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\u5bb6\u6d77\u5167\u5916\u6f5b\u5728\u5ba2\u6236\u6d3d\u8ac7\u3002\u516c\u53f8\u4e26\u6295\u5165 HVDC \u8207\u56fa\u614b\u8b8a\u58d3\u5668\u7814\u767c\u3002\u4e0d\u52d5\u7522\u65b9\u9762\uff0c\u65d7\u4e0b\u4e09\u500b\u5efa\u6848\u7e3d\u92b7\u7d04 430 \u5104\u5143\uff0c\u5c07\u65bc 2027 \u81f3 2030 \u5e74\u96a8\u4ea4\u5c4b\u9032\u5ea6\u9678\u7e8c\u8a8d\u5217\u3002<\/p>\n<h4>\u5916\u90e8\u6a5f\u69cb\u89c0\u9ede<\/h4>\n<p>\u5728\u7522\u696d\u5c64\u9762\uff0c\u96c6\u90a6\u79d1\u6280 9 \u6708\u9810\u4f30\u5168\u7403\u8cc7\u6599\u4e2d\u5fc3\u96fb\u529b\u9700\u6c42\u5bb9\u91cf 2026 \u5e74\u7d04 161GW\u3001\u5e74\u589e\u7d04 31%\uff0c\u96fb\u7db2\u4f9b\u9700\u7f3a\u53e3\u5c07\u81ea 2028 \u5e74\u8d77\u660e\u986f\u64f4\u5927\u3002\u9ad8\u76db 10 \u6708\u9810\u4f30\u7f8e\u570b\u8cc7\u6599\u4e2d\u5fc3\u96fb\u529b\u9700\u6c42 2026\u30012027 \u5e74\u5404\u6210\u9577 38%\uff0c\u4f46\u5c07 2027 \u5e74\u5e95\u7f8e\u570b\u8cc7\u6599\u4e2d\u5fc3\u5bb9\u91cf\u9810\u6e2c\u4e0b\u4fee\u81f3 90GW\u3002<\/p>\n<h4>\u5e02\u5834\u95dc\u6ce8\u7684\u8b8a\u6578<\/h4>\n<p>\u5f35\u677e\u944c 8 \u6708\u8868\u793a\uff0c\u963f\u66fc\u7684\u8b8a\u58d3\u5668\u5408\u4f5c\u8a02\u55ae\u56e0\u5730\u7de3\u653f\u6cbb\u98a8\u96aa\u66ab\u505c\u57f7\u884c\u3002\u53f0\u96fb\u8a8d\u8b49\u7684\u53d6\u5f97\u6642\u7a0b\u3001\u5317\u7f8e\u8a02\u55ae\u7684\u4ea4\u8ca8\u8207\u8a8d\u5217\u7bc0\u594f\uff0c\u4ee5\u53ca\u8cc7\u6599\u4e2d\u5fc3\u65b9\u6848\u7684\u63a5\u55ae\u8f49\u5316\uff0c\u5c07\u5f71\u97ff 2027 \u5e74\u7684\u71df\u6536\u8868\u73fe\u3002<\/p>\n","ifam_val_profit":"<p>\u4ee5\u4e0b\u4f9d\u516c\u53f8\u5df2\u516c\u5e03\u7684\u8ca1\u5831\u8207\u6708\u71df\u6536\uff0c\u8aaa\u660e\u5927\u540c\uff082371\uff09\u7684\u7372\u5229\u8ecc\u8de1\u3002<\/p>\n<p><strong>\u9019\u5bb6\u516c\u53f8\u7684\u7a05\u5f8c\u640d\u76ca\u4e0d\u662f\u672c\u696d\u6c7a\u5b9a\u7684\u3002<\/strong> \u8fd1\u4e09\u5e74\u71df\u6536\u90fd\u5728 475 \u81f3 504 \u5104\u5143\u4e4b\u9593\u3001\u6bdb\u5229\u7387\u90fd\u5728 15% \u81f3 17% \u4e4b\u9593\uff0c\u4f46\u7a05\u5f8c\u6578\u5b57\u5927\u8d77\u5927\u843d\uff1a<\/p>\n<ul>\n<li><strong>2024 \u5e74<\/strong>\uff1a\u71df\u6536 474.77 \u5104\u5143\u3001\u71df\u696d\u5229\u76ca 117.63 \u5104\u5143\u3001\u7a05\u5f8c\u6de8\u5229 144.77 \u5104\u5143\uff0c\u6bcf\u80a1\u76c8\u9918 6.45 \u5143\u3002<\/li>\n<li><strong>2025 \u5e74<\/strong>\uff1a\u71df\u6536 503.83 \u5104\u5143\uff08\u5e74\u589e 6.1%\uff09\u3001\u71df\u696d\u6bdb\u5229 85.38 \u5104\u5143\uff0c\u4f46\u71df\u696d\u5229\u76ca\u53ea\u6709 21.35 \u5104\u5143\uff0c\u7a05\u5f8c\u8667\u640d 110.99 \u5104\u5143\u3001\u6bcf\u80a1\u8667\u640d 5.20 \u5143\u3002\u8667\u640d\u5b8c\u5168\u96c6\u4e2d\u5728\u7b2c 4 \u5b63\u2014\u20142025 \u5e74\u7b2c 4 \u5b63\u71df\u6536 133.43 \u5104\u5143\u3001\u71df\u696d\u5229\u76ca 3.86 \u5104\u5143\uff08\u71df\u696d\u5229\u76ca\u7387 2.9%\uff09\uff0c\u7a05\u5f8c\u537b\u8667 124.84 \u5104\u5143\u3002<\/li>\n<li><strong>2026 \u5e74\u4e0a\u534a\u5e74<\/strong>\uff1a\u71df\u6536 245.02 \u5104\u5143\uff08\u5e74\u589e 4.0%\uff09\u3001\u71df\u696d\u5229\u76ca 11.17 \u5104\u5143\uff08\u71df\u696d\u5229\u76ca\u7387 4.6%\uff09\uff0c\u7a05\u5f8c\u6de8\u5229 19.16 \u5104\u5143\uff08\u6de8\u5229\u7387 7.8%\uff09\u3001\u6bcf\u80a1\u76c8\u9918 0.91 \u5143\uff0c\u56de\u5230\u7372\u5229\u3002\u7b2c 2 \u5b63\u55ae\u5b63\u7a05\u5f8c\u6de8\u5229 20.15 \u5104\u5143\uff0c\u6bd4\u8a72\u5b63\u7684\u71df\u696d\u5229\u76ca 6.84 \u5104\u5143\u591a\u51fa 13.31 \u5104\u5143\u3002<\/li>\n<\/ul>\n<p>\u672c\u696d\u672c\u8eab\u8b8a\u5316\u5f88\u5c0f\uff1a\u6bdb\u5229\u7387\u7531 2025 \u5e74\u4e0a\u534a\u5e74\u7684 17.9% \u964d\u5230 2026 \u5e74\u4e0a\u534a\u5e74\u7684 16.9%\uff0c\u71df\u696d\u5229\u76ca\u7387\u7531 5.1% \u964d\u5230 4.6%\uff1b\u8fd1\u4e94\u5b63\u7684\u55ae\u5b63\u71df\u696d\u5229\u76ca\u7387\u90fd\u5728 2.9% \u81f3 6.1% \u4e4b\u9593\u3002<\/p>\n<p>\u71df\u6536\u5247\u5728\u8d70\u5f31\uff1a9 \u6708\u55ae\u6708 36.87 \u5104\u5143\u3001\u5e74\u6e1b 13.3%\uff0c1\uff0d9 \u6708\u7d2f\u8a08 362.50 \u5104\u5143\u3001\u5e74\u6e1b 2.1%\u3002<\/p>\n<p>2025 \u5e74\u7b2c 4 \u5b63\u90a3\u7b46 124.84 \u5104\u5143\u7684\u7a05\u5f8c\u8667\u640d\uff0c\u662f\u5168\u5e74\u7531\u76c8\u8f49\u8667\u7684\u55ae\u4e00\u539f\u56e0\u30022026 \u5e74\u7b2c 4 \u5b63\u6703\u4e0d\u6703\u518d\u51fa\u73fe\u985e\u4f3c\u898f\u6a21\u7684\u4e00\u6b21\u6027\u8a8d\u5217\uff0c\u662f\u4eca\u5e74\u7a05\u5f8c\u640d\u76ca\u6700\u5927\u7684\u8b8a\u6578\u2014\u2014\u672c\u696d\u7684\u90e8\u5206\uff0c\u5f9e\u524d\u4e5d\u500b\u6708\u7684\u71df\u6536\u8207\u4e0a\u534a\u5e74 4.6% \u7684\u71df\u696d\u5229\u76ca\u7387\u5df2\u7d93\u770b\u5f97\u51fa\u4f86\u3002<\/p>\n","ifam_val_multiple":"","ifam_strategy_on":"","ifam_trades":"","ifam_valuation":"{\"matrix\":{\"corner\":\"\",\"title\":\"\",\"note\":\"\",\"columns\":[{\"order\":1,\"year\":\"2025(A)\",\"eps\":-5.2,\"label\":\"2025(A)\uff1a-5.2 \u5143\"}],\"rows\":[{\"order\":1,\"pe\":26.85,\"peLabel\":\"27 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