锟斤拷原锟斤拷锟解：锟斤拷锟斤拷A锟缴好癸拷司系锟斤拷锟叫癸拷锟叫筹拷锟斤拷双锟斤拷锟斤拷锟斤拷锟街筹拷锟斤拷业锟斤拷锟斤拷锟斤拷实锟街成筹拷锟斤拷
锟斤拷锟竭帮拷锟斤拷为锟斤拷应锟斤拷锟诫经锟矫癸拷锟斤拷锟斤拷锟斤拷锟斤拷凇锟斤拷锟斤拷锟斤拷泄锟斤拷锟斤拷霉锟斤拷锟斤拷邸锟斤拷暮锟斤拷伲锟斤拷锟街抵拷揖锟斤拷牟呋锟斤拷瞥锟斤拷锟斤拷锟斤拷锟紸锟缴好癸拷司系锟叫★拷锟斤拷锟铰ｏ拷锟斤拷锟斤拷系锟斤拷系锟斤拷锟叫的碉拷锟斤拷十锟斤拷篇锟斤拷
锟叫癸拷锟斤拷为全锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟揭拷锟斤拷锟斤拷压锟斤拷锟斤拷母锟拷锟斤拷锟斤拷锟斤拷锟斤拷俚木锟斤拷梅锟秸癸拷锟斤拷锟斤拷锟揭伙拷锟斤拷锟揭伙拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟秸癸拷锟斤拷暮霉锟剿撅拷锟紸锟斤拷锟叫筹拷锟侥好癸拷司锟斤拷锟斤拷锟街筹拷业锟斤拷锟斤拷锟斤拷锟饺讹拷锟斤拷锟斤拷营锟斤拷锟街斤拷锟斤拷锟饺讹拷锟斤拷盈锟斤拷锟斤拷锟斤拷锟斤拷ROE锟斤拷强锟斤拷锟斤拷锟饺讹拷锟斤拷锟缴讹拷锟街猴拷乇锟斤拷榷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷取锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷
锟斤拷锟斤拷锟斤拷锟斤拷要锟斤拷锟窖碉拷锟角ｏ拷锟斤拷系锟斤拷锟斤拷锟斤拷锟狡筹拷锟侥好癸拷司锟斤拷杉郾锟斤拷锟斤拷薰兀锟斤拷杉郾锟斤拷指锟斤拷锟斤拷郾锟斤拷锟斤拷锟斤拷锟揭翟わ拷凇锟斤拷谐锟斤拷锟斤拷锟狡拷玫炔锟饺凤拷锟斤拷锟斤拷锟斤拷馗叨锟斤拷锟截ｏ拷锟斤拷吮锟较碉拷锟斤拷锟斤拷虏锟斤拷锟斤拷锟斤拷魏锟酵讹拷式锟斤拷椋拷锟斤拷锟斤拷蟹锟斤拷眨锟酵讹拷锟斤拷锟斤拷锟斤拷锟斤拷
锟斤拷锟届，锟斤拷值之锟揭革拷锟斤拷掖锟斤拷锟斤拷锟斤拷锟饺拷锟届交装锟斤拷锟斤拷头锟斤拷锟斤拷锟叫癸拷锟叫筹拷锟斤拷锟斤拷锟斤拷2015锟斤拷锟叫癸拷锟较筹拷锟斤拷锟叫癸拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟侥ｏ拷锟斤拷锟斤拷锟斤拷锟叫癸拷锟叫筹拷锟斤拷全锟斤拷锟侥ｏ拷锟斤拷品锟斤拷锟斤拷全锟斤拷锟斤拷锟斤拷锟斤拷锟饺的癸拷锟斤拷锟酵ㄗ帮拷锟斤拷锟接︼拷獭锟�
锟叫癸拷锟叫筹拷锟缴凤拷锟斤拷锟睫癸拷司(锟斤拷锟铰硷拷啤锟斤拷泄锟斤拷谐锟斤拷锟斤拷颉肮锟剿撅拷锟�)锟斤拷址位锟节憋拷锟斤拷锟叫猴拷锟斤拷锟斤拷锟斤拷锟侥伙拷锟斤拷路16锟脚ｏ拷锟斤拷锟斤拷前锟街憋拷为锟叫癸拷锟较筹拷锟斤拷锟叫癸拷锟斤拷锟斤拷锟斤拷锟叫癸拷锟较筹拷锟斤拷2007锟斤拷锟斤拷锟斤拷锟�2008锟斤拷8锟铰碉拷录锟较斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷泄锟斤拷锟斤拷锟斤拷锟�2008锟斤拷锟斤拷锟斤拷锟�2009锟斤拷12锟铰碉拷录锟较斤拷锟斤拷锟斤拷2014锟斤拷5锟铰碉拷录锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟�2015锟疥，锟斤拷锟斤拷锟斤拷院同锟解，锟斤拷锟斤拷院锟斤拷锟斤拷委锟斤拷准锟斤拷锟叫癸拷锟较筹拷锟斤拷锟叫癸拷锟斤拷锟斤拷锟较诧拷锟斤拷锟斤拷2015锟斤拷6锟斤拷1锟斤拷注锟斤拷锟斤拷锟斤拷泄锟斤拷谐锟斤拷锟斤拷锟斤拷锟�2015锟斤拷6锟斤拷8锟斤拷锟节伙拷锟斤拷锟斤拷锟斤拷锟斤拷锟叫斤拷锟阶ｏ拷锟斤拷票锟斤拷锟斤拷锟斤拷锟斤拷锟叫癸拷锟较筹拷锟斤拷601766锟斤拷A锟缴ｏ拷锟斤拷1766锟斤拷H锟缴ｏ拷锟斤拷
锟斤拷锟斤拷2025锟斤拷一锟斤拷锟斤拷末锟斤拷锟叫癸拷锟叫筹拷锟斤拷一锟斤拷啥锟轿拷泄锟斤拷谐锟斤拷锟斤拷锟斤拷锟斤拷薰锟剿撅拷锟斤拷止杀锟斤拷锟轿�50.83%锟斤拷实锟绞匡拷锟斤拷锟斤拷为锟斤拷锟斤拷院锟斤拷锟斤拷锟绞诧拷锟洁督锟斤拷锟斤拷委员锟结，锟斤拷映止杀锟斤拷锟轿�50.83%锟斤拷
锟叫癸拷锟叫筹拷锟斤拷锟斤拷营业锟斤拷锟斤拷锟斤拷路装锟斤拷业锟今、城癸拷锟斤拷锟斤拷谢锟斤拷锟斤拷锟绞┮碉拷锟斤拷虏锟揭狄碉拷锟斤拷执锟斤拷锟斤拷锟揭碉拷瘛⒐锟斤拷锟揭碉拷瘛９锟剿撅拷锟斤拷锟揭拷锟狡凤拷嵌锟斤拷锟斤拷椤拷锟斤拷锟斤拷锟斤拷统锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷泄锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟界、锟斤拷锟剿诧拷业锟斤拷
锟斤拷锟斤拷锟叫癸拷锟叫筹拷2024锟斤拷锟斤拷缺锟斤拷锟斤拷锟斤拷荩锟斤拷锟斤拷锟狡凤拷锟斤拷啵猴拷锟铰纷帮拷锟斤拷锟斤拷锟斤拷锟斤拷锟�1,104.61锟斤拷元锟斤拷锟斤拷锟斤拷占锟斤拷44.82%锟斤拷锟铰诧拷业锟斤拷锟斤拷锟斤拷锟斤拷863.75锟斤拷元锟斤拷锟斤拷锟斤拷占锟斤拷35.05%锟斤拷锟角癸拷锟斤拷锟斤拷谢锟斤拷锟斤拷锟绞╋拷锟斤拷锟斤拷锟斤拷锟�454.40锟斤拷元锟斤拷锟斤拷锟斤拷占锟斤拷18.44%锟斤拷锟街达拷锟斤拷锟斤拷锟斤拷锟斤拷41.81锟斤拷元锟斤拷锟斤拷锟斤拷占锟斤拷1.70%锟斤拷
锟斤拷锟斤拷锟斤拷锟斤拷锟街ｏ拷锟斤拷司锟斤拷品锟斤拷锟斤拷锟斤拷锟斤拷占锟斤拷88.50%锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷占锟斤拷11.50%锟斤拷锟斤拷司锟斤拷锟斤拷锟斤拷锟斤拷要锟斤拷锟斤拷锟节癸拷锟节★拷
一锟斤拷锟斤拷锟斤拷锟酵拷锟斤拷锟斤拷锟斤拷源锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷茫锟斤拷锟剿疽碉拷锟斤拷锟斤拷胁锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷为锟饺讹拷锟斤拷锟斤拷锟街筹拷锟斤拷强锟侥碉拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷
锟斤拷锟斤拷锟酵拷锟�锟节癸拷锟节ｏ拷锟斤拷锟斤拷锟酵拷锟斤拷锟斤拷锟斤拷锟狡斤拷锟斤拷锟斤拷然锟斤拷为锟斤拷锟斤拷锟斤拷施锟斤拷锟斤拷墓丶锟斤拷锟斤拷锟�2024锟斤拷全锟斤拷锟斤拷路锟斤拷晒潭锟斤拷什锟酵讹拷锟�8506 锟斤拷元锟斤拷同锟斤拷锟斤拷锟斤拷11.3%锟斤拷锟斤拷锟斤拷锟斤拷史投锟斤拷锟铰高★拷锟斤拷锟斤拷2025锟疥，一锟斤拷锟斤拷全锟斤拷锟斤拷路锟教讹拷锟绞诧拷投锟斤拷锟斤拷锟�1312 锟斤拷元锟斤拷同锟斤拷锟斤拷锟斤拷5.2%锟斤拷锟劫讹拷刷锟斤拷同锟斤拷锟斤拷史锟斤拷录锟斤拷锟斤拷一强锟斤拷锟斤拷投锟斤拷态锟狡ｏ拷锟斤拷锟斤拷锟狡讹拷锟剿癸拷锟斤拷锟酵ㄗ帮拷锟斤拷锟揭碉拷锟斤拷畈拷锟秸癸拷锟斤拷锟斤拷泄锟斤拷锟斤拷通锟斤拷锟斤拷同锟斤拷锟斤拷展迅锟酵ｏ拷锟节讹拷锟斤拷谢锟斤拷锟斤拷婊拷锟斤拷平锟斤拷锟斤拷锟斤拷锟斤拷锟届、锟斤拷锟斤拷锟斤拷锟斤拷锟侥匡拷锟斤拷琛�
锟节匡拷锟剿凤拷锟芥，锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷炔锟斤拷锟斤拷锟斤拷锟绞癸拷锟铰凤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟�2025锟斤拷锟斤拷锟斤拷锟斤拷偶榷锟侥匡拷锟轿拷锟斤拷每头锟斤拷锟斤拷锟斤拷锟�42.8 锟斤拷锟剿次ｏ拷同锟斤拷锟斤拷锟斤拷4.9%锟斤拷锟斤拷一锟斤拷锟斤拷全锟斤拷锟斤拷路锟矫客凤拷锟斤拷锟斤拷锟斤拷锟窖达拷10.7 锟斤拷锟剿ｏ拷同锟斤拷锟斤拷锟斤拷5.9%锟斤拷锟斤拷锟酵憋拷锟斤拷锟斤拷锟斤拷锟斤拷锟酵拷锟斤拷锟斤拷殖锟斤拷锟斤拷玫姆锟秸癸拷锟酵凤拷锟斤拷锟斤拷锟斤拷锟斤拷偶苹锟�2025 锟斤拷锟斤拷锓拷锟斤拷锟斤拷锟�40.3 锟节吨ｏ拷同锟斤拷锟斤拷锟斤拷1.1%锟斤拷一锟斤拷锟斤拷全锟斤拷锟斤拷路锟斤拷锟剿凤拷锟斤拷锟斤拷12.53 锟节吨ｏ拷同锟斤拷锟斤拷锟斤拷1%锟斤拷锟斤拷锟剿憋拷锟斤拷锟斤拷锟斤拷去锟斤拷同锟节★拷
锟斤拷锟斤拷锟叫筹拷锟较ｏ拷锟斤拷锟斤拷锟酵拷锟斤拷锟斤拷瘸锟斤拷锟较拷锟饺拷锟斤拷锟斤拷司锟斤拷锟斤拷锟斤拷锟接★拷取锟斤拷锟斤拷锟斤拷锟接★拷锟斤拷锟斤拷锟斤拷堑龋锟轿拷锟斤拷饨煌ㄑ癸拷锟斤拷锟斤拷俳锟斤拷锟斤拷梅锟秸癸拷锟斤拷追准哟锟皆癸拷锟斤拷锟酵拷锟酵讹拷锟斤拷锟斤拷取锟斤拷锟斤拷锟斤拷锟斤拷也锟斤拷锟狡斤拷锟斤拷锟斤拷锟斤拷路锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷路锟斤拷锟借。锟斤拷锟斤拷锟斤拷路锟斤拷锟斤拷预锟解，未锟斤拷十锟斤拷全锟斤拷锟斤拷锟斤拷通锟叫筹拷锟斤拷模锟斤拷锟皆筹拷锟斤拷5% 锟斤拷锟疥复锟斤拷锟斤拷锟斤拷锟绞筹拷锟斤拷锟斤拷锟斤拷锟斤拷
锟斤拷锟斤拷锟皆达拷锟�锟斤拷锟斤拷全锟斤拷锟斤拷锟斤拷锟斤拷源锟斤拷锟斤拷锟窖革拷锟斤拷锟斤拷锟斤拷约锟斤拷锟斤拷锟斤拷锟教硷拷锟藉、碳锟叫和★拷目锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟皆达拷谐锟斤拷锟斤拷殖锟斤拷锟斤拷锟绞斤拷锟斤拷锟斤拷锟教拷啤锟斤拷苑锟斤拷锟叫筹拷为锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷源锟斤拷预锟解，锟斤拷2030锟疥，全锟斤拷锟斤拷锟桔硷拷装锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷2000GW锟斤拷未锟斤拷锟斤拷锟疥将锟斤拷锟街较高碉拷锟斤拷锟斤拷锟绞★拷锟斤拷锟斤拷锟叫筹拷同锟斤拷锟斤拷展强锟斤拷锟斤拷锟斤拷锟捷癸拷锟斤拷锟斤拷源锟斤拷锟斤拷锟捷ｏ拷2024锟斤拷锟揭癸拷锟斤拷锟斤拷锟斤拷锟阶帮拷锟斤拷锟斤拷锟斤拷锟�76.27GW锟斤拷同锟斤拷锟斤拷锟斤拷111.2%锟斤拷锟桔硷拷装锟斤拷锟斤拷锟斤拷锟斤拷突锟斤拷400GW锟斤拷锟斤拷锟斤拷锟较撅拷锟斤拷锟斤拷路锟斤拷燃锟斤拷锟斤拷锟斤拷锟斤拷源转锟斤拷锟斤拷锟竭碉拷全锟斤拷锟斤拷兀锟斤拷约锟斤拷锟斤拷锟斤拷锟铰凤拷锟斤拷锟接★拷锟斤拷摹锟斤拷锟铰凤拷璞革拷锟斤拷赂锟斤拷锟斤拷卸锟斤拷锟斤拷锟斤拷锟斤拷锟绞凳╋拷锟斤拷锟斤拷锟皆达拷锟斤拷锟揭碉拷锟揭灿拷锟斤拷锟角帮拷锟轿达拷械姆锟秸癸拷锟斤拷锟斤拷锟�
锟斤拷些锟疥，锟叫癸拷锟叫筹拷锟斤拷锟斤拷锟斤拷锟斤拷锟酵ㄗ帮拷锟斤拷锟斤拷锟斤拷锟斤拷源装锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷围锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟轿筹拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟酵猴拷锟斤拷系统锟斤拷锟姐部锟斤拷锟侥硷拷群式锟斤拷展锟斤拷锟斤拷么锟斤拷锟叫癸拷锟叫筹拷锟节革拷锟斤拷业锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷业锟斤拷锟斤拷锟斤拷锟截ｏ拷
锟斤拷路装锟斤拷业锟斤拷锟斤拷要指锟斤拷锟斤拷锟介（锟斤拷锟角际讹拷锟斤拷锟介）锟酵客筹拷业锟今、伙拷锟斤拷业锟今、伙拷锟斤拷业锟斤拷凸锟斤拷锟斤拷锟教伙拷械业锟斤拷锟斤拷锟叫ｏ拷锟斤拷1锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷要锟斤拷锟斤拷时锟斤拷200 锟斤拷锟斤及锟斤拷锟铰★拷时锟斤拷200 锟斤拷锟斤拷-250锟斤拷锟斤、时锟斤拷300 锟斤拷锟斤拷-350锟斤拷锟斤及锟斤拷锟较革拷锟斤拷缍拷锟斤拷椋拷锟饺硷拷锟斤拷锟斤拷椋伙拷锟�2锟斤拷锟酵筹拷业锟斤拷锟斤拷要锟斤拷锟斤拷时锟斤拷120-160锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟皆筹拷锟斤拷锟酵筹拷锟斤拷锟斤拷锟筋车锟斤拷锟斤拷锟界车锟斤拷锟斤拷锟街筹拷锟斤拷锟斤拷原锟斤拷锟斤拷双锟斤拷锟斤拷路锟酵筹拷锟饺ｏ拷锟斤拷要锟斤拷锟节革拷锟斤拷锟斤拷路锟斤拷锟剿凤拷锟今；ｏ拷3锟斤拷锟斤拷锟斤拷业锟斤拷锟斤拷要锟斤拷锟斤拷锟斤拷锟角ｏ拷锟斤拷锟斤拷蚀锟�28800KW锟斤拷锟斤拷锟绞憋拷俅锟�200锟斤拷锟斤拷母锟斤拷锟街憋拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟饺硷拷锟斤拷锟斤拷锟斤拷锟轿ｏ拷锟斤拷锟斤拷锟斤拷锟揭拷锟斤拷诟锟斤拷锟斤拷锟铰凤拷锟斤拷撕突锟斤拷朔锟斤拷瘢唬锟�4锟斤拷锟斤拷锟斤拷业锟斤拷锟斤拷要锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷路锟斤拷锟斤拷锟斤拷锟斤车锟斤拷平锟斤拷锟斤拷锟睫筹拷锟斤拷漏锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟街伙拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷诟锟斤拷锟斤拷锟铰凤拷蚬た锟斤拷锟揭碉拷锟斤拷锟斤拷锟斤拷洹�
锟斤拷2016锟疥到2024锟疥，锟斤拷司锟斤拷路装锟斤拷业锟斤拷锟斤拷锟斤拷锟�1,068.97锟斤拷元锟斤拷锟斤拷3%锟斤拷1,104.61锟斤拷元锟斤拷CAGR为0.41%锟斤拷锟斤拷锟斤拷锟斤拷说锟斤拷锟斤拷锟斤拷锟饺斤拷小锟斤拷锟斤拷锟斤拷2020-2022锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟铰纷帮拷锟接碉拷锟斤拷锟斤拷毛锟斤拷占锟斤拷锟斤拷锟斤拷锟铰斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟街较好★拷锟斤拷锟斤拷锟斤拷2025Q1营业锟斤拷锟斤拷锟斤拷锟斤拷锟斤到93.63%锟斤拷锟斤拷锟斤拷占锟斤拷也锟斤到锟斤拷2019锟斤拷锟剿斤拷锟斤拷锟揭拷锟斤拷锟斤拷诙锟斤拷锟斤拷椤拷锟斤拷锟斤拷炔锟狡凤拷慕锟斤拷锟斤拷锟斤拷印锟�
锟斤拷路装锟斤拷业锟斤拷目前锟斤拷然锟角癸拷司锟侥碉拷一锟斤拷业锟斤拷锟斤拷锟斤拷一锟斤拷2025Q1锟斤拷锟斤拷占锟饺筹拷锟斤拷50%锟斤拷锟斤拷锟斤拷业锟斤拷锟斤拷锟斤拷锟矫拷锟斤拷锟揭诧拷潜锟斤拷锟斤拷诮锟轿拷榷锟斤拷锟剿斤拷锟斤拷锟斤拷锟铰憋拷锟斤拷图锟斤拷
锟斤拷位锟斤拷锟斤拷元
锟角癸拷锟斤拷锟斤拷谢锟斤拷锟斤拷锟绞┮碉拷锟�锟斤拷要指锟斤拷锟叫癸拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷薪锟酵拷婊拷锟狡★拷锟斤拷锟叫斤拷通锟斤拷锟斤拷锟杰帮拷锟斤拷锟斤拷锟斤拷锟斤拷锟叫癸拷锟斤拷锟斤拷锟�锟斤拷要锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷斐碉拷锟斤拷锟斤拷锟斤拷锟酵拷冢锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷斐碉拷锟斤拷鸥锟斤拷锟斤拷锟斤拷泄锟界车锟斤拷锟斤拷锟接碉拷锟斤拷锟街筹拷锟斤拷锟皆碉拷锟斤拷锟街筹拷锟饺ｏ拷锟斤拷要锟斤拷锟节筹拷锟斤拷锟节猴拷锟叫斤拷通锟节匡拷锟剿凤拷锟斤拷
2016锟疥到2024锟疥，锟角癸拷锟斤拷锟斤拷谢锟斤拷锟斤拷锟绞┮碉拷锟斤拷锟斤拷锟斤拷271.41锟斤拷元锟斤拷锟斤拷67%锟斤拷454.40锟斤拷元锟斤拷CAGR为6.65%锟斤拷锟斤拷锟斤拷锟斤拷路装锟斤拷锟斤拷锟斤拷2023锟斤拷锟�2024锟斤拷锟斤拷锟斤拷锟铰斤拷锟斤拷锟皆匡拷锟斤拷为锟剿匡拷锟狡地凤拷锟斤拷锟斤拷债锟今，讹拷锟斤拷锟节城癸拷投锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟铰斤拷锟侥ｏ拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟节★拷2025锟斤拷Q1锟酵憋拷锟街筹拷锟剿斤拷30%锟斤拷锟斤拷锟斤拷锟斤拷锟叫癸拷锟叫筹拷锟斤拷锟斤拷锟襟波讹拷锟斤拷锟叫筹拷锟斤拷锟斤拷锟叫ｏ拷锟斤拷然锟杰憋拷锟斤拷锟斤拷毛锟斤拷锟斤拷锟饺讹拷锟斤拷锟斤拷锟斤拷卤锟斤拷锟酵硷拷锟�
锟斤拷位锟斤拷锟斤拷元
锟铰诧拷业业锟斤拷锟斤拷要指锟斤拷锟斤拷业锟斤拷锟斤拷锟剿诧拷业业锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷业锟斤拷锟斤拷要锟斤拷锟斤拷牵锟斤拷锟界传锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟较低筹拷锟斤拷锟斤拷突锟斤拷锟斤拷贫锟较低筹拷锟斤拷锟饺达拷牖伙拷锟较低筹拷锟斤拷谐锟斤拷丝锟较低筹拷锟斤拷每锟斤拷锟较⑾低筹拷锟斤拷锟斤拷锟较低筹拷锟斤拷锟斤拷执锟斤拷锟阶帮拷玫龋锟斤拷牍撅拷锟斤拷锟斤拷锟狡凤拷锟斤拷祝锟斤拷锟斤拷植锟狡凤拷圆锟斤拷锟斤拷姆锟绞斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟酵伙拷锟结供锟斤拷锟斤拷锟剿诧拷业锟斤拷要锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷悴匡拷锟�锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟揭镀拷锟斤拷锟斤拷锟斤拷洹拷锟酵诧拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟界弹锟斤拷支锟脚★拷锟斤拷绯拷锟斤拷锟斤拷莸龋锟斤拷锟�锟铰诧拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷稀锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷稀锟侥わ拷锟斤拷稀锟� 锟斤拷锟节等ｏ拷锟斤拷锟斤拷锟斤拷锟斤拷源锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷系统锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷堋锟斤拷锟斤拷堋锟斤拷锟斤拷锟斤拷锟斤拷锟揭碉拷锟斤拷帧锟斤拷锟斤拷突锟叫碉拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷榷锟斤拷业锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟狡凤拷锟�
锟斤拷2016锟疥到2024锟疥，营业锟斤拷锟斤拷锟斤拷锟斤拷49%锟斤拷CAGR为5.11%锟斤拷锟斤拷业锟斤拷锟斤拷些锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷营业锟斤拷锟斤拷锟斤拷锟斤拷搿⒚拷锟秸硷拷锟斤拷锟斤拷锟斤拷锟斤拷虏锟揭狄碉拷锟侥壳帮拷锟斤拷泄锟斤拷谐锟斤拷牡诙锟斤拷锟揭碉拷瘢锟斤拷锟斤拷枪锟斤拷锟斤拷锟叫伙拷锟斤拷锟斤拷施业锟斤拷锟节撅拷锟斤拷锟斤拷锟揭碉拷锟叫筹拷锟斤拷锟斤拷锟叫ｏ拷锟斤拷锟斤拷毛锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟铰斤拷锟侥★拷锟斤拷锟斤拷卤锟斤拷锟酵硷拷锟�
锟斤拷位锟斤拷锟斤拷元
锟街达拷锟斤拷锟斤拷业锟斤拷锟斤拷要锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷业锟斤拷锟斤拷锟斤拷锟斤拷贸锟斤拷锟斤拷业锟斤拷锟斤拷锟斤拷锟揭碉拷瘛８锟斤拷锟揭碉拷锟斤拷锟斤拷锟斤拷毛锟斤拷占锟饺撅拷锟较低ｏ拷锟斤拷锟斤拷谋涠拷锟斤拷锟揭诧拷洗螅锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟铰斤拷锟斤拷锟斤拷锟斤拷锟叫癸拷锟叫筹拷锟侥猴拷锟斤拷业锟斤拷值锟斤拷一锟斤拷锟斤拷歉锟揭碉拷锟斤拷锟饺伙拷锟斤拷锟斤拷陆锟斤拷锟斤拷锟斤拷锟矫拷锟斤拷锟饺达拷锟斤拷殖锟斤拷锟斤拷锟斤拷锟斤拷啤锟斤拷锟斤拷锟铰憋拷锟斤拷图锟斤拷
锟斤拷位锟斤拷锟斤拷元
锟斤拷锟较诧拷锟窖匡拷锟斤拷锟斤拷锟叫癸拷锟叫筹拷锟斤拷些锟斤拷锟斤拷锟揭碉拷锟斤拷锟饺伙拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷业锟斤拷锟揭碉拷锟斤拷锟斤拷锟斤拷锟饺伙拷欠浅锟斤拷榷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟角匡拷锟斤拷锟街抵拷锟斤拷锟轿拷锟揭伙拷锟斤拷锟斤拷锟斤拷锟斤拷泄锟斤拷谐锟斤拷锟剿拷锟斤拷锟斤拷锟饺拷虿季锟斤拷懿锟斤拷煞郑锟斤拷锟揭伙拷锟斤拷妫拷锟揭诧拷锟斤拷泄锟斤拷谐锟斤拷拇锟斤拷锟斤拷锟斤拷锟斤拷萍锟斤拷锟斤拷锟较⑾拷锟截★拷锟斤拷锟斤拷锟斤拷锟斤拷司锟斤拷锟叫凤拷锟斤拷锟斤拷占锟饺撅拷锟斤拷锟斤拷锟斤拷锟桔凤拷锟矫ｏ拷锟斤拷锟桔凤拷锟斤拷占锟斤拷锟斤拷锟铰斤拷锟斤拷锟狡ｏ拷锟斤拷锟叫凤拷投锟斤拷占锟斤拷却锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟叫癸拷锟斤拷锟斤拷锟斤拷锟斤拷锟杰癸拷锟节癸拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷耍锟斤拷泄锟斤拷谐锟斤拷锟斤拷锟斤拷锟矫伙拷锟�
锟斤拷锟斤拷盈锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟饺讹拷锟斤拷营锟斤拷锟斤拷锟斤拷强锟斤拷锟斤拷营锟街斤拷锟斤拷锟斤拷锟街好ｏ拷锟桔猴拷业锟斤拷锟饺讹拷锟皆革拷锟节成筹拷锟皆ｏ拷锟绞斤拷锟皆ｏ拷锟秸拷锟斤拷锟秸低ｏ拷锟街猴拷锟轿拷锟斤拷锟�
盈锟斤拷锟斤拷锟斤拷锟斤拷锟芥：锟斤拷2016锟疥到2024锟疥，锟叫癸拷锟叫筹拷锟斤拷ROE锟斤拷锟斤拷权锟斤拷锟斤拷6.71%~11.21%锟戒。锟斤拷司锟斤拷锟斤拷锟斤拷锟絉OE锟街憋拷为7.35%锟斤拷7.41%锟斤拷7.51%锟斤拷锟斤拷2016锟疥到2025锟斤拷Q1锟斤拷锟叫癸拷锟叫筹拷锟斤拷锟斤拷锟斤拷毛锟斤拷锟斤拷锟斤拷20.57%~23.42%锟斤拷锟斤拷锟斤拷锟斤拷一锟斤拷毛锟斤拷锟绞分憋拷为21.22%锟斤拷22.27%锟斤拷21.38%锟斤拷23.42%锟斤拷锟斤拷司锟斤拷盈锟斤拷锟斤拷锟斤拷锟桔猴拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟饺讹拷锟斤拷
锟叫癸拷锟叫筹拷锟斤拷锟斤拷锟桔撅拷锟斤拷锟斤拷锟斤拷5.50%~7.50%锟斤拷锟斤拷锟斤拷锟斤拷一锟斤拷锟斤拷锟桔撅拷锟斤拷锟绞分憋拷为6.44%锟斤拷6.22%锟斤拷6.36%锟斤拷7.50%锟斤拷
锟缴筹拷锟皆凤拷锟芥：锟斤拷2016锟疥到2024锟疥，锟叫癸拷锟叫筹拷锟斤拷营业锟斤拷锟斤拷锟�2,297.22锟斤拷元锟斤拷锟斤拷7.28%锟斤拷2,464.57锟斤拷元锟斤拷CAGR为0.88%锟斤拷锟缴筹拷锟皆诧拷锟姐，锟饺讹拷锟斤拷锟斤拷锟洁。锟斤拷些锟疥，营业锟斤拷锟斤拷锟斤拷锟藉波锟斤拷锟斤拷小锟斤拷2024锟斤拷锟角凤拷锟斤拷锟�+5.21%锟斤拷锟斤拷2018锟斤拷锟角凤拷锟斤拷小锟斤拷+3.82%锟斤拷锟斤拷2017锟疥降锟斤拷锟斤拷锟�-8.14%锟斤拷锟斤拷2020锟疥降锟斤拷锟斤拷小锟斤拷-0.59%锟斤拷锟斤拷
锟斤拷母锟斤拷锟斤拷锟斤拷锟�112.96锟斤拷元锟斤拷锟斤拷9.67%锟斤拷123.88锟斤拷元锟斤拷2016-2024锟斤拷锟斤拷CAGR为1.16%锟斤拷锟斤拷锟斤拷锟轿拷榷锟斤拷锟斤拷锟斤拷锟斤拷锟叫★拷锟斤拷锟斤拷校锟�2022锟斤拷锟角凤拷锟斤拷锟�+13.11%锟斤拷锟斤拷2023锟斤拷锟角凤拷锟斤拷小锟斤拷+0.50%锟斤拷锟斤拷2021锟疥降锟斤拷锟斤拷锟�-9.08%锟斤拷锟斤拷2020锟疥降锟斤拷锟斤拷小锟斤拷-3.93%锟斤拷锟斤拷
2025锟斤拷Q1营业锟斤拷锟斤拷凸锟侥革拷锟斤拷锟斤拷锟街憋拷锟斤拷锟斤拷51.23%锟斤拷202.79%锟斤拷锟斤拷要锟斤拷锟斤拷锟节讹拷锟斤拷锟斤拷突锟斤拷锟斤拷锟斤拷枪锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟皆醋帮拷锟揭碉拷锟斤拷锟斤拷锟接★拷
2016锟疥到2025锟斤拷Q1锟斤拷锟绞诧拷锟杰讹拷锟�3,383.11锟斤拷元锟斤拷锟斤拷56.07%锟斤拷5,280.09锟斤拷元锟斤拷锟斤拷母锟斤拷锟绞诧拷锟斤拷1,048.57锟斤拷元锟斤拷锟斤拷63.51%锟斤拷1,714.56锟斤拷元锟斤拷
锟斤拷位锟斤拷锟斤拷元
营锟斤拷锟斤拷锟斤拷锟斤拷锟芥：锟斤拷2016锟疥到2025锟斤拷Q1锟斤拷锟叫癸拷锟叫筹拷应锟斤拷锟剿匡拷锟斤拷转锟斤拷锟斤拷锟斤拷97.40~204.31锟届，锟斤拷锟斤拷锟斤拷一锟节分憋拷为130.78锟届、149.59锟届、158.16锟斤拷锟�204.31锟届；应锟斤拷锟剿匡拷锟斤拷转锟斤拷锟斤拷173.24 ~402.32锟届，锟斤拷锟斤拷锟斤拷一锟节分憋拷为259.37锟届、281.71锟届、293.52锟斤拷锟�402.32锟届。锟斤拷司锟斤拷应锟斤拷锟剿匡拷锟斤拷转锟斤拷锟斤拷锟斤拷锟斤拷应锟斤拷锟剿款，锟斤拷锟皆匡拷锟斤拷锟斤拷司锟节癸拷应锟斤拷锟斤拷前锟斤拷锟叫较达拷幕锟斤拷锟饺拷锟斤拷锟斤拷锟斤拷转锟斤拷锟斤拷锟斤拷112.97~210.97锟届，锟斤拷锟斤拷锟斤拷一锟节分憋拷为127.66锟届、128.48锟届、135.44锟斤拷锟�210.97锟届，2025锟斤拷Q1锟斤拷锟斤拷锟阶拷锟斤拷锟斤拷涑わ拷锟斤拷锟轿拷锟斤拷哦锟斤拷锟斤拷锟揭碉拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷模锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷一锟节撅拷营业锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷-3.63 ~ 12.96锟届。锟斤拷锟较匡拷锟皆匡拷锟斤拷锟斤拷司锟斤拷营锟斤拷锟斤拷锟斤拷锟斤拷强锟斤拷
锟斤拷锟斤拷锟斤拷一锟节ｏ拷锟斤拷司锟斤拷锟斤拷锟斤拷锟街斤拷锟斤拷锟街憋拷为205.55%锟斤拷125.70 %锟斤拷218.99%锟斤拷-164.90%锟斤拷锟斤拷3锟斤拷木锟接拷纸锟斤拷锟斤拷锟斤拷志锟斤拷虾茫锟�2025锟斤拷Q1为锟斤拷锟斤拷系锟斤拷为锟斤拷锟脚讹拷锟斤拷锟斤拷业锟斤拷锟斤拷锟斤拷锟揭伙拷锟斤拷锟接︼拷湛锟截匡拷锟斤拷锟节变长锟斤拷锟截匡拷锟筋、锟斤拷锟斤拷锟诫经营锟筋动锟叫关碉拷锟街斤拷锟斤拷锟斤拷锟斤拷约锟斤拷伲锟斤拷约锟轿拷锟斤拷锟斤拷锟阶硷拷锟斤拷锟斤拷锟斤拷锟斤拷支锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷隆锟�
锟斤拷债锟斤拷锟斤拷锟斤拷锟斤拷2016锟疥到2025锟斤拷Q1锟斤拷锟叫癸拷锟叫筹拷锟斤拷锟绞诧拷锟斤拷债锟斤拷锟斤拷56.80%~63.41%锟斤拷锟斤拷锟斤拷锟斤拷一锟节碉拷锟绞诧拷锟斤拷债锟绞分憋拷为56.80%锟斤拷58.35%锟斤拷59.01%锟斤拷59.66%锟斤拷锟斤拷锟斤拷锟斤拷一锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷1.23~1.28锟斤拷锟劫讹拷锟斤拷锟斤拷锟斤拷0.82~0.92锟斤拷锟斤拷锟斤拷锟斤拷锟绞达拷锟斤拷1锟斤拷锟劫讹拷锟斤拷锟斤拷小锟斤拷1锟斤拷锟斤拷锟诫公司锟斤拷业锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟剿撅拷锟揭碉拷窈枪锟斤拷锟斤拷通装锟斤拷锟斤拷锟届、锟斤拷锟斤拷源锟斤拷锟斤拷锟斤拷锟斤拷些业锟斤拷锟斤拷锟皆撅拷锟斤拷锟剿达拷锟斤拷锟侥ｏ拷洗锟�
锟斤拷锟斤拷2025锟斤拷Q1锟斤拷锟斤拷司锟斤拷锟斤拷锟斤拷锟斤拷式锟�579.57锟斤拷元锟斤拷锟斤拷锟节斤拷锟�81.64锟斤拷元锟斤拷锟斤拷锟秸达拷罴巴碉拷锟斤拷53.72锟斤拷元锟斤拷锟斤拷锟节斤拷锟�58.16锟斤拷元锟斤拷1锟斤拷锟节碉拷锟节的凤拷锟斤拷锟斤拷锟斤拷债48.44锟斤拷元锟斤拷锟斤拷司锟绞斤拷锟斤拷悖拷锟斤拷锟秸低★拷
锟斤拷锟斤拷支锟斤拷锟绞ｏ拷锟斤拷司2016锟斤拷~2024锟斤拷墓锟斤拷锟街э拷锟斤拷锟轿�36.50%~53.38%锟斤拷锟斤拷锟斤拷锟剿碉拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷饧革拷锟侥分猴拷锟斤拷锟斤拷锟轿拷锟斤拷锟�50%锟斤拷锟揭ｏ拷锟饺匡拷锟斤拷锟剿讹拷锟斤拷锟斤拷锟斤拷锟斤拷锟叫凤拷锟斤拷锟斤拷营锟饺碉拷锟绞金储憋拷锟斤拷锟斤拷锟斤拷投锟斤拷锟斤拷锟角癸拷锟斤拷锟斤拷锟斤拷锟斤拷木锟接拷晒锟斤拷锟�
锟斤拷锟斤拷锟斤拷锟斤拷预锟斤拷未锟斤拷锟斤拷锟斤拷业锟斤拷锟斤拷锟斤拷锟斤拷锟皆革拷锟节癸拷去锟斤拷锟疥，PE锟斤拷值指锟斤拷锟斤拷示锟街达拷锟节低癸拷值水平
锟斤拷锟捷伙拷锟斤拷一锟斤拷锟斤拷预锟解，2025~2027锟斤拷锟接碉拷锟斤拷锟街憋拷为2645.25锟斤拷元锟斤拷2795.78锟斤拷元锟斤拷2955.85锟斤拷元锟斤拷锟斤拷母锟斤拷锟斤拷锟斤拷直锟轿�134.6锟斤拷元锟斤拷145.04锟斤拷元锟斤拷156.05锟斤拷元锟斤拷PE锟街憋拷为15.52锟斤拷14.4锟斤拷13.39锟斤拷锟斤拷锟斤拷预锟斤拷锟斤拷未锟斤拷锟斤拷锟斤拷锟揭碉拷锟斤拷锟斤拷锟斤拷锟斤拷只锟斤拷愿锟斤拷锟�2023锟斤拷锟�2024锟疥。
锟斤拷锟斤拷锟绞凤拷锟斤拷荩锟斤拷泄锟斤拷谐锟絇E锟斤拷TTM锟斤拷锟斤拷锟街滴�160.15锟斤拷锟斤拷小值为12.31锟斤拷PEG锟斤拷锟斤拷史锟斤拷锟斤拷锟街滴�43.33锟斤拷锟斤拷小值为-7.78锟斤拷锟斤拷锟斤拷2025锟斤拷5锟斤拷16锟斤拷锟斤拷锟教ｏ拷锟叫癸拷锟叫筹拷锟斤拷锟斤拷值为1968锟斤拷元锟斤拷PE锟斤拷TTM锟斤拷为14.48锟斤拷锟斤拷位锟斤拷为8.56%锟斤拷PEG锟斤拷预锟解）为1.79锟斤拷锟斤拷位锟斤拷为81.24%锟斤拷
锟叫癸拷锟叫筹拷锟斤拷值锟斤拷锟绞蔽�2015锟斤拷6锟斤拷8锟秸ｏ拷锟斤拷锟斤拷值为7966锟斤拷元锟斤拷锟斤拷锟斤拷值锟斤拷锟斤拷锟斤拷锟街碉拷锟斤拷锟轿�75%锟斤拷锟叫癸拷锟叫筹拷2024锟斤拷锟斤拷锟街碉拷锟斤拷锟�58%锟斤拷2025锟斤拷锟斤拷值锟斤拷锟斤拷11%锟斤拷锟缴硷拷锟斤拷锟叫癸拷锟叫筹拷锟较诧拷时锟斤拷锟斤拷锟斤拷锟斤拷值锟斤拷叩锟绞憋拷锟�
锟叫癸拷锟叫筹拷锟斤拷锟斤拷锟节癸拷锟斤拷锟酵拷锟斤拷锟斤拷锟斤拷源锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷饩拷谩锟斤拷锟皆碉拷锟斤拷锟斤拷锟斤拷锟斤拷锟截ｏ拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷业锟斤拷锟斤拷锟斤拷压锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷玫锟斤拷锟斤拷撇锟斤拷洹ｏ拷泄锟斤拷谐锟斤拷锟轿拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟酵凤拷锟斤拷锟斤拷锟斤拷锟揭碉拷锟斤拷锟斤拷锟绞碉拷锟角匡拷螅锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟角匡拷锟斤拷锟斤拷诳锟斤拷锟斤拷锟斤拷锟酵伙拷啤锟斤拷榷锟斤拷锟绞碉拷帧锟斤拷沙锟斤拷锟斤拷模锟�
锟斤拷页
微锟脚癸拷锟节猴拷
证券之锟斤拷APP
