{"id":872,"date":"2026-11-05T15:28:15","date_gmt":"2026-11-05T07:28:15","guid":{"rendered":"https:\/\/ifa.ai\/research\/1904tt\/"},"modified":"2026-11-14T21:05:12","modified_gmt":"2026-11-14T13:05:12","slug":"1904tt","status":"publish","type":"post","link":"https:\/\/ifa.ai\/research\/1904tt\/","title":{"rendered":"[\u6b63\u9686 (1904)] \u505a\u4ec0\u9ebc\uff1f\u53ef\u4ee5\u8cb7\u55ce\uff1f\u80a1\u50f9\u8207\u57fa\u672c\u9762\uff0d\u5f9e\u50f9\u503c\u6295\u8cc7\u8207\u7cfb\u7d71\u5316\u9078\u80a1\u7b56\u7565\u770b\u6b63\u9686"},"content":{"rendered":"","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"post-templates\/template-1.php","format":"standard","meta":{"ifam_symbol":"1904","ifam_company":"\u6b63\u9686","ifam_market":"\u53f0\u80a1","ifam_updated_at":"","ifam_business":"

\u6b63\u9686\uff081904\uff09\u505a\u7684\u662f\u5de5\u696d\u7528\u7d19\u8207\u7d19\u7bb1\u3002<\/strong> \u516c\u53f8 1959 \u5e74 2 \u6708\u6210\u7acb\u30011971 \u5e74 9 \u6708\u4e0a\u5e02\uff0c\u7522\u696d\u985e\u5225\u70ba\u9020\u7d19\u5de5\u696d\uff0c\u767b\u8a18\u7684\u4e3b\u8981\u7d93\u71df\u696d\u52d9\u662f\u300c\u7d19\u985e\u4e4b\u88fd\u92b7\u53ca\u8cb7\u8ce3\u3000\u7d19\u5668\u53ca\u7d19\u985e\u52a0\u5de5\u54c1\u4e4b\u88fd\u92b7\u300d\uff0c\u53e6\u6709\u300c\u59d4\u8a17\u71df\u9020\u5546\u8208\u5efa\u570b\u6c11\u4f4f\u5b85\u53ca\u5546\u696d\u5927\u6a13\u51fa\u552e\u3001\u51fa\u79df\u300d\uff0c\u5be6\u6536\u8cc7\u672c\u984d 110.83 \u5104\u5143\u3001\u5df2\u767c\u884c\u666e\u901a\u80a1 11.08 \u5104\u80a1\u3002<\/p>\n

\u26a0 \u5b83\u7684\u61c9\u5831\u5c0e\u90e8\u9580\u4e0d\u662f\u7522\u54c1\u5225\uff0c\u800c\u662f\u5730\u5340\u5225\u3002<\/strong> \u8ca1\u5831\u8aaa\u660e\u516c\u53f8\u300c\u70ba\u8cc7\u6e90\u5206\u914d\u8207\u7e3e\u6548\u8861\u91cf\u4e4b\u76ee\u7684\uff0c\u4f9d\u64da\u5ba2\u6236\u6240\u5728\u5730\u5340\u5206\u71df\u904b\u90e8\u9580\u300d\uff0c\u61c9\u5831\u5c0e\u90e8\u9580\u70ba\u81fa\u7063\u3001\u5927\u9678\u8207\u6771\u5357\u4e9e\u4e09\u500b\u5730\u5340\uff0c\u300c\u5176\u4e3b\u8981\u6536\u5165\u5747\u4f86\u81ea\u65bc\u63d0\u4f9b\u5de5\u696d\u7528\u7d19\u53ca\u7d19\u5668\u7b49\u76f8\u95dc\u7522\u54c1\u4e4b\u88fd\u9020\u53ca\u92b7\u552e\u300d\u30022026 \u5e74\u4e0a\u534a\u5e74\u5408\u4f75\u71df\u6536 221.07 \u5104\u5143\u4e2d\uff0c\u81fa\u7063\u5340\u5360 64.9%\u3001\u6771\u5357\u4e9e\u5340 30.8%\u3001\u5927\u9678\u5340 4.3%\uff08\u53bb\u5e74\u540c\u671f 68.3%\uff0f24.8%\uff0f6.8%\uff09\u3002<\/p>\n

\u4e00\u5e74\u4e4b\u9593\u6771\u5357\u4e9e\u5728\u88dc\u81fa\u7063\u8207\u5927\u9678\u7684\u7f3a\u53e3\u3002<\/strong> \u540c\u671f\u5408\u4f75\u71df\u6536\u5e74\u589e 5.0%\uff1a\u6771\u5357\u4e9e\u5340 +30.4%<\/strong>\uff0852.27 \u2192 68.17 \u5104\u5143\uff09\uff0c\u800c\u81fa\u7063\u5340\u5e7e\u4e4e\u4e0d\u52d5\uff08-0.3%\uff09\u3001\u5927\u9678\u5340 -34.1%<\/strong>\uff0814.39 \u2192 9.47 \u5104\u5143\uff09\u3002<\/p>\n

\u26a0 \u4e09\u500b\u5730\u5340\u7684\u90e8\u9580\u640d\u76ca\u90fd\u597d\u8f49\uff0c\u800c\u6771\u5357\u4e9e\u662f\u7531\u8667\u8f49\u76c8\u3002<\/strong> \u8ca1\u5831\u7684\u90e8\u9580\u640d\u76ca\u4ee5\u7a05\u524d\u640d\u76ca\u8861\u91cf\u2014\u20142026 \u5e74\u4e0a\u534a\u5e74\u81fa\u7063\u5340 \uff0b10.56 \u5104\u5143\uff08\u53bb\u5e74\u540c\u671f \uff0b5.48 \u5104\u5143\uff09\u3001\u6771\u5357\u4e9e\u5340 \uff0b2.85 \u5104\u5143\uff08\u53bb\u5e74\u540c\u671f \u22125.26 \u5104\u5143\uff09<\/strong>\u3001\u5927\u9678\u5340 \uff0b7.36 \u5104\u5143\uff08\u53bb\u5e74\u540c\u671f \uff0b0.44 \u5104\u5143\uff09<\/strong>\uff0c\u5408\u8a08 \uff0b20.77 \u5104\u5143\uff08\u53bb\u5e74\u540c\u671f \uff0b0.65 \u5104\u5143\uff09\u30022025 \u5e74\u5168\u5e74\u70ba\u81fa\u7063 \uff0b14.49 \u5104\u5143\u3001\u5927\u9678 \uff0b1.43 \u5104\u5143\u3001\u6771\u5357\u4e9e \u22124.78 \u5104\u5143<\/strong>\uff0c\u5408\u8a08 \uff0b11.14 \u5104\u5143\u3002\u26a0 \u5176\u4e2d\u5927\u9678\u5340\u7684\u71df\u6536 -34.1%\u3001\u90e8\u9580\u640d\u76ca\u537b\u589e\u52a0 16.9 \u500d<\/strong>\uff0c\u8ca1\u5831\u6c92\u6709\u5c31\u9019\u4e00\u9ede\u55ae\u7368\u8aaa\u660e\u3002<\/p>\n

\u898f\u6a21\u4e09\u5e74\u5e7e\u4e4e\u6c92\u52d5\uff0c\u7372\u5229\u5247\u662f\u5728\u4f4e\u4f4d\u4f86\u56de\u3002<\/strong> \u5408\u4f75\u71df\u6536 2023 \u5e74 421.65 \u5104\u5143\u30012024 \u5e74 451.78 \u5104\u5143\u30012025 \u5e74 429.85 \u5104\u5143\uff1b\u6bdb\u5229\u7387\u540c\u671f 18.2%\u300116.3%\u300118.0%\uff1b\u6bcf\u80a1\u76c8\u9918 0.83 \u5143\u30010.54 \u5143\u30010.74 \u5143\u2014\u2014\u4e09\u5e74\u90fd\u4e0d\u5230 1 \u5143<\/strong>\uff0c\u800c 2026 \u5e74\u4e0a\u534a\u5e74\u534a\u5e74\u5c31\u505a\u5230 1.45 \u5143\u3002<\/p>\n","ifam_revenue":"[{\"title\":\"\u71df\u6536\uff0d\u4ee5\u7522\u54c1\/\u670d\u52d9\u5340\u5206 (%)\",\"header\":[\"\",\"2025 (A)\",\"2025 \u4e0a\u534a\u5e74\",\"2025 \u4e0b\u534a\u5e74\",\"2026\u4e0a\u534a\u5e74\"],\"rows\":[[\"\u4f9d\u8ca1\u5831\u61c9\u5831\u5c0e\u90e8\u9580\uff08\u5730\u5340\u5225\uff09\u4e4b\u4f86\u81ea\u5916\u90e8\u5ba2\u6236\u6536\u5165\uff08\u5360\u5408\u4f75\u71df\u6536\uff09\",\"\",\"\",\"\",\"\"],[\"\u81fa\u7063\u5340\",\"66.8%\",\"68.3%\",\"65.4%\",\"64.9%\"],[\"\u6771\u5357\u4e9e\u5340\",\"26.5%\",\"24.8%\",\"28.2%\",\"30.8%\"],[\"\u5927\u9678\u5340\",\"6.6%\",\"6.8%\",\"6.4%\",\"4.3%\"],[\"\u5408\u8a08\",\"100.0%\",\"100.0%\",\"100.0%\",\"100.0%\"]],\"notes\":[]}]","ifam_revenue_trend":"{\"tabs\":[{\"key\":\"month\",\"label\":\"\u6708\u71df\u6536\",\"head\":[\"\u65b0\u53f0\u5e63 (\u767e\u842c\u5143)\",\"2026\",\"2025\",\"2024\"],\"rows\":[[\"1~10\u6708\u7d2f\u8a08\",\"39,009\",\"35,415\",\"36,929\"],[\"12\u6708\",\"\uff0d\",\"3,916\",\"4,537\"],[\"11\u6708\",\"\uff0d\",\"3,649\",\"3,719\"],[\"10\u6708\",\"4,125\",\"3,803\",\"3,625\"],[\"9\u6708\",\"4,178\",\"3,569\",\"5,160\"],[\"8\u6708\",\"4,343\",\"3,527\",\"3,651\"],[\"7\u6708\",\"4,256\",\"3,465\",\"3,710\"],[\"6\u6708\",\"3,878\",\"3,961\",\"3,368\"],[\"5\u6708\",\"3,848\",\"3,409\",\"3,838\"],[\"4\u6708\",\"3,959\",\"3,398\",\"3,478\"],[\"3\u6708\",\"4,149\",\"3,760\",\"3,590\"],[\"2\u6708\",\"2,589\",\"3,433\",\"2,880\"],[\"1\u6708\",\"3,685\",\"3,091\",\"3,630\"]]},{\"key\":\"quarter\",\"label\":\"\u5b63\u71df\u6536\",\"head\":[\"\u65b0\u53f0\u5e63 (\u767e\u842c\u5143)\",\"2026Q3\",\"2026Q2\",\"2026Q1\",\"2025Q4\",\"2025Q3\",\"2025Q2\",\"2025Q1\",\"2024Q4\"],\"rows\":[[\"\u71df\u6536\",\"12,777\",\"11,685\",\"10,422\",\"11,372\",\"10,561\",\"10,767\",\"10,284\",\"11,874\"],[\"\u5e74\u589e\u7387\",\"+21.0%\",\"+8.5%\",\"+1.3%\",\"-4.2%\",\"-15.7%\",\"+0.8%\",\"+1.8%\",\"+5.3%\"],[\"\u5b63\u589e\u7387\",\"+9.3%\",\"+12.1%\",\"-8.4%\",\"+7.7%\",\"-1.9%\",\"+4.7%\",\"-13.4%\",\"-5.2%\"]]},{\"key\":\"half\",\"label\":\"\u534a\u5e74\u71df\u6536\",\"head\":[\"\u65b0\u53f0\u5e63 (\u767e\u842c\u5143)\",\"2026H1\",\"2025H2\",\"2025H1\",\"2024H2\",\"2024H1\",\"2023H2\"],\"rows\":[[\"\u71df\u6536\",\"22,107\",\"21,933\",\"21,051\",\"24,395\",\"20,783\",\"21,608\"],[\"\u5e74\u589e\u7387\",\"+5.0%\",\"-10.1%\",\"+1.3%\",\"+12.9%\",\"+1.1%\",\"+2.3%\"],[\"\u534a\u5e74\u589e\u7387\",\"+0.8%\",\"+4.2%\",\"-13.7%\",\"+17.4%\",\"-3.8%\",\"+5.1%\"]]},{\"key\":\"year\",\"label\":\"\u5e74\u71df\u6536\",\"head\":[\"\u65b0\u53f0\u5e63 (\u767e\u842c\u5143)\",\"2026 (1~10\u6708)\",\"2025\",\"2024\"],\"rows\":[[\"\u71df\u6536\",\"39,009\",\"42,985\",\"45,178\"],[\"\u5e74\u589e\u7387\",\"+10.1%\",\"-4.9%\",\"+7.1%\"]]}]}","ifam_income_tabs":"{\"note\":\"\u55ae\u4f4d\uff1a\u65b0\u53f0\u5e63\u767e\u842c\u5143\uff0c\u6bcf\u80a1\u76c8\u9918\u70ba\u5143\uff1b\u7a05\u5f8c\u6de8\u5229\u8207\u6de8\u5229\u7387\u63a1\u6b78\u5c6c\u6bcd\u516c\u53f8\u696d\u4e3b\u6de8\u5229\u30022026 \u5e74\u50c5\u81f3 Q2\u3002\",\"default\":2,\"tabs\":[{\"key\":\"Q4\",\"label\":\"Q4\",\"tables\":[{\"title\":\"\u55ae\u5b63\uff0810~12\u6708\uff09\",\"head\":[\"\u65b0\u53f0\u5e63 (\u767e\u842c\u5143)\",\"2026\",\"2025\",\"2024\",\"2023\",\"2022\"],\"rows\":[[\"\u71df\u696d\u6536\u5165\",\"\uff0d\",\"11,372\",\"11,874\",\"11,281\",\"10,500\"],[\"\u71df\u696d\u6bdb\u5229\",\"\uff0d\",\"2,386\",\"1,889\",\"2,366\",\"1,797\"],[\"\u71df\u696d\u5229\u76ca\",\"\uff0d\",\"809\",\"445\",\"890\",\"376\"],[\"\u7a05\u5f8c\u6de8\u5229\",\"\uff0d\",\"635\",\"118\",\"466\",\"315\"],[\"\u6bcf\u80a1\u76c8\u9918(\u5143)\uff0d\u7a00\u91cb\",\"\uff0d\",\"0.57\",\"0.10\",\"0.42\",\"0.29\"],[\"\u6bdb\u5229\u7387\",\"\uff0d\",\"21.0%\",\"15.9%\",\"21.0%\",\"17.1%\"],[\"\u71df\u696d\u5229\u76ca\u7387\",\"\uff0d\",\"7.1%\",\"3.8%\",\"7.9%\",\"3.6%\"],[\"\u6de8\u5229\u7387\",\"\uff0d\",\"5.6%\",\"1.0%\",\"4.1%\",\"3.0%\"]]},{\"title\":\"\u7d2f\u7a4d\uff08\u5168\u5e74\uff09\",\"head\":[\"\u65b0\u53f0\u5e63 (\u767e\u842c\u5143)\",\"2026\",\"2025\",\"2024\",\"2023\",\"2022\"],\"rows\":[[\"\u71df\u696d\u6536\u5165\",\"\uff0d\",\"42,985\",\"45,178\",\"42,165\",\"43,922\"],[\"\u71df\u696d\u6bdb\u5229\",\"\uff0d\",\"7,729\",\"7,366\",\"7,660\",\"7,333\"],[\"\u71df\u696d\u5229\u76ca\",\"\uff0d\",\"1,881\",\"1,544\",\"1,988\",\"1,658\"],[\"\u7a05\u5f8c\u6de8\u5229\",\"\uff0d\",\"823\",\"605\",\"922\",\"2,520\"],[\"\u6bcf\u80a1\u76c8\u9918(\u5143)\uff0d\u7a00\u91cb\",\"\uff0d\",\"0.74\",\"0.54\",\"0.83\",\"2.27\"],[\"\u6bdb\u5229\u7387\",\"\uff0d\",\"18.0%\",\"16.3%\",\"18.2%\",\"16.7%\"],[\"\u71df\u696d\u5229\u76ca\u7387\",\"\uff0d\",\"4.4%\",\"3.4%\",\"4.7%\",\"3.8%\"],[\"\u6de8\u5229\u7387\",\"\uff0d\",\"1.9%\",\"1.3%\",\"2.2%\",\"5.7%\"]]}]},{\"key\":\"Q3\",\"label\":\"Q3\",\"tables\":[{\"title\":\"\u55ae\u5b63\uff087~9\u6708\uff09\",\"head\":[\"\u65b0\u53f0\u5e63 (\u767e\u842c\u5143)\",\"2026\",\"2025\",\"2024\",\"2023\",\"2022\"],\"rows\":[[\"\u71df\u696d\u6536\u5165\",\"\uff0d\",\"10,561\",\"12,521\",\"10,327\",\"10,617\"],[\"\u71df\u696d\u6bdb\u5229\",\"\uff0d\",\"1,798\",\"1,674\",\"1,932\",\"1,342\"],[\"\u71df\u696d\u5229\u76ca\",\"\uff0d\",\"332\",\"152\",\"496\",\"-46\"],[\"\u7a05\u5f8c\u6de8\u5229\",\"\uff0d\",\"158\",\"50\",\"129\",\"224\"],[\"\u6bcf\u80a1\u76c8\u9918(\u5143)\uff0d\u7a00\u91cb\",\"\uff0d\",\"0.14\",\"0.05\",\"0.12\",\"0.20\"],[\"\u6bdb\u5229\u7387\",\"\uff0d\",\"17.0%\",\"13.4%\",\"18.7%\",\"12.6%\"],[\"\u71df\u696d\u5229\u76ca\u7387\",\"\uff0d\",\"3.1%\",\"1.2%\",\"4.8%\",\"-0.4%\"],[\"\u6de8\u5229\u7387\",\"\uff0d\",\"1.5%\",\"0.4%\",\"1.2%\",\"2.1%\"]]},{\"title\":\"\u7d2f\u7a4d\uff081~9\u6708\uff09\",\"head\":[\"\u65b0\u53f0\u5e63 (\u767e\u842c\u5143)\",\"2026\",\"2025\",\"2024\",\"2023\",\"2022\"],\"rows\":[[\"\u71df\u696d\u6536\u5165\",\"\uff0d\",\"31,612\",\"33,304\",\"30,885\",\"33,422\"],[\"\u71df\u696d\u6bdb\u5229\",\"\uff0d\",\"5,342\",\"5,477\",\"5,295\",\"5,536\"],[\"\u71df\u696d\u5229\u76ca\",\"\uff0d\",\"1,072\",\"1,098\",\"1,098\",\"1,281\"],[\"\u7a05\u5f8c\u6de8\u5229\",\"\uff0d\",\"188\",\"488\",\"456\",\"2,206\"],[\"\u6bcf\u80a1\u76c8\u9918(\u5143)\uff0d\u7a00\u91cb\",\"\uff0d\",\"0.17\",\"0.44\",\"0.41\",\"1.98\"],[\"\u6bdb\u5229\u7387\",\"\uff0d\",\"16.9%\",\"16.4%\",\"17.1%\",\"16.6%\"],[\"\u71df\u696d\u5229\u76ca\u7387\",\"\uff0d\",\"3.4%\",\"3.3%\",\"3.6%\",\"3.8%\"],[\"\u6de8\u5229\u7387\",\"\uff0d\",\"0.6%\",\"1.5%\",\"1.5%\",\"6.6%\"]]}]},{\"key\":\"Q2\",\"label\":\"Q2\",\"tables\":[{\"title\":\"\u55ae\u5b63\uff084~6\u6708\uff09\",\"head\":[\"\u65b0\u53f0\u5e63 (\u767e\u842c\u5143)\",\"2026\",\"2025\",\"2024\",\"2023\",\"2022\"],\"rows\":[[\"\u71df\u696d\u6536\u5165\",\"11,685\",\"10,767\",\"10,684\",\"10,376\",\"11,525\"],[\"\u71df\u696d\u6bdb\u5229\",\"2,398\",\"1,912\",\"1,987\",\"1,589\",\"1,986\"],[\"\u71df\u696d\u5229\u76ca\",\"847\",\"497\",\"551\",\"167\",\"537\"],[\"\u7a05\u5f8c\u6de8\u5229\",\"985\",\"-60\",\"156\",\"-21\",\"1,240\"],[\"\u6bcf\u80a1\u76c8\u9918(\u5143)\uff0d\u7a00\u91cb\",\"0.89\",\"-0.05\",\"0.14\",\"-0.02\",\"1.12\"],[\"\u6bdb\u5229\u7387\",\"20.5%\",\"17.8%\",\"18.6%\",\"15.3%\",\"17.2%\"],[\"\u71df\u696d\u5229\u76ca\u7387\",\"7.2%\",\"4.6%\",\"5.2%\",\"1.6%\",\"4.7%\"],[\"\u6de8\u5229\u7387\",\"8.4%\",\"-0.6%\",\"1.5%\",\"-0.2%\",\"10.8%\"]]},{\"title\":\"\u7d2f\u7a4d\uff081~6\u6708\uff09\",\"head\":[\"\u65b0\u53f0\u5e63 (\u767e\u842c\u5143)\",\"2026\",\"2025\",\"2024\",\"2023\",\"2022\"],\"rows\":[[\"\u71df\u696d\u6536\u5165\",\"22,107\",\"21,051\",\"20,783\",\"20,557\",\"22,805\"],[\"\u71df\u696d\u6bdb\u5229\",\"4,548\",\"3,544\",\"3,803\",\"3,363\",\"4,194\"],[\"\u71df\u696d\u5229\u76ca\",\"1,543\",\"740\",\"947\",\"602\",\"1,327\"],[\"\u7a05\u5f8c\u6de8\u5229\",\"1,608\",\"30\",\"437\",\"327\",\"1,982\"],[\"\u6bcf\u80a1\u76c8\u9918(\u5143)\uff0d\u7a00\u91cb\",\"1.45\",\"0.03\",\"0.39\",\"0.29\",\"1.78\"],[\"\u6bdb\u5229\u7387\",\"20.6%\",\"16.8%\",\"18.3%\",\"16.4%\",\"18.4%\"],[\"\u71df\u696d\u5229\u76ca\u7387\",\"7.0%\",\"3.5%\",\"4.6%\",\"2.9%\",\"5.8%\"],[\"\u6de8\u5229\u7387\",\"7.3%\",\"0.1%\",\"2.1%\",\"1.6%\",\"8.7%\"]]}]},{\"key\":\"Q1\",\"label\":\"Q1\",\"tables\":[{\"title\":\"\u55ae\u5b63\uff081~3\u6708\uff09\",\"head\":[\"\u65b0\u53f0\u5e63 (\u767e\u842c\u5143)\",\"2026\",\"2025\",\"2024\",\"2023\",\"2022\"],\"rows\":[[\"\u71df\u696d\u6536\u5165\",\"10,422\",\"10,284\",\"10,099\",\"10,181\",\"11,280\"],[\"\u71df\u696d\u6bdb\u5229\",\"2,150\",\"1,633\",\"1,816\",\"1,773\",\"2,208\"],[\"\u71df\u696d\u5229\u76ca\",\"696\",\"244\",\"396\",\"434\",\"790\"],[\"\u7a05\u5f8c\u6de8\u5229\",\"623\",\"90\",\"281\",\"348\",\"742\"],[\"\u6bcf\u80a1\u76c8\u9918(\u5143)\uff0d\u7a00\u91cb\",\"0.56\",\"0.08\",\"0.25\",\"0.31\",\"0.67\"],[\"\u6bdb\u5229\u7387\",\"20.6%\",\"15.9%\",\"18.0%\",\"17.4%\",\"19.6%\"],[\"\u71df\u696d\u5229\u76ca\u7387\",\"6.7%\",\"2.4%\",\"3.9%\",\"4.3%\",\"7.0%\"],[\"\u6de8\u5229\u7387\",\"6.0%\",\"0.9%\",\"2.8%\",\"3.4%\",\"6.6%\"]]}]}]}","ifam_metrics_tabs":"{\"default\":0,\"tabs\":[{\"key\":\"quarter\",\"label\":\"\u5b63\u5ea6\",\"tables\":[{\"title\":\"\u7372\u5229\u80fd\u529b\",\"head\":[\"\",\"2026 Q2\",\"2026 Q1\",\"2025 Q4\",\"2025 Q3\",\"2025 Q2\",\"2025 Q1\",\"2024 Q4\",\"2024 Q3\"],\"rows\":[[\"\u6bdb\u5229\u7387\",\"20.5%\",\"20.6%\",\"21.0%\",\"17.0%\",\"17.8%\",\"15.9%\",\"15.9%\",\"13.4%\"],[\"\u6de8\u5229\u7387\",\"8.4%\",\"6.0%\",\"5.6%\",\"1.5%\",\"-0.6%\",\"0.9%\",\"1.0%\",\"0.4%\"],[\"\u6bdb\u5229\u00f7\u7e3d\u8cc7\u7522*\",\"12.8%\",\"11.9%\",\"13.4%\",\"10.5%\",\"11.1%\",\"9.1%\",\"10.5%\",\"9.3%\"],[\"ROCE*\",\"12.6%\",\"7.0%\",\"7.7%\",\"3.4%\",\"1.7%\",\"2.3%\",\"3.2%\",\"3.0%\"]]},{\"title\":\"\u6210\u9577\u6027\",\"head\":[\"\",\"2026 Q2\",\"2026 Q1\",\"2025 Q4\",\"2025 Q3\",\"2025 Q2\",\"2025 Q1\",\"2024 Q4\",\"2024 Q3\"],\"rows\":[[\"\u71df\u6536\u5e74\u6210\u9577\u7387\",\"+8.5%\",\"+1.3%\",\"-4.2%\",\"-15.7%\",\"+0.8%\",\"+1.8%\",\"+5.3%\",\"+21.2%\"],[\"\u6de8\u5229\u5e74\u6210\u9577\u7387\",\"+1704.3%\",\"+580.2%\",\"+420.6%\",\"+135.2%\",\"-141.0%\",\"-70.6%\",\"-72.9%\",\"-62.9%\"],[\"\u71df\u696d\u73fe\u91d1\u6d41\u5e74\u6210\u9577\u7387\",\"+29.9%\",\"+9.2%\",\"-15.3%\",\"+42.2%\",\"+4625.5%\",\"+212.5%\",\"+12.9%\",\"+68.2%\"],[\"\u81ea\u7531\u73fe\u91d1\u6d41\u5e74\u6210\u9577\u7387\",\"+165.0%\",\"+144.1%\",\"-112.8%\",\"-333.2%\",\"+3.0%\",\"+118.0%\",\"-23.5%\",\"+120.1%\"]]},{\"title\":\"\u71df\u904b\u8207\u8ca1\u52d9\u97cc\u6027\",\"head\":[\"\",\"2026 Q2\",\"2026 Q1\",\"2025 Q4\",\"2025 Q3\",\"2025 Q2\",\"2025 Q1\",\"2024 Q4\",\"2024 Q3\"],\"rows\":[[\"\u61c9\u6536\u5e33\u6b3e\u6536\u73fe\u5929\u6578\",\"48.4\",\"54.0\",\"49.7\",\"51.6\",\"50.3\",\"55.1\",\"48.6\",\"46.1\"],[\"\u5e73\u5747\u552e\u8ca8\u5929\u6578\",\"84.5\",\"90.2\",\"79.8\",\"80.0\",\"83.8\",\"90.4\",\"82.3\",\"83.6\"],[\"\u61c9\u4ed8\u5e33\u6b3e\u4ed8\u73fe\u5929\u6578\",\"59.5\",\"62.6\",\"57.5\",\"56.9\",\"55.5\",\"57.5\",\"50.2\",\"45.3\"],[\"\u73fe\u91d1\u5faa\u74b0\u9031\u671f\",\"73.4\",\"81.6\",\"71.9\",\"74.7\",\"78.6\",\"88.0\",\"80.6\",\"84.5\"],[\"\u6d41\u52d5\u6bd4\u7387\",\"1.21\",\"0.95\",\"1.24\",\"1.33\",\"1.08\",\"1.13\",\"1.41\",\"1.19\"],[\"\u901f\u52d5\u6bd4\u7387\",\"0.82\",\"0.61\",\"0.81\",\"0.87\",\"0.68\",\"0.71\",\"0.93\",\"0.72\"]]}]},{\"key\":\"year\",\"label\":\"\u5e74\u5ea6\",\"tables\":[{\"title\":\"\u7372\u5229\u80fd\u529b\",\"head\":[\"\",\"2025\",\"2024\",\"2023\",\"2022\",\"2021\"],\"rows\":[[\"\u6bdb\u5229\u7387\",\"18.0%\",\"16.3%\",\"18.2%\",\"16.7%\",\"22.7%\"],[\"\u6de8\u5229\u7387\",\"1.9%\",\"1.3%\",\"2.2%\",\"5.7%\",\"8.8%\"],[\"\u6bdb\u5229\u00f7\u7e3d\u8cc7\u7522*\",\"10.7%\",\"10.3%\",\"10.9%\",\"10.7%\",\"16.0%\"],[\"ROCE*\",\"3.6%\",\"3.7%\",\"4.2%\",\"7.2%\",\"11.4%\"]]},{\"title\":\"\u6210\u9577\u6027\",\"head\":[\"\",\"2025\",\"2024\",\"2023\",\"2022\",\"2021\"],\"rows\":[[\"\u71df\u6536\u5e74\u6210\u9577\u7387\",\"-4.9%\",\"+7.1%\",\"-4.0%\",\"-2.4%\",\"+12.3%\"],[\"\u6de8\u5229\u5e74\u6210\u9577\u7387\",\"+21.7%\",\"-29.6%\",\"-65.6%\",\"-32.5%\",\"+7.1%\"],[\"\u71df\u696d\u73fe\u91d1\u6d41\u5e74\u6210\u9577\u7387\",\"+65.3%\",\"-25.2%\",\"-15.8%\",\"+33.0%\",\"-51.0%\"],[\"\u81ea\u7531\u73fe\u91d1\u6d41\u5e74\u6210\u9577\u7387\",\"-302.3%\",\"+17.4%\",\"+85.7%\",\"+31.3%\",\"-193.1%\"]]},{\"title\":\"\u71df\u904b\u8207\u8ca1\u52d9\u97cc\u6027\",\"head\":[\"\",\"2025\",\"2024\",\"2023\",\"2022\",\"2021\"],\"rows\":[[\"\u61c9\u6536\u5e33\u6b3e\u6536\u73fe\u5929\u6578\",\"54.0\",\"51.1\",\"53.0\",\"53.1\",\"50.5\"],[\"\u5e73\u5747\u552e\u8ca8\u5929\u6578\",\"85.1\",\"83.1\",\"95.7\",\"89.8\",\"84.8\"],[\"\u61c9\u4ed8\u5e33\u6b3e\u4ed8\u73fe\u5929\u6578\",\"57.9\",\"52.9\",\"62.5\",\"60.7\",\"58.8\"],[\"\u73fe\u91d1\u5faa\u74b0\u9031\u671f\",\"81.3\",\"81.4\",\"86.2\",\"82.3\",\"76.5\"],[\"\u6d41\u52d5\u6bd4\u7387\",\"1.24\",\"1.41\",\"1.37\",\"1.53\",\"1.44\"],[\"\u901f\u52d5\u6bd4\u7387\",\"0.81\",\"0.93\",\"0.86\",\"0.96\",\"0.96\"]]}]}]}","ifam_chips":"{\"date\":\"2026-11-12\",\"label\":\"11\/12\u7576\u65e5\",\"volume_lot\":\"920\",\"avg_price\":\"23.60\",\"note\":\"\u8cc7\u6599\u4f86\u6e90\uff1a\u8b49\u5238\u4ea4\u6613\u6240\u4e09\u5927\u6cd5\u4eba\u8cb7\u8ce3\u65e5\u5831\u8868\uff082026-11-12\uff09\u3002\u300c\u5916\u8cc7\u300d\u542b\u5916\u8cc7\u81ea\u71df\u5546\uff0c\u300c\u81ea\u71df\u5546\u300d\u542b\u907f\u96aa\u8207\u81ea\u884c\u8cb7\u8ce3\u3002\u5404\u6cd5\u4eba\u7684\u6210\u4ea4\u91d1\u984d\u4e26\u975e\u539f\u59cb\u63ed\u9732\u8cc7\u6599\uff0c\u8868\u4e2d\u91d1\u984d\u70ba\u8a72\u6cd5\u4eba\u5f35\u6578 \u00d7 \u7576\u65e5\u6210\u4ea4\u5747\u50f9 23.60 \u5143\u63a8\u7b97\uff1b\u7576\u65e5\u7e3d\u6210\u4ea4\u91cf 920 \u5f35\u3002\",\"groups\":[{\"name\":\"\u5916\u8cc7\",\"dir\":\"up\",\"streak\":\"\u90234\u8ce3\u2192\u8cb7\",\"rows\":[[\"\u5f35\u6578\",\"482\",\"442\",\"+39\"],[\"\u91d1\u984d(\u5143)\",\"1,137\u842c\",\"1,043\u842c\",\"93\u842c\"],[\"\u5747\u50f9(\u5143)\",\"23.60\",\"23.60\",\"23.60\"],[\"\u4f54\u6210\u4ea4\u6bd4\u91cd(%)\",\"52.3%\",\"48.0%\",\"\u4e0d\u9069\u7528\"]]},{\"name\":\"\u6295\u4fe1\",\"dir\":\"\",\"streak\":\"\",\"rows\":[[\"\u5f35\u6578\",\"0\",\"0\",\"+0\"],[\"\u91d1\u984d(\u5143)\",\"0\u842c\",\"0\u842c\",\"0\u842c\"],[\"\u5747\u50f9(\u5143)\",\"23.60\",\"23.60\",\"23.60\"],[\"\u4f54\u6210\u4ea4\u6bd4\u91cd(%)\",\"0.0%\",\"0.0%\",\"\u4e0d\u9069\u7528\"]]},{\"name\":\"\u81ea\u71df\u5546\",\"dir\":\"up\",\"streak\":\"\u90232\u8ce3\u2192\u90232\u8cb7\",\"rows\":[[\"\u5f35\u6578\",\"88\",\"44\",\"+44\"],[\"\u91d1\u984d(\u5143)\",\"208\u842c\",\"104\u842c\",\"104\u842c\"],[\"\u5747\u50f9(\u5143)\",\"23.60\",\"23.60\",\"23.60\"],[\"\u4f54\u6210\u4ea4\u6bd4\u91cd(%)\",\"9.6%\",\"4.8%\",\"\u4e0d\u9069\u7528\"]]},{\"name\":\"\u4e09\u5927\u6cd5\u4eba\",\"dir\":\"up\",\"streak\":\"\u90233\u8ce3\u2192\u90232\u8cb7\",\"rows\":[[\"\u5f35\u6578\",\"570\",\"486\",\"+83\"],[\"\u91d1\u984d(\u5143)\",\"1,344\u842c\",\"1,147\u842c\",\"197\u842c\"],[\"\u5747\u50f9(\u5143)\",\"23.60\",\"23.60\",\"23.60\"],[\"\u4f54\u6210\u4ea4\u6bd4\u91cd(%)\",\"61.9%\",\"52.8%\",\"\u4e0d\u9069\u7528\"]]}]}","ifam_candle":"{\"date\":\"2026-11-13\",\"label\":\"11\/13\",\"today\":[],\"recent\":[{\"rule\":\"2-2\",\"name\":\"\u4e09\u5916\u90e8\u4e0a\u6f32\",\"level\":\"\u5df2\u78ba\u8a8d\",\"dir\":\"up\",\"text\":\"\u591a\u982d\u541e\u566c\u51fa\u73fe\u5f8c\uff0c\u9694\u65e5\u518d\u6536\u4e00\u6839\u66f4\u9ad8\u7684\u7d05K\u3002\u8cb7\u76e4\u4e0d\u662f\u53ea\u6709\u4e00\u5929\uff0c\u5148\u524d\u7684\u6b62\u8dcc\u8a0a\u865f\u7372\u5f97\u78ba\u8a8d\u3002\u6280\u8853\u5206\u6790\u4e0a\u4e00\u822c\u8a8d\u70ba\uff0c\u9019\u500b\u578b\u614b\u51fa\u73fe\u5f8c\uff0c\u80a1\u50f9\u4e0a\u6f32\u7684\u6bd4\u4f8b\u6bd4\u5e73\u5e38\u9ad8\u3002\",\"date\":\"11\/03\",\"dir_word\":\"\u504f\u591a\"},{\"rule\":\"2-1\",\"name\":\"\u591a\u982d\u541e\u566c\",\"level\":\"\u9810\u8b66\",\"dir\":\"up\",\"text\":\"\u80a1\u50f9\u4e0b\u8dcc\u4e00\u6bb5\u5f8c\uff0c\u7576\u65e5\u7d05K\u7684\u5be6\u9ad4\u628a\u524d\u4e00\u65e5\u7684\u9ed1K\u6574\u6839\u5305\u4f4f\u3002\u8cb7\u65b9\u55ae\u65e5\u7684\u529b\u9053\u660e\u986f\u8f49\u5f37\uff0c\u53ef\u80fd\u662f\u8f49\u6298\u7684\u8d77\u9ede\uff0c\u4f46\u9084\u9700\u8981\u78ba\u8a8d\u3002\u6280\u8853\u5206\u6790\u4e0a\u4e00\u822c\u8a8d\u70ba\uff0c\u9019\u500b\u578b\u614b\u51fa\u73fe\u5f8c\uff0c\u80a1\u50f9\u6b62\u8dcc\u56de\u5347\u7684\u6bd4\u4f8b\u6bd4\u5e73\u5e38\u9ad8\u3002\",\"date\":\"11\/02\",\"dir_word\":\"\u504f\u591a\"},{\"rule\":\"1-3\",\"name\":\"\u591a\u982d\u6bcd\u5b50\u7dda\u672a\u7372\u78ba\u8a8d\",\"level\":\"\u672a\u7372\u78ba\u8a8d\",\"dir\":\"\",\"text\":\"\u524d\u4e00\u500b\u4ea4\u6613\u65e5\u51fa\u73fe\u591a\u982d\u6bcd\u5b50\u7dda\uff0c\u4f46\u7576\u65e5\u6c92\u6709\u6536\u9ad8\u7684\u7d05K\u8ddf\u9032\u3002\u6b62\u8dcc\u7684\u8a0a\u865f\u6c92\u6709\u88ab\u78ba\u8a8d\uff0c\u4ecd\u5c6c\u6574\u7406\uff0c\u80a1\u50f9\u65b9\u5411\u4ecd\u4e0d\u660e\u6717\u3002\",\"date\":\"10\/22\",\"dir_word\":\"\u65b9\u5411\u672a\u660e\"},{\"rule\":\"1-1\",\"name\":\"\u591a\u982d\u6bcd\u5b50\u7dda\",\"level\":\"\u9810\u8b66\",\"dir\":\"up\",\"text\":\"\u80a1\u50f9\u4e0b\u8dcc\u4e00\u6bb5\u5f8c\uff0c\u9577\u9ed1K\u7684\u9694\u65e5\u51fa\u73fe\u4e00\u6839\u5c0fK\u7dda\uff0c\u800c\u4e14\u6c92\u6709\u518d\u8dcc\u7834\u524d\u4e00\u65e5\u7684\u4f4e\u9ede\u3002\u8ce3\u58d3\u66ab\u6642\u505c\u4e86\u4e0b\u4f86\uff0c\u4f46\u53ea\u4ee3\u8868\u8dcc\u52e2\u505c\u9813\uff0c\u65b9\u5411\u9084\u6c92\u6709\u8868\u614b\u3002\u6280\u8853\u5206\u6790\u4e0a\u4e00\u822c\u8a8d\u70ba\uff0c\u9019\u500b\u578b\u614b\u51fa\u73fe\u5f8c\uff0c\u80a1\u50f9\u6b62\u8dcc\u56de\u5347\u7684\u6bd4\u4f8b\u6bd4\u5e73\u5e38\u9ad8\u3002\",\"date\":\"10\/21\",\"dir_word\":\"\u504f\u591a\"},{\"rule\":\"6-2\",\"name\":\"\u5927\u6575\u7576\u524d\",\"level\":\"\u8f49\u5f31\u8b66\u793a\",\"dir\":\"down\",\"text\":\"\u96d6\u7136\u9023\u7e8c\u4e09\u65e5\u6536\u7d05\uff0c\u4f46\u7d05K\u7684\u5be6\u9ad4\u4e00\u6839\u6bd4\u4e00\u6839\u5c0f\u3001\u4e0a\u5f71\u7dda\u6108\u4f86\u6108\u9577\u3002\u8ffd\u50f9\u7684\u529b\u9053\u6b63\u5728\u6e1b\u5f31\uff0c\u6f32\u52e2\u920d\u5316\u3002\u6280\u8853\u5206\u6790\u4e0a\u4e00\u822c\u8a8d\u70ba\uff0c\u9019\u500b\u578b\u614b\u51fa\u73fe\u5f8c\uff0c\u6f32\u52e2\u653e\u7de9\u6216\u51fa\u73fe\u56de\u6a94\u7684\u6bd4\u4f8b\u6bd4\u5e73\u5e38\u9ad8\u3002\",\"date\":\"10\/14\",\"dir_word\":\"\u504f\u7a7a\"}],\"recent_days\":20,\"caption\":\"K\u7dda\u5716\u4f9d\u8a72\u5e7e\u65e5\u7684\u9084\u539f\u958b\u9ad8\u4f4e\u6536\u50f9\u7e6a\u88fd\u3002\u578b\u614b\u70ba\u6b77\u53f2\u50f9\u683c\u884c\u70ba\u7684\u63cf\u8ff0\uff0c\u4e0d\u69cb\u6210\u4efb\u4f55\u6295\u8cc7\u5efa\u8b70\u3002\",\"note\":\"K\u7dda\u578b\u614b\u8a0a\u865f\u7531\u7a0b\u5f0f\u4f9d\u6bcf\u65e5\u7684\u958b\u76e4\u3001\u6700\u9ad8\u3001\u6700\u4f4e\u3001\u6536\u76e4\u50f9\u81ea\u52d5\u8fa8\u8b58\uff0c\u300c\u4e0b\u8dcc\u4e00\u6bb5\uff0f\u4e0a\u6f32\u4e00\u6bb5\u300d\u4ee5\u578b\u614b\u51fa\u73fe\u524d 5 \u500b\u4ea4\u6613\u65e5\u7684\u9084\u539f\u6536\u76e4\u50f9\u6f32\u8dcc\u5224\u65b7\u3002\u4e0a\u8ff0\u8aaa\u660e\u7d14\u7cb9\u662f\u4f9d\u578b\u614b\u672c\u8eab\u7684\u4e00\u822c\u89e3\u8b80\u6240\u505a\u7684\u63a8\u8ad6\uff0c\u4e0d\u4ee3\u8868\u672c\u516c\u53f8\u5c0d\u8a72\u500b\u80a1\u7684\u770b\u6cd5\uff0c\u4ea6\u975e\u8cb7\u8ce3\u5efa\u8b70\uff1b\u8a0a\u865f\u6709\u53ef\u80fd\u5931\u6548\uff0c\u904e\u53bb\u51fa\u73fe\u7684\u578b\u614b\u4e0d\u4ee3\u8868\u672a\u4f86\u7684\u80a1\u50f9\u8d70\u52e2\u3002\"}","ifam_margin":"{\"date\":\"2026-11-12\",\"label\":\"11\/12\u7576\u65e5\",\"tables\":[{\"head\":[\"11\/12\u7576\u65e5\",\"\u878d\u8cc7(\u5f35)\",\"\u878d\u5238(\u5f35)\"],\"rows\":[{\"k\":\"\u8cb7\u9032\",\"v\":[\"12\",\"0\"]},{\"k\":\"\u8ce3\u51fa\",\"v\":[\"19\",\"0\"]},{\"k\":\"\u73fe\u511f\",\"v\":[\"0\",\"0\"]},{\"k\":\"\u589e\u6e1b\",\"v\":[\"-7\",\"0\"],\"t\":[\"down\",\"\"]},{\"k\":\"\u9918\u984d\",\"v\":[\"4,367\",\"6\"]},{\"k\":\"\u4f7f\u7528\u7387\",\"v\":[\"1.6%\",\"0.0%\"]},{\"k\":\"\u9023\u589e\u9023\u6e1b\",\"v\":[\"\u90234\u589e\u2192\u6e1b\",\"\u6301\u5e73\"],\"t\":[\"down\",\"\"]},{\"k\":\"\u8cc7\u5238\u4e92\u62b5\",\"v\":[\"\",\"0\"]},{\"k\":\"\u8cc7\u5238\u7576\u6c96\",\"v\":[\"\",\"0.0%\"]},{\"k\":\"\u5238\u8cc7\u6bd4\",\"v\":[\"\",\"0.1%\"]}]},{\"head\":[\"11\/12\u7576\u65e5\",\"\u501f\u5238\u8ce3\u51fa(\u5f35)\"],\"rows\":[{\"k\":\"\u8ce3\u51fa\",\"v\":[\"0\"]},{\"k\":\"\u9084\u5238\",\"v\":[\"0\"]},{\"k\":\"\u8abf\u6574\",\"v\":[\"0\"]},{\"k\":\"\u589e\u6e1b\",\"v\":[\"0\"],\"t\":[\"\"]},{\"k\":\"\u9918\u984d\",\"v\":[\"1,976\"]},{\"k\":\"\u6b21\u65e5\u9650\u984d\",\"v\":[\"45\"]}]}],\"note\":\"\u8cc7\u6599\u4f86\u6e90\uff1a\u8b49\u5238\u4ea4\u6613\u6240\u3001\u6ac3\u8cb7\u4e2d\u5fc3\u4fe1\u7528\u4ea4\u6613\u8207\u501f\u5238\u8ce3\u51fa\u9918\u984d\u7d71\u8a08\uff082026-11-12\uff09\u3002\u878d\u5238\u6b04\u7684\u300c\u8cb7\u9032\u300d\u70ba\u878d\u5238\u56de\u88dc\u3001\u300c\u73fe\u511f\u300d\u70ba\u73fe\u5238\u511f\u9084\u3002\u4f7f\u7528\u7387\uff1d\u9918\u984d \u00f7 \u878d\u8cc7\uff08\u878d\u5238\uff09\u9650\u984d\uff1b\u8cc7\u5238\u7576\u6c96\uff1d\u8cc7\u5238\u4e92\u62b5\u5f35\u6578 \u00f7 \u7576\u65e5\u6210\u4ea4\u91cf\uff1b\u5238\u8cc7\u6bd4\uff1d\u878d\u5238\u9918\u984d \u00f7 \u878d\u8cc7\u9918\u984d\u3002\"}","ifam_financials":"[{\"title\":\"\u57fa\u790e\u8ca1\u52d9\u8cc7\u8a0a\uff0d\u9810\u4f30\",\"header\":[\"\u65b0\u53f0\u5e63 (\u767e\u842c\u5143)\",\"2024 (A)\",\"2025 (A)\",\"2026 (E)\",\"2027 (F)\",\"2028 (F)\"],\"rows\":[[\"\u71df\u696d\u6536\u5165\",\"45,178\",\"42,985\",\"\",\"\",\"\"],[\"\u71df\u696d\u6bdb\u5229\",\"7,366\",\"7,729\",\"\",\"\",\"\"],[\"\u71df\u696d\u5229\u76ca\",\"1,544\",\"1,881\",\"\",\"\",\"\"],[\"\u7a05\u5f8c\u6de8\u5229\",\"605\",\"823\",\"\",\"\",\"\"],[\"\u6bcf\u80a1\u76c8\u9918(\u5143)\uff0d\u7a00\u91cb\",\"0.54\",\"0.74\",\"\",\"\",\"\"],[\"\u6bdb\u5229\u7387\",\"16.3%\",\"18.0%\",\"\",\"\",\"\"],[\"\u6de8\u5229\u7387\",\"1.3%\",\"1.9%\",\"\",\"\",\"\"],[\"\u71df\u6536\u5e74\u589e\u7387 (YoY,%)\",\"7.1%\",\"-4.9%\",\"\",\"\",\"\"],[\"\u6de8\u5229\u5e74\u589e\u7387 (YoY,%)\",\"-34.4%\",\"36.0%\",\"\",\"\",\"\"]],\"notes\":[\"\u8a3b\uff1a\u7a05\u5f8c\u6de8\u5229\uff0f\u6de8\u5229\u7387\u63a1\u300c\u6b78\u5c6c\u6bcd\u516c\u53f8\u696d\u4e3b\u6de8\u5229\u300d\u3002\",\"\uff0a\u57fa\u672c\u6bcf\u80a1\u76c8\u9918\u8207\u7a00\u91cb\u6bcf\u80a1\u76c8\u9918\u4e0d\u540c\uff0c\u8868\u5217\u70ba\u7a00\u91cb\u6bcf\u80a1\u76c8\u9918\uff1b\u57fa\u672c\u6bcf\u80a1\u76c8\u9918\uff1a2024 (A) 0.55\u30012025 (A) 0.74\u30012025 Q2 -0.05\u30012025 Q3 0.14\u30012025 Q4 0.57\u30012026 Q1 0.56\u30012026 Q2 0.89\u3002\"]},{\"title\":\"\u57fa\u790e\u8ca1\u52d9\u8cc7\u8a0a\uff0d\u904e\u53bb\u4e94\u5b63\",\"header\":[\"\u65b0\u53f0\u5e63 (\u767e\u842c\u5143)\",\"2025 Q2\",\"2025 Q3\",\"2025 Q4\",\"2026 Q1\",\"2026 Q2\"],\"rows\":[[\"\u71df\u696d\u6536\u5165\",\"10,767\",\"10,561\",\"11,372\",\"10,422\",\"11,685\"],[\"\u71df\u696d\u6bdb\u5229\",\"1,912\",\"1,798\",\"2,386\",\"2,150\",\"2,398\"],[\"\u71df\u696d\u5229\u76ca\",\"497\",\"332\",\"809\",\"696\",\"847\"],[\"\u7a05\u5f8c\u6de8\u5229\",\"-60\",\"158\",\"635\",\"623\",\"985\"],[\"\u6bcf\u80a1\u76c8\u9918(\u5143)\uff0d\u7a00\u91cb\",\"-0.05\",\"0.14\",\"0.57\",\"0.56\",\"0.89\"]],\"notes\":[]},{\"title\":\"\u95dc\u9375\u8ca1\u52d9\u6307\u6a19\",\"header\":[\"\",\"2025 Q2\",\"2025 Q3\",\"2025 Q4\",\"2026 Q1\",\"2026 Q2\"],\"rows\":[[\"\u7372\u5229\u80fd\u529b\",\"\",\"\",\"\",\"\",\"\"],[\"\u6bdb\u5229\u7387\",\"17.8%\",\"17.0%\",\"21.0%\",\"20.6%\",\"20.5%\"],[\"\u6de8\u5229\u7387\",\"-0.6%\",\"1.5%\",\"5.6%\",\"6.0%\",\"8.4%\"],[\"\u6bdb\u5229\u00f7\u7e3d\u8cc7\u7522*\",\"11.1%\",\"10.5%\",\"13.4%\",\"11.9%\",\"12.8%\"],[\"ROCE*\",\"1.7%\",\"3.4%\",\"7.7%\",\"7.0%\",\"12.6%\"],[\"\u6210\u9577\u6027\",\"\",\"\",\"\",\"\",\"\"],[\"\u71df\u6536\u5e74\u6210\u9577\u7387\",\"+0.8%\",\"-15.7%\",\"-4.2%\",\"+1.3%\",\"+8.5%\"],[\"\u6de8\u5229\u5e74\u6210\u9577\u7387\",\"-141.0%\",\"+135.2%\",\"+420.6%\",\"+580.2%\",\"+1704.3%\"],[\"\u71df\u696d\u73fe\u91d1\u6d41\u5e74\u6210\u9577\u7387\",\"+4625.5%\",\"+42.2%\",\"-15.3%\",\"+9.2%\",\"+29.9%\"],[\"\u81ea\u7531\u73fe\u91d1\u6d41\u5e74\u6210\u9577\u7387\",\"+3.0%\",\"-333.2%\",\"-112.8%\",\"+144.1%\",\"+165.0%\"],[\"\u71df\u904b\u8207\u8ca1\u52d9\u97cc\u6027\",\"\",\"\",\"\",\"\",\"\"],[\"\u61c9\u6536\u5e33\u6b3e\u6536\u73fe\u5929\u6578\",\"50.3\",\"51.6\",\"49.7\",\"54.0\",\"48.4\"],[\"\u5e73\u5747\u552e\u8ca8\u5929\u6578\",\"83.8\",\"80.0\",\"79.8\",\"90.2\",\"84.5\"],[\"\u61c9\u4ed8\u5e33\u6b3e\u4ed8\u73fe\u5929\u6578\",\"55.5\",\"56.9\",\"57.5\",\"62.6\",\"59.5\"],[\"\u73fe\u91d1\u5faa\u74b0\u9031\u671f\",\"78.6\",\"74.7\",\"71.9\",\"81.6\",\"73.4\"],[\"\u6d41\u52d5\u6bd4\u7387\",\"1.08\",\"1.33\",\"1.24\",\"0.95\",\"1.21\"],[\"\u901f\u52d5\u6bd4\u7387\",\"0.68\",\"0.87\",\"0.81\",\"0.61\",\"0.82\"]],\"notes\":[]}]","ifam_fin_note":"

2026 \u5e74\u4e0a\u534a\u5e74\u5408\u4f75\u71df\u6536 221.07 \u5104\u5143\u3001\u5e74\u589e 5.0%\uff0c\u6bdb\u5229\u7387 20.6%\uff08\u53bb\u5e74\u540c\u671f 16.8%\uff09\u3001\u71df\u696d\u5229\u76ca\u7387 7.0%\uff08\u53bb\u5e74\u540c\u671f 3.5%\uff09\u3001\u6bcf\u80a1\u76c8\u9918 1.45 \u5143\uff08\u53bb\u5e74\u540c\u671f 0.03 \u5143\uff09\u3002\u9010\u5b63\u770b\uff1a2026 \u5e74\u7b2c 1 \u5b63\u71df\u6536 104.22 \u5104\u5143\u3001\u6bcf\u80a1\u76c8\u9918 0.56 \u5143\uff1b2026 \u5e74\u7b2c 2 \u5b63\u71df\u6536 116.85 \u5104\u5143\u3001\u6bcf\u80a1\u76c8\u9918 0.89 \u5143\u3002<\/p>\n

\u9019\u4e00\u671f\u7684\u8df3\u5347\uff0c\u672c\u696d\u8207\u696d\u5916\u5404\u51fa\u4e00\u534a\u529b\u3002<\/strong> \u672c\u696d\u7684\u90e8\u5206\uff1a\u71df\u6536\u53ea\u5e74\u589e 5.0%\uff0c\u4f46\u6bdb\u5229\u7387\u7531 16.8% \u5347\u5230 20.6%\uff08\uff0b3.7 \u500b\u767e\u5206\u9ede\uff09<\/strong>\uff0c\u71df\u696d\u5229\u76ca\u7531 7.40 \u5104\u5143\u5347\u5230 15.43 \u5104\u5143\uff08+108.5%\uff09\u3002\u696d\u5916\u7684\u90e8\u5206\uff1a\u71df\u696d\u5916\u6536\u5165\u53ca\u652f\u51fa\u5408\u8a08\u7531 \u22126.75 \u5104\u5143\u8f49\u70ba \uff0b5.34 \u5104\u5143\uff08\u4e00\u5e74\u591a\u4e86 12.09 \u5104\u5143\uff09\uff0c\u5176\u4e2d**\u300c\u5176\u4ed6\u5229\u76ca\u53ca\u640d\u5931\u300d\u7531 \u22124.12 \u5104\u5143\u8f49\u70ba \uff0b6.86 \u5104\u5143**\uff1b\u8ca1\u52d9\u6210\u672c \u22124.26 \u5104\u5143\uff08\u53bb\u5e74\u540c\u671f \u22124.47 \u5104\u5143\uff09\u3001\u63a1\u7528\u6b0a\u76ca\u6cd5\u8a8d\u5217\u4e4b\u95dc\u806f\u4f01\u696d\u640d\u76ca \uff0b0.99 \u5104\u5143\u3002\u6240\u5f97\u7a05\u8cbb\u7528\u7531 0.41 \u5104\u5143\u589e\u5230 3.69 \u5104\u5143\u3002<\/p>\n

\u5730\u5340\u4e0a\uff0c\u4e09\u584a\u90fd\u597d\u8f49\uff0c\u6771\u5357\u4e9e\u7531\u8667\u8f49\u76c8\u3002<\/strong> 2026 \u5e74\u4e0a\u534a\u5e74\u90e8\u9580\u640d\u76ca\uff08\u7a05\u524d\uff09\u81fa\u7063\u5340 \uff0b10.56 \u5104\u5143\u3001\u6771\u5357\u4e9e\u5340\u7531 \u22125.26 \u5104\u5143\u8f49\u70ba \uff0b2.85 \u5104\u5143<\/strong>\u3001\u5927\u9678\u5340 \uff0b7.36 \u5104\u5143\uff08\u53bb\u5e74\u540c\u671f \uff0b0.44 \u5104\u5143\uff09\u30022025 \u5e74\u5168\u5e74\u6771\u5357\u4e9e\u9084\u662f \u22124.78 \u5104\u5143\u3002<\/p>\n

\u4e09\u5e74\u770b\u4e0b\u4f86\uff0c\u6bcf\u80a1\u76c8\u9918\u90fd\u4e0d\u5230 1 \u5143\u3002<\/strong> \u5408\u4f75\u71df\u6536 421.65 \u2192 451.78 \u2192 429.85 \u5104\u5143\uff1b\u6bdb\u5229\u7387 18.2% \u2192 16.3% \u2192 18.0%\uff1b\u71df\u696d\u5229\u76ca 19.88 \u2192 15.44 \u2192 18.81 \u5104\u5143\uff1b\u6bcf\u80a1\u76c8\u9918 0.83 \u2192 0.54 \u2192 0.74 \u5143\u3002<\/p>\n

\u516c\u53f8\u5df2\u516c\u5e03\u7684\u6708\u71df\u6536\u5230 2026 \u5e74 9 \u6708\uff1a\u55ae\u6708 41.78 \u5104\u5143\u3001\u5e74\u589e 17.1%\uff0c\u524d 9 \u500b\u6708\u7d2f\u8a08 348.84 \u5104\u5143\u3001\u5e74\u589e 10.3%\uff1b\u7b2c 3 \u5b63\u55ae\u5b63 127.77 \u5104\u5143\u3001\u5e74\u589e 21.0%<\/strong>\u2014\u2014\u71df\u6536\u7aef\u6bd4\u4e0a\u534a\u5e74\u7684\u5e74\u589e 5.0% \u660e\u986f\u52a0\u901f\u3002<\/p>\n","ifam_metrics_note":"

\u6de8\u5229\u7387\u9ad8\u65bc\u71df\u696d\u5229\u76ca\u7387\uff087.0%\uff09\uff0c\u5dee\u984d\u4f86\u81ea\u696d\u5916\uff082026 \u5e74\u4e0a\u534a\u5e74\u71df\u696d\u5916\u6536\u5165\u53ca\u652f\u51fa \uff0b5.34 \u5104\u5143\uff0c\u53bb\u5e74\u540c\u671f \u22126.75 \u5104\u5143\uff09\u3002<\/p>\n","ifam_price":"{\"symbol\":\"1904\",\"name\":\"\u6b63\u9686\",\"updated\":\"2026-11-13\",\"source\":\"\u516c\u53f8\u8cc7\u6599\u5eab stock_clean.taiwan_stock_ta_indicators\uff1a\u8d70\u52e2\u5716\u7528 adj_close\uff08\u9084\u539f\u80a1\u50f9\uff09\uff0c\u50f9\u91cf\u5361\u7528\u7576\u65e5\u672a\u9084\u539f\u7684\u6536\u76e4\uff0f\u958b\u9ad8\u4f4e\u8207\u6210\u4ea4\u91cf\",\"latest\":{\"date\":\"2026-11-13\",\"close\":21.4,\"open\":23.25,\"high\":23.25,\"low\":21.2,\"prev_close\":23.55,\"change\":-2.15,\"change_pct\":-9.13,\"range\":2.05,\"amount\":\"2.72 \u5104\u5143\",\"volume\":12584,\"avg_volume_3m\":1962,\"market_cap\":\"237.2 \u5104\u5143\",\"shares\":\"11.08 \u5104\u80a1\"},\"annual\":[{\"year\":2026,\"pct\":26.16,\"ytd\":true},{\"year\":2025,\"pct\":-6.54},{\"year\":2024,\"pct\":-35.02},{\"year\":2023,\"pct\":12.33},{\"year\":2022,\"pct\":-17.27},{\"year\":2021,\"pct\":8.76},{\"year\":2020,\"pct\":85.46},{\"year\":2019,\"pct\":9.32},{\"year\":2018,\"pct\":19.3},{\"year\":2017,\"pct\":30.3}],\"series\":[[\"2025-11-13\",17.89],[\"2025-11-14\",18.48],[\"2025-11-17\",18.38],[\"2025-11-18\",17.65],[\"2025-11-19\",17.45],[\"2025-11-20\",17.5],[\"2025-11-21\",17.6],[\"2025-11-24\",17.99],[\"2025-11-25\",17.8],[\"2025-11-26\",17.94],[\"2025-11-27\",17.89],[\"2025-11-28\",18.19],[\"2025-12-01\",18.29],[\"2025-12-02\",18.43],[\"2025-12-03\",18.24],[\"2025-12-04\",18.34],[\"2025-12-05\",18.14],[\"2025-12-08\",18.24],[\"2025-12-09\",18.14],[\"2025-12-10\",17.5],[\"2025-12-11\",17.55],[\"2025-12-12\",17.7],[\"2025-12-15\",17.8],[\"2025-12-16\",17.5],[\"2025-12-17\",17.45],[\"2025-12-18\",17.36],[\"2025-12-19\",17.26],[\"2025-12-22\",17.26],[\"2025-12-23\",17.11],[\"2025-12-24\",17.06],[\"2025-12-26\",16.96],[\"2025-12-29\",17.11],[\"2025-12-30\",17.06],[\"2025-12-31\",16.96],[\"2026-01-02\",16.91],[\"2026-01-05\",16.67],[\"2026-01-06\",16.77],[\"2026-01-07\",17.11],[\"2026-01-08\",17.11],[\"2026-01-09\",17.36],[\"2026-01-12\",17.36],[\"2026-01-13\",17.5],[\"2026-01-14\",17.8],[\"2026-01-15\",17.8],[\"2026-01-16\",17.55],[\"2026-01-19\",17.8],[\"2026-01-20\",17.55],[\"2026-01-21\",17.36],[\"2026-01-22\",17.36],[\"2026-01-23\",17.16],[\"2026-01-26\",17.4],[\"2026-01-27\",17.4],[\"2026-01-28\",17.36],[\"2026-01-29\",17.65],[\"2026-01-30\",17.36],[\"2026-02-02\",17.06],[\"2026-02-03\",17.21],[\"2026-02-04\",17.55],[\"2026-02-05\",17.6],[\"2026-02-06\",17.65],[\"2026-02-09\",17.7],[\"2026-02-10\",17.99],[\"2026-02-11\",18.24],[\"2026-02-23\",17.99],[\"2026-02-24\",18.43],[\"2026-02-25\",18.43],[\"2026-02-26\",18.04],[\"2026-03-02\",17.94],[\"2026-03-03\",18.04],[\"2026-03-04\",17.36],[\"2026-03-05\",17.45],[\"2026-03-06\",18.04],[\"2026-03-09\",17.31],[\"2026-03-10\",17.16],[\"2026-03-11\",17.31],[\"2026-03-12\",17.16],[\"2026-03-13\",16.96],[\"2026-03-16\",17.21],[\"2026-03-17\",17.36],[\"2026-03-18\",17.4],[\"2026-03-19\",17.16],[\"2026-03-20\",17.21],[\"2026-03-23\",17.99],[\"2026-03-24\",18.29],[\"2026-03-25\",18.43],[\"2026-03-26\",19.76],[\"2026-03-27\",19.76],[\"2026-03-30\",19.51],[\"2026-03-31\",19.02],[\"2026-04-01\",18.43],[\"2026-04-02\",18.43],[\"2026-04-07\",18.63],[\"2026-04-08\",18.24],[\"2026-04-09\",18.34],[\"2026-04-10\",18.68],[\"2026-04-13\",18.83],[\"2026-04-14\",18.53],[\"2026-04-15\",18.68],[\"2026-04-16\",18.53],[\"2026-04-17\",18.24],[\"2026-04-20\",17.99],[\"2026-04-21\",18.38],[\"2026-04-22\",18.29],[\"2026-04-23\",17.75],[\"2026-04-24\",17.89],[\"2026-04-27\",17.65],[\"2026-04-28\",17.75],[\"2026-04-29\",17.6],[\"2026-04-30\",17.26],[\"2026-05-04\",17.31],[\"2026-05-05\",17.21],[\"2026-05-06\",17.26],[\"2026-05-07\",17.21],[\"2026-05-08\",17.11],[\"2026-05-11\",17.16],[\"2026-05-12\",17.21],[\"2026-05-13\",18.63],[\"2026-05-14\",19.56],[\"2026-05-15\",19.95],[\"2026-05-18\",18.73],[\"2026-05-19\",18.43],[\"2026-05-20\",18.04],[\"2026-05-21\",18.48],[\"2026-05-22\",18.73],[\"2026-05-25\",18.92],[\"2026-05-26\",18.53],[\"2026-05-27\",18.53],[\"2026-05-28\",18.43],[\"2026-05-29\",18.63],[\"2026-06-01\",19.27],[\"2026-06-02\",19.66],[\"2026-06-03\",19.9],[\"2026-06-04\",21.87],[\"2026-06-05\",21.47],[\"2026-06-08\",21.28],[\"2026-06-09\",22.16],[\"2026-06-10\",22.7],[\"2026-06-11\",22.31],[\"2026-06-12\",22.45],[\"2026-06-15\",22.36],[\"2026-06-16\",22.6],[\"2026-06-17\",22.55],[\"2026-06-18\",22.65],[\"2026-06-22\",22.55],[\"2026-06-23\",21.7],[\"2026-06-24\",22.15],[\"2026-06-25\",21.75],[\"2026-06-26\",21.25],[\"2026-06-29\",21.35],[\"2026-06-30\",21.4],[\"2026-07-01\",20.9],[\"2026-07-02\",21.95],[\"2026-07-03\",23.2],[\"2026-07-06\",23.9],[\"2026-07-07\",23.65],[\"2026-07-08\",23.4],[\"2026-07-09\",23.4],[\"2026-07-13\",21.9],[\"2026-07-14\",22.3],[\"2026-07-15\",22.3],[\"2026-07-16\",22.4],[\"2026-07-17\",21.9],[\"2026-07-20\",21.35],[\"2026-07-21\",21.5],[\"2026-07-22\",21.45],[\"2026-07-23\",21.7],[\"2026-07-24\",21.45],[\"2026-07-27\",21.55],[\"2026-07-28\",21.35],[\"2026-07-29\",21.05],[\"2026-07-30\",21.25],[\"2026-07-31\",20.95],[\"2026-08-03\",21.15],[\"2026-08-04\",21.35],[\"2026-08-05\",21.25],[\"2026-08-06\",22.3],[\"2026-08-07\",22.8],[\"2026-08-10\",24.2],[\"2026-08-11\",24.5],[\"2026-08-12\",25.15],[\"2026-08-13\",24.65],[\"2026-08-14\",24.45],[\"2026-08-17\",24.8],[\"2026-08-18\",24.55],[\"2026-08-19\",24.75],[\"2026-08-20\",25.5],[\"2026-08-21\",25.7],[\"2026-08-24\",25.75],[\"2026-08-25\",25.35],[\"2026-08-26\",25.35],[\"2026-08-27\",25.45],[\"2026-08-28\",25.15],[\"2026-08-31\",25.2],[\"2026-09-01\",24.85],[\"2026-09-02\",24.55],[\"2026-09-03\",25.1],[\"2026-09-04\",24.8],[\"2026-09-07\",24.45],[\"2026-09-08\",24.45],[\"2026-09-09\",24.55],[\"2026-09-10\",25.55],[\"2026-09-11\",24.8],[\"2026-09-14\",24.8],[\"2026-09-15\",24.4],[\"2026-09-16\",24.4],[\"2026-09-17\",25],[\"2026-09-18\",24.75],[\"2026-09-21\",24.55],[\"2026-09-22\",25],[\"2026-09-23\",24.85],[\"2026-09-24\",24.9],[\"2026-09-29\",24.25],[\"2026-09-30\",24.6],[\"2026-10-01\",24.1],[\"2026-10-02\",24.2],[\"2026-10-05\",24],[\"2026-10-06\",24.5],[\"2026-10-07\",25.25],[\"2026-10-08\",25],[\"2026-10-12\",25.25],[\"2026-10-13\",25.5],[\"2026-10-14\",25.7],[\"2026-10-15\",25.6],[\"2026-10-16\",25.35],[\"2026-10-19\",25],[\"2026-10-20\",24.35],[\"2026-10-21\",24.45],[\"2026-10-22\",24.6],[\"2026-10-27\",24.75],[\"2026-10-28\",24.55],[\"2026-10-29\",24.55],[\"2026-10-30\",24.4],[\"2026-11-02\",24.65],[\"2026-11-03\",24.7],[\"2026-11-04\",24.25],[\"2026-11-05\",24.15],[\"2026-11-06\",23.5],[\"2026-11-09\",23.6],[\"2026-11-10\",23.3],[\"2026-11-11\",23.6],[\"2026-11-12\",23.55],[\"2026-11-13\",21.4]]}","ifam_pe_river":"{\"symbol\":\"1904\",\"source\":\"info.ifa.ai \u5e02\u5834\u8a55\u50f9\uff08\u672c\u76ca\u6bd4\u6cb3\u6d41\u5716\uff09\",\"sourceUrl\":\"https:\/\/info.ifa.ai\/tw-stock\/1904\/market-evaluation?indicator=channel%2F65f156d8f5ebd92955ad793b\",\"scrapedAt\":\"2026-11-13\",\"adjusted\":false,\"dates\":[\"2025-11-14\",\"2025-11-21\",\"2025-11-28\",\"2025-12-05\",\"2025-12-12\",\"2025-12-19\",\"2025-12-26\",\"2025-12-31\",\"2026-01-02\",\"2026-01-09\",\"2026-01-16\",\"2026-01-23\",\"2026-01-30\",\"2026-02-06\",\"2026-02-11\",\"2026-02-26\",\"2026-03-06\",\"2026-03-13\",\"2026-03-20\",\"2026-03-27\",\"2026-04-02\",\"2026-04-10\",\"2026-04-17\",\"2026-04-24\",\"2026-04-30\",\"2026-05-08\",\"2026-05-15\",\"2026-05-22\",\"2026-05-29\",\"2026-06-05\",\"2026-06-12\",\"2026-06-18\",\"2026-06-26\",\"2026-07-03\",\"2026-07-09\",\"2026-07-17\",\"2026-07-24\",\"2026-07-31\",\"2026-08-07\",\"2026-08-14\",\"2026-08-21\",\"2026-08-28\",\"2026-09-04\",\"2026-09-11\",\"2026-09-18\",\"2026-09-24\",\"2026-10-02\",\"2026-10-08\",\"2026-10-16\",\"2026-10-22\",\"2026-10-30\",\"2026-11-06\",\"2026-11-12\"],\"bands\":[{\"label\":\"7X\",\"values\":[1.77,1.77,1.77,1.77,1.77,1.77,1.77,1.77,5.05,5.05,5.05,5.05,5.05,5.05,5.05,5.05,5.05,5.05,5.05,5.05,8.41,8.41,8.41,8.41,8.41,8.41,8.41,8.41,8.41,8.41,8.41,8.41,8.41,15.68,15.68,15.68,15.68,15.68,15.68,15.68,15.68,15.68,15.68,15.68,15.68,15.68,15.68,15.68,15.68,15.68,15.68,15.68,15.68]},{\"label\":\"26X\",\"values\":[6.57,6.57,6.57,6.57,6.57,6.57,6.57,6.57,18.75,18.75,18.75,18.75,18.75,18.75,18.75,18.75,18.75,18.75,18.75,18.75,31.24,31.24,31.24,31.24,31.24,31.24,31.24,31.24,31.24,31.24,31.24,31.24,31.24,58.25,58.25,58.25,58.25,58.25,58.25,58.25,58.25,58.25,58.25,58.25,58.25,58.25,58.25,58.25,58.25,58.25,58.25,58.25,58.25]},{\"label\":\"45X\",\"values\":[11.37,11.37,11.37,11.37,11.37,11.37,11.37,11.37,32.45,32.45,32.45,32.45,32.45,32.45,32.45,32.45,32.45,32.45,32.45,32.45,54.07,54.07,54.07,54.07,54.07,54.07,54.07,54.07,54.07,54.07,54.07,54.07,54.07,100.82,100.82,100.82,100.82,100.82,100.82,100.82,100.82,100.82,100.82,100.82,100.82,100.82,100.82,100.82,100.82,100.82,100.82,100.82,100.82]},{\"label\":\"64X\",\"values\":[16.17,16.17,16.17,16.17,16.17,16.17,16.17,16.17,46.15,46.15,46.15,46.15,46.15,46.15,46.15,46.15,46.15,46.15,46.15,46.15,76.9,76.9,76.9,76.9,76.9,76.9,76.9,76.9,76.9,76.9,76.9,76.9,76.9,143.38,143.38,143.38,143.38,143.38,143.38,143.38,143.38,143.38,143.38,143.38,143.38,143.38,143.38,143.38,143.38,143.38,143.38,143.38,143.38]},{\"label\":\"83X\",\"values\":[20.97,20.97,20.97,20.97,20.97,20.97,20.97,20.97,59.85,59.85,59.85,59.85,59.85,59.85,59.85,59.85,59.85,59.85,59.85,59.85,99.73,99.73,99.73,99.73,99.73,99.73,99.73,99.73,99.73,99.73,99.73,99.73,99.73,185.95,185.95,185.95,185.95,185.95,185.95,185.95,185.95,185.95,185.95,185.95,185.95,185.95,185.95,185.95,185.95,185.95,185.95,185.95,185.95]},{\"label\":\"102X\",\"values\":[25.77,25.77,25.77,25.77,25.77,25.77,25.77,25.77,73.55,73.55,73.55,73.55,73.55,73.55,73.55,73.55,73.55,73.55,73.55,73.55,122.56,122.56,122.56,122.56,122.56,122.56,122.56,122.56,122.56,122.56,122.56,122.56,122.56,228.52,228.52,228.52,228.52,228.52,228.52,228.52,228.52,228.52,228.52,228.52,228.52,228.52,228.52,228.52,228.52,228.52,228.52,228.52,228.52]}],\"price\":{\"label\":\"\u80a1\u50f9\",\"values\":[18.85,17.95,18.55,18.5,18.05,17.6,17.3,17.3,17.25,17.7,17.9,17.5,17.7,18,18.6,18.4,18.4,17.3,17.55,20.15,18.8,19.05,18.6,18.25,17.6,17.45,20.35,19.1,19,21.9,22.9,23.1,21.25,23.2,23.4,21.9,21.45,20.95,22.8,24.45,25.7,25.15,24.8,24.8,24.75,24.9,24.2,25,25.35,24.6,24.4,23.5,23.55]}}","ifam_strategy_ytd":"{\"as_of\":\"2026-11-12\",\"bench\":51.19,\"rows\":{\"value:30\":84.04,\"value:15\":78.49,\"garp:30\":98.07,\"garp:15\":86.6,\"momentum:15\":104.91}}","ifam_growth":"

\u6b63\u9686\u662f\u53f0\u7063\u5de5\u696d\u7528\u7d19\u8207\u7d19\u5668\u7684\u9f8d\u982d\u4e4b\u4e00\uff0c\u4e5f\u505a\u5bb6\u5ead\u7528\u7d19\uff1b2025 \u5e74\u6bcf\u80a1\u7d14\u76ca 0.74 \u5143\uff0c2026 \u5e74\u4e0a\u534a\u5e74\u7a05\u5f8c\u7d14\u76ca\u5e74\u589e\u8d85\u904e\u4e94\u5341\u500d\u3001\u6bcf\u80a1\u8cfa 1.45 \u5143\uff0c\u524d\u4e09\u5b63\u7d2f\u8a08 1.86 \u5143\u2014\u2014\u628a\u9019\u5bb6\u8001\u724c\u9020\u7d19\u5ee0\u5f9e\u8c37\u5e95\u62c9\u8d77\u4f86\u7684\uff0c\u662f\u8d8a\u5357\u7684\u65b0\u7522\u80fd\u8207\u5169\u5e74\u4f86\u9996\u898b\u7684\u6f32\u50f9\u5faa\u74b0\u3002<\/strong><\/p>\n

\u8d8a\u5357\uff1a\u96c6\u5718\u6210\u9577\u7684\u4e3b\u5f15\u64ce<\/h4>\n

\u5e73\u967d\u9020\u7d19\u5ee0\u7b2c\u4e09\u671f\u5de5\u7d19\u7522\u7dda 7 \u6708\u6295\u7522\uff0c\u5e74\u7522\u80fd\u5f9e 70 \u842c\u5678\u62c9\u5347\u5230\u7d04 100 \u842c\u5678\uff0c\u8e8d\u5c45\u8d8a\u5357\u6700\u5927\u5de5\u7d19\u5ee0\uff1b\u4e0a\u534a\u5e74\u8d8a\u5357\u9020\u7d19\u7a3c\u52d5\u7387 92%\u3001\u7d19\u5668\u7a3c\u52d5\u7387\u9ad8\u9054 136%\uff0c\u552e\u50f9\u8207\u51fa\u8ca8\u91cf\u5404\u6210\u9577\u8fd1 12%\uff0c\u5168\u7522\u5168\u92b7\u3002\u64f4\u5f35\u9084\u5728\u7e7c\u7e8c\uff1a\u5317\u8d8a\u5be7\u5e73\u7b2c\u516d\u5ea7\u7d19\u5668\u5ee0 2027 \u5e74\u4e0a\u534a\u5e74\u6295\u7522\uff0c\u8463\u4e8b\u9577\u912d\u4eba\u9298\u8868\u793a\u8d8a\u5357\u7d19\u5668\u7e3d\u7522\u80fd\u5c07\u7a81\u7834 10 \u5104\u5e73\u65b9\u7c73\uff1b2.3 \u5104\u7f8e\u5143\u7684\u9280\u884c\u806f\u8cb8\u7372 2.17 \u500d\u8d85\u984d\u8a8d\u8cfc\uff0c\u8cc7\u91d1\u5168\u6578\u6295\u5165\u4f4e\u78b3\u9020\u7d19\u8207\u667a\u6167\u88fd\u9020\u3002\u71df\u6536\u5360\u6bd4\u5df2\u662f\u53f0\u7063 64%\u3001\u8d8a\u5357 32%\u3001\u5927\u9678 4%\uff0c\u7b2c\u56db\u5b63\u8d77\u65b0\u7522\u80fd\u5c0d\u7372\u5229\u7684\u8ca2\u737b\u6703\u6bd4\u7b2c\u4e09\u5b63\u66f4\u660e\u986f\u3002<\/p>\n

\u6f32\u50f9\u8207\u6bdb\u5229\u7387\uff1a\u5169\u5e74\u9996\u898b\u7684\u5faa\u74b0\u7ffb\u8f49<\/h4>\n

\u53f0\u7063\u5e02\u5834 5 \u6708\u8d77\u5de5\u7d19\u8207\u7d19\u7bb1\u5206\u968e\u6bb5\u8abf\u6f32 10%\uff0c\u662f\u5169\u5e74\u4f86\u9996\u5ea6\u6f32\u50f9\uff0c\u53cd\u6620\u4eba\u5de5\u3001\u904b\u8f38\u3001\u5929\u7136\u6c23\u8207\u78b3\u8cbb\uff08\u6bcf\u5e74\u7d04 1.2 \u5104\u5143\uff09\u7684\u7d2f\u7a4d\u6210\u672c\uff1b\u8d8a\u5357\u7d19\u50f9\u8fd1\u5169\u5e74\u7d2f\u8a08\u8abf\u6f32\u7d04\u4e00\u6210\u3002\u516c\u53f8\u5168\u5e74\u6bdb\u5229\u7387\u76ee\u6a19\u7d04 20.5%\uff0c\u4e0a\u534a\u5e74\u5169\u5b63\u90fd\u7ad9\u7a69 20% \u4ee5\u4e0a\u3002\u9700\u6c42\u7aef\u4e5f\u6709\u653f\u7b56\u9806\u98a8\u2014\u2014\u4e2d\u570b\u6536\u7dca\u518d\u751f\u7d19\u6f3f\u9032\u53e3\u3001\u7f8e\u570b\u5c0d\u8d8a\u95dc\u7a05\u5e95\u5b9a\u5f8c\uff0c\u5340\u57df\u5de5\u7d19\u9700\u6c42\u81ea\u53bb\u5e74\u7b2c\u56db\u5b63\u8d77\u56de\u6eab\u3002<\/p>\n

\u7da0\u80fd\uff1a\u9020\u7d19\u5ee0\u7684\u7b2c\u4e8c\u8eab\u5206<\/h4>\n

\u6b63\u9686\u628a\u5ee2\u6599\u8b8a\u96fb\u529b\uff1a\u7af9\u5317\u5ee0\u751f\u8cea\u80fd\u5e74\u767c\u96fb\u7d04 1.26 \u5104\u5ea6\uff0c\u540e\u91cc\u5ee0\u8207\u82ac\u862d Valmet \u7c3d\u7d04\u5efa\u7f6e\u751f\u8cea\u80fd\u6c7d\u96fb\u5171\u751f\u7cfb\u7d71\u3001\u5e74\u767c\u96fb 1.28 \u5104\u5ea6\u30012029 \u5e74\u5b8c\u5de5\uff0c\u4e26\u4e14\u662f\u5927\u6c7d\u96fb\u7684\u6700\u5927\u6cd5\u4eba\u80a1\u6771\uff1b2025 \u5e74\u6c38\u7e8c\u71df\u6536\u5360\u6bd4 90.8%\uff0c\u56db\u5ea6\u5165\u9078\u5168\u7403 Clean 200\u3002\u9019\u584a\u652f\u6490\u7684\u662f\u9577\u671f\u6210\u672c\u7af6\u722d\u529b\u8207 ESG \u8cc7\u91d1\u7684\u9752\u775e\u3002<\/p>\n

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

\u7b2c\u4e00\uff0c\u7372\u5229\u52d5\u80fd\u6b63\u5728\u964d\u6eab\uff1a\u4ee5\u524d\u4e09\u5b63\u7d2f\u8a08\u63a8\u7b97\uff0c\u7b2c\u4e09\u5b63\u55ae\u5b63\u6bcf\u80a1\u7d14\u76ca\u7d04 0.41 \u5143\u3001\u4f4e\u65bc\u7b2c\u4e8c\u5b63\u7684 0.89 \u5143\uff0c\u4e3b\u56e0\u56de\u6536\u7d19\u50f9\u683c\u8d70\u5347\uff08\u7f8e\u570b OCC \u4eca\u5e74\u4e00\u8def\u4e0a\u6f32\uff09\u8207\u80fd\u6e90\u6210\u672c\u9ad8\u6a94\uff0c\u7b2c\u56db\u5b63\u6f32\u50f9\u8207\u6210\u672c\u7684\u8cfd\u8dd1\u662f\u95dc\u9375\u3002\u7b2c\u4e8c\uff0c\u4e2d\u570b\u5e02\u5834\u4ecd\u75b2\u5f31\uff1a\u7576\u5730\u5de5\u7d19\u7a3c\u52d5\u7387\u5f9e 95% \u964d\u5230 90%\uff0c\u50f9\u683c\u627f\u58d3\u3002\u7b2c\u4e09\uff0c\u80a1\u5229\u671f\u5f85\u8981\u6709\u8010\u5fc3\u2014\u20142025 \u5e74\u7372\u5229\u57fa\u671f\u4f4e\u3001\u4eca\u5e74\u53ea\u914d 0.45 \u5143\uff0c2026 \u5e74\u7684\u7372\u5229\u8df3\u5347\u8981\u5230\u660e\u5e74\u914d\u606f\u624d\u6703\u53cd\u6620\u3002\u8d8a\u5357\u7b2c\u56db\u5b63\u7684\u653e\u91cf\u659c\u7387\uff0c\u662f\u9a57\u8b49\u9019\u500b\u6210\u9577\u6545\u4e8b\u6700\u76f4\u63a5\u7684\u6578\u5b57\u3002<\/p>\n","ifam_val_profit":"

\u4e09\u5e74\u7684\u6bcf\u80a1\u76c8\u9918\u90fd\u4e0d\u5230 1 \u5143\uff1a0.83 \u2192 0.54 \u2192 0.74 \u5143\u3002<\/strong> \u5408\u4f75\u71df\u6536\u540c\u671f 421.65 \u2192 451.78 \u2192 429.85 \u5104\u5143\uff08\u4e09\u5e74 +1.9%\uff09\uff0c\u6bdb\u5229\u7387 18.2% \u2192 16.3% \u2192 18.0%\u3001\u71df\u696d\u5229\u76ca 19.88 \u2192 15.44 \u2192 18.81 \u5104\u5143\u2014\u2014\u9019\u662f\u4e00\u5bb6\u71df\u6536\u56db\u767e\u591a\u5104\u3001\u4f46\u6bcf\u80a1\u76c8\u9918\u53ea\u6709\u96f6\u9ede\u5e7e\u5143\u7684\u516c\u53f8<\/strong>\u3002<\/p>\n

2026 \u5e74\u4e0a\u534a\u5e74\u534a\u5e74\u5c31\u505a\u5230 1.45 \u5143\uff0c\u6bd4 2025 \u5e74\u5168\u5e74\u7684 0.74 \u5143\u591a\u51fa\u4e00\u500d\u3002<\/strong> \u71df\u6536 221.07 \u5104\u5143\u3001\u5e74\u589e 5.0%\uff0c\u4f46\u6bdb\u5229\u7387\u7531 16.8% \u5347\u5230 20.6%\u3001\u71df\u696d\u5229\u76ca +108.5%\uff1b\u52a0\u4e0a\u696d\u5916\u7531 \u22126.75 \u5104\u5143\u8f49\u70ba \uff0b5.34 \u5104\u5143\uff0c\u6b78\u5c6c\u6bcd\u516c\u53f8\u696d\u4e3b\u6de8\u5229\u7531 0.30 \u5104\u5143\u589e\u5230 16.08 \u5104\u5143\u3002<\/p>\n

\u672c\u696d\u8207\u696d\u5916\u7684\u8ca2\u737b\u8981\u5206\u958b\u770b\u3002<\/strong> \u71df\u696d\u5229\u76ca\u591a\u4e86 8.03 \u5104\u5143\u3001\u696d\u5916\u591a\u4e86 12.09 \u5104\u5143\u2014\u2014\u696d\u5916\u90a3\u4e00\u534a\u4e3b\u8981\u662f\u300c\u5176\u4ed6\u5229\u76ca\u53ca\u640d\u5931\u300d\u7531 \u22124.12 \u5104\u5143\u8f49\u70ba \uff0b6.86 \u5104\u5143<\/strong>\uff0c\u4e0d\u662f\u53ef\u4ee5\u9010\u671f\u5916\u63a8\u7684\u90e8\u5206\u3002<\/p>\n

\u5730\u5340\u4e0a\u6700\u660e\u986f\u7684\u8f49\u6298\u662f\u6771\u5357\u4e9e\u3002<\/strong> 2026 \u5e74\u4e0a\u534a\u5e74\u6771\u5357\u4e9e\u5340\u5916\u90e8\u6536\u5165 68.17 \u5104\u5143\u3001+30.4%\uff0c\u90e8\u9580\u640d\u76ca\uff08\u7a05\u524d\uff09\u7531 \u22125.26 \u5104\u5143\u8f49\u70ba \uff0b2.85 \u5104\u5143<\/strong>\uff1b2025 \u5e74\u5168\u5e74\u9019\u4e00\u584a\u9084\u662f \u22124.78 \u5104\u5143\u3002\u81fa\u7063\u5340 \uff0b10.56 \u5104\u5143\uff08\u53bb\u5e74\u540c\u671f \uff0b5.48 \u5104\u5143\uff09\u3001\u5927\u9678\u5340 \uff0b7.36 \u5104\u5143\uff08\u53bb\u5e74\u540c\u671f \uff0b0.44 \u5104\u5143\uff0c\u800c\u8a72\u5340\u71df\u6536 -34.1%\uff09\u3002<\/p>\n

\u6708\u71df\u6536\u4e5f\u5728\u52a0\u901f\u3002<\/strong> 2026 \u5e74\u524d 9 \u500b\u6708\u7d2f\u8a08 348.84 \u5104\u5143\u3001\u5e74\u589e 10.3%\uff1b\u7b2c 3 \u5b63\u55ae\u5b63 127.77 \u5104\u5143\u3001\u5e74\u589e 21.0%\uff0c9 \u6708\u55ae\u6708 41.78 \u5104\u5143\u3001\u5e74\u589e 17.1%\u2014\u2014\u6bd4\u4e0a\u534a\u5e74\u7684\u5e74\u589e 5.0% \u5feb\u5f97\u591a\u3002<\/p>\n

\u8981\u9a57\u8b49\u9019\u4e00\u6bb5\u6539\u5584\uff0c\u770b\u5169\u4ef6\u4e8b\u3002<\/strong> \u4e00\u662f\u6771\u5357\u4e9e\u5340\u5b88\u4e0d\u5b88\u5f97\u4f4f\u6b63\u6578<\/strong>\u2014\u2014\u5b83 2025 \u5e74\u5168\u5e74\u9084\u8667 4.78 \u5104\u5143\uff0c2026 \u5e74\u4e0a\u534a\u5e74\u624d\u525b\u8f49\u6b63 2.85 \u5104\u5143\uff1b\u4e8c\u662f\u6bdb\u5229\u7387<\/strong>\uff0c2026 \u5e74\u4e0a\u534a\u5e74\u7684 20.6% \u662f\u56db\u671f\u6700\u9ad8\uff0c\u800c\u9019\u5bb6\u516c\u53f8\u904e\u53bb\u4e09\u5e74\u90fd\u5728 16.3\uff5e18.2% \u4e4b\u9593\u3002\u696d\u5916\u90a3\u4e00\u6bb5\uff086.86 \u5104\u5143\u7684\u5176\u4ed6\u5229\u76ca\u53ca\u640d\u5931\uff09\u5247\u4e0d\u5b9c\u7576\u6210\u5e38\u614b\u3002<\/p>\n","ifam_val_multiple":"","ifam_strategy_on":"","ifam_trades":"","ifam_valuation":"{\"matrix\":{\"corner\":\"\",\"title\":\"\",\"note\":\"\",\"columns\":[{\"order\":1,\"year\":\"2025(A)\",\"eps\":0.7,\"label\":\"2025(A)\uff1a0.7 \u5143\"}],\"rows\":[{\"order\":1,\"pe\":21.4,\"peLabel\":\"21 \u5143\",\"desc\":\"2026-11-13\",\"cells\":[{\"order\":1,\"price\":30.571428571428573,\"text\":\"30.6 \u500d\",\"hl\":false}]}]}}","ifam_val_range":"

\u76ee\u524d\u6b63\u9686\u80a1\u50f9\u7d04\u5728 20\u201325 \u5143\uff082026\/11\/13 \u6536\u76e4\u50f9 21 \u5143\uff09\uff0c\u7d04\u70ba 2025(A) EPS 0.7 \u5143\u7684 31 \u500d\u3002\u82e5\u4ee5 2026 \u5e74\u4e0a\u534a\u5e74\u6bcf\u80a1\u76c8\u9918 1.45 \u5143\u5e74\u5316\u5f8c\u7684 2.90 \u5143\u8a08\u7b97\uff0c\u7d04\u70ba 7 \u500d\u3002\u8a3b\uff1a2026 \u5e74\u4e0a\u534a\u5e74\u7684\u6bcf\u80a1\u76c8\u9918 1.45 \u5143\uff08\u53bb\u5e74\u540c\u671f 0.03 \u5143\uff09\u4e2d\uff0c\u672c\u696d\u8207\u696d\u5916\u5404\u51fa\u4e00\u534a\u529b\u2014\u2014\u71df\u696d\u5229\u76ca 15.43 \u5104\u5143\u3001\u5e74\u589e 108.5%\uff0c\u800c\u71df\u696d\u5916\u6536\u5165\u53ca\u652f\u51fa\u7531 \u22126.75 \u5104\u5143\u8f49\u70ba \uff0b5.34 \u5104\u5143\uff08\u4e3b\u8981\u662f\u5176\u4ed6\u5229\u76ca\u53ca\u640d\u5931\uff09\u3002\u7528\u4e0a\u534a\u5e74\u5e74\u5316\u7684\u500d\u6578\uff0c\u542b\u4e86\u696d\u5916\u90a3\u4e00\u534a\u3002<\/p>\n","footnotes":""},"categories":[8],"tags":[],"ifam_industry":[41],"ifam_strategy":[],"class_list":["post-872","post","type-post","status-publish","format-standard","hentry","category-stock","ifam_industry-paper"],"_links":{"self":[{"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/posts\/872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/comments?post=872"}],"version-history":[{"count":1,"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/posts\/872\/revisions"}],"predecessor-version":[{"id":930,"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/posts\/872\/revisions\/930"}],"wp:attachment":[{"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/media?parent=872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/categories?post=872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/tags?post=872"},{"taxonomy":"ifam_industry","embeddable":true,"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/ifam_industry?post=872"},{"taxonomy":"ifam_strategy","embeddable":true,"href":"https:\/\/ifa.ai\/research\/wp-json\/wp\/v2\/ifam_strategy?post=872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}