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\u6bdb\u5229\u7387\u5df2\u73fe\u58d3\u529b\uff1a\u524d\u4e09\u5b63\u6bdb\u5229\u7387 59.62%\u3001\u4f4e\u65bc\u53bb\u5e74\u540c\u671f\u7684 62%\uff0c\u516c\u53f8\u5766\u8a00\u5ba2\u6236\u8981\u6c42\u63d0\u9ad8\u6a5f\u53f0\u7522\u51fa\uff0c\u53ef\u80fd\u5e36\u4f86\u6a5f\u53f0\u6578\u91cf\u8207\u50f9\u683c\u58d3\u529b\u3002\u524d\u6bb5\u88fd\u7a0b\u662f\u660e\u78ba\u7684\u5f31\u9805\u2014\u2014\u516c\u53f8\u81ea\u767d\u8207\u570b\u969b\u5927\u5ee0\u6280\u8853\u843d\u5dee\u7d04\u4e09\u5230\u4e94\u5e74\u3001\u51fa\u8ca8\u53ef\u80fd\u5ef6\u81f3 2027 \u5e74\u3002\u5ba2\u6236\u9ad8\u5ea6\u96c6\u4e2d\uff082025 \u5e74\u524d\u5169\u5927\u5ba2\u6236\u5408\u8a08\u5360\u71df\u6536\u7d04 84%\uff09\uff0c\u55ae\u4e00\u5ba2\u6236\u7684\u64f4\u7522\u7bc0\u594f\u5de6\u53f3\u696d\u7e3e\uff1b\u77fd\u5149\u5b50\u8207 CoPoS \u4ecd\u5728\u5ba2\u6236\u9a57\u8b49\u968e\u6bb5\u3001\u653e\u91cf\u6642\u9ede\u672a\u5b9a\u3002\u4f5c\u70ba\u65b0\u639b\u724c\u516c\u53f8\uff0c\u5916\u8cc7\u8207\u672c\u571f\u6a5f\u69cb\u7814\u7a76\u8986\u84cb\u70ba\u96f6\uff0c\u8cc7\u8a0a\u4f86\u6e90\u4ee5\u516c\u53f8\u81ea\u8ff0\u70ba\u4e3b\uff0c\u9700\u81ea\u884c\u6253\u6298\u9a57\u8b49\u3002<\/p>\n","ifam_val_profit":"

\u76ee\u524d\u5e02\u5834\u666e\u904d\u9810\u4f30\uff0c\u500d\u5229\u79d1\uff087822\uff092027 \u5e74\u71df\u6536\u7d04 53.80 \u5104\u5143\u3001\u6bcf\u80a1\u76c8\u9918\u7d04 38.8 \u5143\u3002\u4ee5\u4e0a\u70ba\u516c\u958b\u5e02\u5834\u5171\u8b58\u7684\u5e73\u5747\u503c\u3002<\/p>\n

    \n
  • 2027 \u5e74\uff1a\u5171\u8b58\u770b\u5230\u71df\u6536 53.80 \u5104\u5143\u3001\u6bcf\u80a1\u76c8\u9918 38.8 \u5143<\/strong>\uff0c\u5206\u5225\u662f 2025 \u5e74\u5be6\u7e3e\uff0820.75 \u5104\u5143\u300114.01 \u5143\uff09\u7684 2.6 \u500d\u8207 2.8 \u500d\u3002\u9810\u4f30\u5340\u9593\u5206\u5225\u70ba 53.1\uff5e55.0 \u5104\u5143\u8207 35.72\uff5e41.04 \u5143\u2014\u2014\u5404\u5bb6\u770b\u6cd5\u975e\u5e38\u63a5\u8fd1<\/strong>\uff0c\u6700\u9ad8\u8207\u6700\u4f4e\u53ea\u5dee 4%\uff08\u71df\u6536\uff09\u8207 15%\uff08\u6bcf\u80a1\u76c8\u9918\uff09\u3002<\/li>\n<\/ul>\n

    \u5df2\u516c\u5e03\u7684\u5be6\u7e3e\u8d70\u5728\u524d\u9762\uff1a2026 \u5e74\u524d\u4e09\u5b63\u5408\u4f75\u71df\u6536 23.06 \u5104\u5143\u3001\u5e74\u589e 76.5%\uff0c\u7d2f\u8a08\u6bcf\u80a1\u76c8\u9918 16.33 \u5143\uff08\u53bb\u5e74\u540c\u671f 8.85 \u5143\uff09\u3002\u7b2c 3 \u5b63\u55ae\u5b63\u662f\u76ee\u524d\u6700\u597d\u7684\u4e00\u5b63<\/strong>\uff1a\u71df\u6536 8.87 \u5104\u5143\u3001\u5e74\u589e 56.9%\uff0c\u6bdb\u5229\u7387 59.9%\u3001\u71df\u696d\u5229\u76ca\u7387 39.1%\uff0c\u6bcf\u80a1\u76c8\u9918 6.22 \u5143\u3002\u516c\u53f8\u5df2\u516c\u5e03\u7684\u6708\u71df\u6536\u5230 2026 \u5e74 9 \u6708\uff1a\u55ae\u6708 3.12 \u5104\u5143\u3001\u5e74\u589e 38.6%\uff1b\u524d 9 \u500b\u6708\u7d2f\u8a08 23.06 \u5104\u5143\u3001\u5e74\u589e 76.5%\u3002<\/p>\n

    \u7372\u5229\u7387\u7684\u6539\u5584\u4f86\u81ea\u8cbb\u7528\u6524\u8584\uff0c\u4e0d\u662f\u6bdb\u5229\u7387\u3002<\/strong> 2026 \u5e74\u524d\u4e09\u5b63\u7684\u6bdb\u5229\u7387\u5176\u5be6\u7565\u4f4e\u65bc\u53bb\u5e74\u540c\u671f\uff08\u4e0a\u534a\u5e74 59.4%\u3001\u7b2c 3 \u5b63 59.9%\uff0c\u53bb\u5e74\u540c\u671f\u5206\u5225\u662f 61.0% \u8207 63.2%\uff09\uff0c\u4f46\u71df\u696d\u5229\u76ca\u7387\u7531\u4e0a\u534a\u5e74\u7684 31.4% \u62c9\u5230 37.6%\u3001\u7b2c 3 \u5b63\u66f4\u5230 39.1%\u2014\u2014\u71df\u6536\u898f\u6a21\u7ffb\u500d\u800c\u56fa\u5b9a\u8cbb\u7528\u6c92\u6709\u7b49\u6bd4\u589e\u52a0<\/strong>\uff0c\u9019\u662f\u8a2d\u5099\u696d\u5178\u578b\u7684\u71df\u904b\u69d3\u687f\u3002<\/p>\n

    \u5171\u8b58\u5c0d 2027 \u5e74\u770b\u5230\u7684\u662f\u6bd4 2025 \u5e74\u5be6\u7e3e\u518d\u5927\u4e00\u500d\u534a\u7684\u898f\u6a21\uff0c\u800c\u7b2c 4 \u5b63\u8ca1\u5831\u8207 2027 \u5e74\u7684\u5728\u624b\u8a02\u55ae\u80fd\u898b\u5ea6\uff0c\u6703\u662f\u6aa2\u9a57\u9019\u500b\u659c\u7387\u7684\u7b2c\u4e00\u500b\u6642\u9ede\u3002<\/p>\n","ifam_val_multiple":"","ifam_strategy_on":"","ifam_trades":"","ifam_valuation":"{\"matrix\":{\"corner\":\"\",\"title\":\"\",\"note\":\"\",\"columns\":[{\"order\":1,\"year\":\"2025(A)\",\"eps\":14,\"label\":\"2025(A)\uff1a14.0 \u5143\"},{\"order\":2,\"year\":\"2027(F)\",\"eps\":38.8,\"label\":\"2027(F)\uff1a38.8 \u5143\"}],\"rows\":[{\"order\":1,\"pe\":663,\"peLabel\":\"663 \u5143\",\"desc\":\"2026-11-13\",\"cells\":[{\"order\":1,\"price\":47.357142857142854,\"text\":\"47.4 \u500d\",\"hl\":false},{\"order\":2,\"price\":17.087628865979383,\"text\":\"17.1 \u500d\",\"hl\":false}]}]}}","ifam_val_range":"

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