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\u5e02\u5834\u95dc\u6ce8\u7684\u8b8a\u6578<\/h4>\n

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\u4e09\u5e74\u7684\u6bcf\u80a1\u76c8\u9918\u6c92\u6709\u8da8\u52e2\uff1a1.80 \u2192 3.00 \u2192 2.04 \u5143\u3002<\/strong> \u5408\u4f75\u71df\u6536\u540c\u671f 243.80 \u2192 265.83 \u2192 203.99 \u5104\u5143\uff082025 \u5e74 -23.3%\uff09\u3001\u71df\u696d\u5229\u76ca 17.34 \u2192 21.83 \u2192 16.12 \u5104\u5143\u3002<\/p>\n

\u26a0 2026 \u5e74\u4e0a\u534a\u5e74\u7684\u6bcf\u80a1\u76c8\u9918 4.02 \u5143\u770b\u8d77\u4f86\u5f88\u4eae\uff0c\u4f46\u8981\u5148\u77e5\u9053\u5b83\u5f9e\u54ea\u88e1\u4f86\u3002<\/strong> \u71df\u6536 114.71 \u5104\u5143\u3001\u5e74\u589e 17.6%\uff0c\u4f46\u6bdb\u5229\u7387\u7531 24.4% \u964d\u5230 18.8%\u3001\u71df\u696d\u5229\u76ca -32.9%<\/strong>\u3002\u6bcf\u80a1\u76c8\u9918\u5f9e\u53bb\u5e74\u540c\u671f\u7684 0.03 \u5143\u8df3\u5230 4.02 \u5143\uff0c\u9760\u7684\u662f\u696d\u5916\u2014\u2014\u71df\u696d\u5916\u6536\u5165\u53ca\u652f\u51fa\u7531 \u22129.75 \u5104\u5143\u8f49\u70ba \uff0b19.58 \u5104\u5143\uff0c\u5176\u4e2d\u900f\u904e\u640d\u76ca\u6309\u516c\u5141\u50f9\u503c\u8861\u91cf\u4e4b\u91d1\u878d\u8cc7\u7522\u53ca\u8ca0\u50b5\u5229\u76ca 23.13 \u5104\u5143\u5c31\u5360\u4e86\u5927\u534a<\/strong>\uff08\u53bb\u5e74\u540c\u671f\u662f \u22121.26 \u5104\u5143\uff09\u30022026 \u5e74\u7b2c 2 \u5b63\u55ae\u5b63\u7684\u6bcf\u80a1\u76c8\u9918 3.42 \u5143\u30012026 \u5e74\u7b2c 1 \u5b63\u53ea\u6709 0.60 \u5143\uff0c\u843d\u5dee\u4e5f\u5728\u9019\u88e1\u3002<\/p>\n

\u9019\u985e\u8a55\u50f9\u640d\u76ca\u4e0d\u662f\u4e00\u6b21\u6027\u8a8d\u5217\u5b8c\u5c31\u7d50\u675f\uff0c\u800c\u662f\u6bcf\u5b63\u91cd\u8a55\u3002<\/strong> 2026 \u5e74\u4e0a\u534a\u5e74\u5e95\u900f\u904e\u640d\u76ca\u6309\u516c\u5141\u50f9\u503c\u8861\u91cf\u4e4b\u91d1\u878d\u8cc7\u7522 60.91 \u5104\u5143\uff08\u4e0a\u5e02\u6ac3\u516c\u53f8\u80a1\u7968 47.27 \u5104\u5143\u3001\u53d7\u76ca\u6191\u8b49 13.64 \u5104\u5143\uff09\uff0c2025 \u5e74\u4e0a\u534a\u5e74\u5e95\u662f 31.44 \u5104\u5143\u3002\u90e8\u4f4d\u8b8a\u5927\uff0c\u5f80\u5f8c\u6bcf\u5b63\u7684\u8a55\u50f9\u640d\u76ca\u5c0d\u6bcf\u80a1\u76c8\u9918\u7684\u5f71\u97ff\u4e5f\u6703\u8b8a\u5927\u2014\u2014\u65b9\u5411\u5247\u5169\u908a\u90fd\u53ef\u80fd\u3002<\/strong><\/p>\n

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\u6708\u71df\u6536\u7684\u6210\u9577\u5728\u653e\u6162\u3002<\/strong> 2026 \u5e74\u524d 9 \u500b\u6708\u7d2f\u8a08 172.31 \u5104\u5143\u3001\u5e74\u589e 12.9%\uff1b\u7b2c 3 \u5b63\u55ae\u5b63 57.61 \u5104\u5143\u3001\u5e74\u589e 4.6%\uff0c9 \u6708\u55ae\u6708 19.28 \u5104\u5143\u3001\u5e74\u589e 11.4%\u2014\u2014\u4e0a\u534a\u5e74\u662f\u5e74\u589e 17.6%\uff0c\u7b2c 3 \u5b63\u53ea\u5269\u5e74\u589e 4.6%\u3002<\/p>\n

\u6240\u4ee5\u9019\u4e00\u6a94\u8981\u770b\u7684\u662f\u5169\u500b\u7368\u7acb\u7684\u6771\u897f\u3002<\/strong> \u4e00\u662f\u672c\u696d<\/strong>\uff1a\u6bdb\u5229\u7387\u5df2\u7d93\u7531 24.4% \u9000\u5230 18.8%\u3001\u71df\u696d\u5229\u76ca\u5c11\u4e86 3.34 \u5104\u5143\uff0c\u800c\u767e\u8166\u532f\u5ee3\u5834\u7684\u90e8\u9580\u640d\u76ca\u4e5f\u5c11\u4e86 3.97 \u5104\u5143\u3002\u4e8c\u662f\u90a3 60.91 \u5104\u5143\u7684\u91d1\u878d\u8cc7\u7522\u90e8\u4f4d<\/strong>\u2014\u20142026 \u5e74\u4e0a\u534a\u5e74\u5b83\u8ca2\u737b 23.13 \u5104\u5143\u7684\u8a55\u50f9\u5229\u76ca\uff0c\u662f\u540c\u671f\u71df\u696d\u5229\u76ca\u7684 3.4 \u500d\u3002\u7528\u4e0a\u534a\u5e74\u7684\u6bcf\u80a1\u76c8\u9918\u5e74\u5316\u53bb\u63a8\u5168\u5e74\uff0c\u7b49\u65bc\u5047\u8a2d\u9019\u6bb5\u8a55\u50f9\u5229\u76ca\u6703\u518d\u4f86\u4e00\u6b21\u3002<\/strong><\/p>\n","ifam_val_multiple":"","ifam_strategy_on":"","ifam_trades":"","ifam_valuation":"{\"matrix\":{\"corner\":\"\",\"title\":\"\",\"note\":\"\",\"columns\":[{\"order\":1,\"year\":\"2025(A)\",\"eps\":2,\"label\":\"2025(A)\uff1a2.0 \u5143\"}],\"rows\":[{\"order\":1,\"pe\":40.4,\"peLabel\":\"40 \u5143\",\"desc\":\"2026-11-13\",\"cells\":[{\"order\":1,\"price\":20.2,\"text\":\"20.2 \u500d\",\"hl\":false}]}]}}","ifam_val_range":"

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