2192 \u767d\u7535 \u2192 \u94f6\u884c<\/li>\n

          <\/p>\n

        3. \u5f39\u6027\u6392\u5e8f<\/strong>\uff1a\u4e2d\u4ecb\u670d\u52a1 > \u53a8\u7535 > \u5bb6\u5c45\u5efa\u6750 > \u767d\u7535 > \u94f6\u884c > \u623f\u5730\u4ea7\u5f00\u53d1<\/li>\n

          <\/p>\n

        4. \u5e02\u503c\u7279\u5f81<\/strong>\uff1a50-200\u4ebf\u4e2d\u5c0f\u5e02\u503c\u4e2a\u80a1\u5f39\u6027\u6700\u5927\uff0c\u9f99\u5934\u7a33\u5065\u4f46\u5f39\u6027\u76f8\u5bf9\u8f83\u5f31<\/li>\n

          <\/ol>\n

          <\/p>\n

          6.2 2026\u5e74\u5c0f\u9633\u6625\u7279\u5f81<\/h3>\n<\/p>\n

          \n

            <\/p>\n
          • \u6210\u8272\u4e0d\u53ca\u5f80\u5e74<\/strong>\uff1a\u6210\u4ea4\u603b\u4ef7\u4e2d\u4f4d\u6570\u4e0b\u79fb\uff0c\u4f4e\u603b\u4ef7\u53ca\u521a\u9700\u623f\u6e90\u5f39\u6027\u6700\u5f3a\uff0c\u8c6a\u5b85\u5e02\u573a\u8868\u73b0\u75b2\u8f6f<\/li>\n

            <\/p>\n

          • \u653f\u7b56\u4f9d\u8d56\u5ea6\u9ad8<\/strong>\uff1a\u4e0a\u6d77\u6838\u5fc3\u533a\u9650\u8d2d\u677e\u7ed1\u523a\u6fc0\u663e\u8457\uff0c\u540e\u7eed\u9700\u5173\u6ce8\u653f\u7b56\u6301\u7eed\u6027<\/li>\n

            <\/p>\n

          • \u7ed3\u6784\u6027\u5206\u5316<\/strong>\uff1a\u4e2d\u4ecb\u677f\u5757\u5f39\u6027\u6700\u5927\uff0c\u5f00\u53d1\u677f\u5757\u8868\u73b0\u5e73\u6de1<\/li>\n

            <\/ul>\n

            <\/p>\n

            6.3 \u7b56\u7565\u5efa\u8bae<\/h3>\n<\/p>\n

            \n

              <\/p>\n
            • \u77ed\u671f\u535a\u5f08<\/strong>\uff1a\u5173\u6ce8\u4e2d\u4ecb\u670d\u52a1\uff08\u6211\u7231\u6211\u5bb6\uff09\u3001\u53a8\u7535\uff08\u8001\u677f\u7535\u5668\uff09\u7b49\u9ad8\u5f39\u6027\u54c1\u79cd<\/li>\n

              <\/p>\n

            • \u4e2d\u671f\u914d\u7f6e<\/strong>\uff1a\u767d\u7535\u9f99\u5934\uff08\u6d77\u5c14\u667a\u5bb6\u3001\u7f8e\u7684\u96c6\u56e2\uff09\u3001\u5bb6\u5c45\u5efa\u6750\uff08\u4e09\u68f5\u6811\u3001\u4e1c\u65b9\u96e8\u8679\uff09\u517c\u5177\u5f39\u6027\u4e0e\u786e\u5b9a\u6027<\/li>\n

              <\/p>\n

            • \u957f\u671f\u6301\u6709<\/strong>\uff1a\u94f6\u884c\u677f\u5757\uff08\u62db\u5546\u94f6\u884c\u3001\u5b81\u6ce2\u94f6\u884c\uff09\u53d7\u76ca\u4e8e\u8d44\u4ea7\u8d28\u91cf\u6539\u5584\uff0c\u4f30\u503c\u4fee\u590d\u7a7a\u95f4\u5927<\/li>\n

              <\/ul>\n

              <\/p>\n

              \n

              \u4e03\u3001\u98ce\u9669\u63d0\u793a<\/h2>\n

              \n

                <\/p>\n
              1. \u653f\u7b56\u523a\u6fc0\u6548\u679c\u4e0d\u53ca\u9884\u671f\uff0c\u5c0f\u9633\u6625\u884c\u60c5\u63d0\u524d\u7ed3\u675f<\/li>\n

                <\/p>\n

              2. \u623f\u5730\u4ea7\u5e02\u573a\u7ed3\u6784\u6027\u5206\u5316\u52a0\u5267\uff0c\u4f4e\u603b\u4ef7\u623f\u6e90\u4e3b\u5bfc\uff0c\u8c6a\u5b85\u5e02\u573a\u6301\u7eed\u75b2\u8f6f<\/li>\n

                <\/p>\n

              3. \u5730\u4ea7\u4ea7\u4e1a\u94fe\u4e2a\u80a1\u4e1a\u7ee9\u5151\u73b0\u4e0d\u53ca\u9884\u671f\uff0c\u4f30\u503c\u4fee\u590d\u53d7\u963b<\/li>\n

                <\/p>\n

              4. \u5b8f\u89c2\u7ecf\u6d4e\u4e0b\u884c\u538b\u529b\uff0c\u5c45\u6c11\u8d2d\u623f\u610f\u613f\u6301\u7eed\u4f4e\u8ff7<\/li>\n

                <\/ol>\n

                <\/p>\n

                \n

                \u672c\u62a5\u544a\u57fa\u4e8eAlpha\u6d3e\u6295\u7814\u6570\u636e\u6574\u7406\uff0c\u5185\u5bb9\u4ec5\u4f9b\u7814\u7a76\u5b66\u4e60\uff0c\u4e0d\u6784\u6210\u6295\u8d44\u5efa\u8bae\u3002<\/em><\/p>\n

                \u6570\u636e\u6765\u6e90<\/strong>\uff1aAlpha\u6d3e\uff08AlphaPai\uff09\u6295\u7814\u5e73\u53f0
                \u5f15\u7528\u6765\u6e90<\/strong>\uff1a\u5238\u5546\u7814\u62a5\u3001\u8def\u6f14\u7eaa\u8981\u3001EDB\u6570\u636e\u5e93\u3001\u516c\u53f8\u516c\u544a\u7b4922-27\u6761\u6765\u6e90<\/p>\n","protected":false},"excerpt":{"rendered":"

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