{"id":62470,"date":"2025-02-27T22:29:09","date_gmt":"2025-02-27T14:29:09","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=62470"},"modified":"2025-02-28T12:36:10","modified_gmt":"2025-02-28T04:36:10","slug":"kgi-daily-trading-ideas-28-feb-2025-zh","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-28-feb-2025-zh\/","title":{"rendered":"2025\u5e742\u670828\u65e5: \u65b0\u79d1\u5de5\u7a0b (STE SP), \u56db\u5ddd\u767e\u8336\u767e\u9053\u5b9e\u4e1a\u80a1\u4efd\u6709\u9650\u516c\u53f8 (2555 HK), \u597d\u5e02\u591a (COST US)"},"content":{"rendered":"\n<p class=\"has-cyan-bluish-gray-background-color has-background wp-block-paragraph\"><a href=\"#sg\">\u65b0\u52a0\u5761\u80a1\u7968\u63a8\u8350<\/a> |<a href=\"#hk\"> \u9999\u6e2f\u80a1\u7968\u63a8\u8350<\/a> | <a href=\"#us\">\u7f8e\u80a1\u63a8\u8350<\/a> | <a href=\"http:\/\/sp\">\u884c\u4e1a\u677f\u5757\u8868\u73b0<\/a> | <a href=\"#td\"> \u4ea4\u6613\u9f99\u864e\u699c<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\" id=\"sp\"><img fetchpriority=\"high\" decoding=\"async\" width=\"829\" height=\"104\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/07\/word-image-259.png\" alt=\"\" class=\"wp-image-47866\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/07\/word-image-259.png 829w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/07\/word-image-259-300x38.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/07\/word-image-259-768x96.png 768w\" sizes=\"(max-width: 829px) 100vw, 829px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-62470-_tiry8p5xvcqk\"><\/a>\u7f8e\u56fd<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"939\" height=\"423\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/image-49.png\" alt=\"\" class=\"wp-image-62570\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/image-49.png 939w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/image-49-300x135.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/image-49-768x346.png 768w\" sizes=\"(max-width: 939px) 100vw, 939px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"939\" height=\"241\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/image-50.png\" alt=\"\" class=\"wp-image-62571\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/image-50.png 939w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/image-50-300x77.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/image-50-768x197.png 768w\" sizes=\"(max-width: 939px) 100vw, 939px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"939\" height=\"289\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/image-51.png\" alt=\"\" class=\"wp-image-62572\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/image-51.png 939w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/image-51-300x92.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/image-51-768x236.png 768w\" sizes=\"(max-width: 939px) 100vw, 939px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-4.png\" alt=\"\" class=\"wp-image-62505\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-4.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-4-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-62470-_qqv3rtx8nazp\"><\/a><a id=\"post-62470-_ylayyh7qqd99\"><\/a>\u9999\u6e2f<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1913\" height=\"838\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-screenshot-of-a-cell-phone-ai-generated-content-4.png\" alt=\"A screenshot of a cell phone\n\nAI-generated content may be incorrect.\" class=\"wp-image-62506\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-screenshot-of-a-cell-phone-ai-generated-content-4.png 1913w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-screenshot-of-a-cell-phone-ai-generated-content-4-300x131.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-screenshot-of-a-cell-phone-ai-generated-content-4-1024x449.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-screenshot-of-a-cell-phone-ai-generated-content-4-768x336.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-screenshot-of-a-cell-phone-ai-generated-content-4-1536x673.png 1536w\" sizes=\"(max-width: 1913px) 100vw, 1913px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\" title=\"\">^ Back To Top<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-6.png\" alt=\"\" class=\"wp-image-62507\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-6.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-6-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\"><a id=\"post-62470-_7c2gwybbbr90\"><\/a><\/h1>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"sg\"><a id=\"post-62470-_9i0c554gtu0u\"><\/a><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-7.png\" class=\"wp-image-62508\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-7.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-7-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure><\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a id=\"post-62470-_34eo5yf8y7pj\"><\/a><strong><strong>\u65b0\u79d1\u5de5\u7a0b  (STE SP)\uff1a24 \u5e74\u7b2c\u56db\u5b63\u5ea6\u65b0\u7b7e\u5408\u540c<\/strong><\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a5.00\uff0c\u76ee\u6807\u4ef7\uff1a5.40\uff0c\u6b62\u635f\u4ef7\uff1a4.80<\/strong><br>  <\/li>\n\n\n\n<li>\u65b0\u79d1\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u5168\u7403\u6027\u7684\u6280\u672f\uff0c\u56fd\u9632\u548c\u5de5\u7a0b\u96c6\u56e2\u3002\u8be5\u516c\u53f8\u901a\u8fc7\u5176\u5728\u822a\u7a7a\u822a\u5929\u3001\u667a\u6167\u57ce\u5e02\u3001\u56fd\u9632\u548c\u516c\u5171\u5b89\u5168\u9886\u57df\u7684\u591a\u5143\u5316\u4e1a\u52a1\u7ec4\u5408\uff0c\u5229\u7528\u6280\u672f\u548c\u521b\u65b0\u6765\u89e3\u51b3\u95ee\u9898\u5e76\u6539\u5584\u751f\u6d3b\u3002\u65b0\u79d1\u5de5\u7a0b\u670d\u52a1\u4e8e\u5168\u7403\u5ba2\u6237\u3002<br>  <\/li>\n\n\n\n<li><strong>\u65b0\u7b7e\u5408\u540c\u989d\u8fbe43\u4ebf\u65b0\u5143\u3002 <\/strong>\u65b0\u52a0\u5761\u79d1\u6280\u5de5\u7a0b\u516c\u53f8\uff08ST Engineering\uff09\u672c\u6708\u521d\u5ba3\u5e03\uff0c\u57282024\u5e74\u7b2c\u56db\u5b63\u5ea6\u83b7\u5f97\u4e86\u603b\u989d43\u4ebf\u65b0\u5143\u7684\u65b0\u5408\u540c\u3002\u5176\u4e2d\u5305\u62ec\u6765\u81ea\u5546\u4e1a\u822a\u7a7a\u9886\u57df\u768418\u4ebf\u65b0\u5143\u3001\u6765\u81ea\u56fd\u9632\u548c\u516c\u5171\u5b89\u5168\u9886\u57df\u768417\u4ebf\u65b0\u5143\uff0c\u4ee5\u53ca\u6765\u81ea\u57ce\u5e02\u89e3\u51b3\u65b9\u6848\u548c\u536b\u661f\u901a\u4fe1\u9886\u57df\u76847\u4ebf\u65b0\u5143\u3002\u5546\u4e1a\u822a\u7a7a\u90e8\u95e8\u5728\u5176\u7ef4\u62a4\u3001\u7ef4\u4fee\u548c\u5927\u4fee\uff08MRO\uff09\u4ee5\u53ca\u822a\u7a7a\u7ed3\u6784\u548c\u7cfb\u7edf\u5b50\u90e8\u95e8\u83b7\u5f97\u4e86\u591a\u9879\u5408\u540c\uff0c\u5176\u4e2d\u5305\u62ec\u4e0e\u5370\u5ea6\u4f4e\u6210\u672c\u822a\u7a7a\u516c\u53f8Akasa Air\u8fbe\u6210\u7684\u4e3a\u671f15\u5e74\u7684\u72ec\u5bb6\u534f\u8bae\u3002\u6301\u7eed\u5f3a\u52b2\u7684\u8ba2\u5355\u91cf\u51f8\u663e\u4e86\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u7a33\u56fa\u7684\u5e02\u573a\u5730\u4f4d\u4ee5\u53ca\u5728\u5f3a\u52b2\u7684\u822a\u7a7a\u4e1a\u589e\u957f\u63a8\u52a8\u4e0b\uff0c\u5e02\u573a\u5bf9\u822a\u7a7a\u89e3\u51b3\u65b9\u6848\u7684\u6301\u7eed\u9700\u6c42\u3002<br>  <\/li>\n\n\n\n<li><strong>\u4e0e\u5927\u97e9\u822a\u7a7a\u7b7e\u8ba2LEAP-1B\u53d1\u52a8\u673aMRO\u5408\u540c\u3002 <\/strong>\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u7684\u5546\u4e1a\u822a\u7a7a\u4e1a\u52a1\u5df2\u7b7e\u7f72\u4e00\u4efd\u4e3a\u671f\u4e94\u5e74\u7684MRO\u5408\u540c\uff0c\u4e3a\u5927\u97e9\u822a\u7a7a\u6ce2\u97f3737 MAX\u673a\u961f\u7684CFM LEAP-1B\u53d1\u52a8\u673a\u63d0\u4f9b\u652f\u6301\u3002\u8fd9\u6807\u5fd7\u7740\u8be5\u516c\u53f8\u9996\u6b21\u4e0e\u97e9\u56fd\u7684\u65d7\u8230\u822a\u7a7a\u516c\u53f8\u7b7e\u8ba2\u5408\u540c\u3002\u6839\u636e\u534f\u8bae\uff0c\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u5c06\u4ece\u5176\u4f4d\u4e8e\u65b0\u52a0\u5761\u7684MRO\u8bbe\u65bd\u63d0\u4f9b\u5feb\u901f\u5468\u8f6c\u670d\u52a1\uff0c\u5305\u62ec\u9ad8\u538b\u6da1\u8f6e\u673a\uff08HPT\uff09\u7ef4\u4fee\u548c\u6027\u80fd\u6062\u590d\u8f66\u95f4\u8bbf\u95ee\uff08PRSV\uff09\u670d\u52a1\u3002\u8be5\u5408\u540c\u589e\u5f3a\u4e86\u5927\u97e9\u822a\u7a7a\u5bf9\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u4f5c\u4e3a\u9ad8\u8d28\u91cf\u53d1\u52a8\u673a\u670d\u52a1\u53ef\u9760\u5408\u4f5c\u4f19\u4f34\u7684\u4fe1\u5fc3\uff0c\u4ece\u800c\u652f\u6301\u8be5\u822a\u7a7a\u516c\u53f8\u7684\u957f\u671f\u589e\u957f\u8ba1\u5212\u3002<br>  <\/li>\n\n\n\n<li><strong>\u4e0e\u54c8\u8428\u514b\u65af\u5766Paramount Engineering\uff08KPE\uff09\u5efa\u7acb\u6218\u7565\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u3002 <\/strong>\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u7684\u56fd\u9645\u56fd\u9632\u4e1a\u52a1\u5df2\u4e0e\u54c8\u8428\u514b\u65af\u5766Paramount Engineering\uff08KPE\uff09\u5efa\u7acb\u4e86\u6218\u7565\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\uff0c\u4ee5\u5efa\u7acb\u65b0\u578b\u519b\u7528\u8f66\u8f86\u7684\u751f\u4ea7\u80fd\u529b\u3002\u8fd9\u6b3e\u4e24\u6816\u591a\u7528\u9014\u88c5\u7532\u8f66\u5c06\u5728KPE\u4f4d\u4e8e\u54c8\u8428\u514b\u65af\u5766\u7684\u5de5\u5382\u751f\u4ea7\uff0c\u8be5\u8f66\u578b\u57fa\u4e8e\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u4e45\u7ecf\u8003\u9a8c\u7684Terrex\u6b65\u5175\u6218\u8f66\uff0c\u8be5\u6218\u8f66\u8bbe\u8ba1\u7528\u4e8e\u5728\u5f00\u653e\u6c34\u57df\u6761\u4ef6\u4e0b\u6709\u6548\u8fd0\u884c\u3002\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u5c06\u4e3a\u751f\u4ea7\u63d0\u4f9b\u5de5\u7a0b\u548c\u6280\u672f\u652f\u6301\uff0c\u9884\u8ba1\u5c06\u4e8e2025\u5e74\u5f00\u59cb\u3002\u8fd9\u6807\u5fd7\u7740\u8be5\u516c\u53f8\u8fdb\u5165\u4e2d\u4e9a\u5e02\u573a\u2014\u2014\u8fd9\u662f\u5176\u9996\u6b21\u4e0e\u8be5\u5730\u533a\u6388\u6743\u5408\u4f5c\u4f19\u4f34\u7b7e\u8ba2\u56fd\u9632\u8f66\u8f86\u5408\u540c\u2014\u2014\u5e76\u5de9\u56fa\u4e86\u5176\u901a\u8fc7\u672c\u5730\u5316\u3001\u5f53\u5730\u652f\u6301\u548c\u884c\u4e1a\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u63a8\u52a8\u589e\u957f\u7684\u6218\u7565\u3002<br>  <\/li>\n\n\n\n<li><strong>2024\u5e74\u7b2c\u4e09\u5b63\u4e1a\u7ee9\u56de\u987e\u3002 <\/strong>2024\u5e74\u7b2c\u4e09\u5b63\uff0c\u8425\u6536\u540c\u6bd4\u589e\u957f14.3%\uff0c\u8fbe\u523027.82\u4ebf\u65b0\u5143\uff0c\u800c2023\u5e74\u7b2c\u4e09\u5b63\u4e3a24.33\u4ebf\u65b0\u5143\uff0c\u8fd9\u4e3b\u8981\u5f97\u76ca\u4e8e\u5176\u5546\u4e1a\u822a\u7a7a\u4ee5\u53ca\u56fd\u9632\u548c\u516c\u5171\u5b89\u5168\u90e8\u95e8\u7684\u4e24\u4f4d\u6570\u540c\u6bd4\u589e\u957f\u3002\u7b2c\u4e09\u5b63\uff0c\u5176\u5546\u4e1a\u822a\u7a7a\u6536\u5165\u540c\u6bd4\u589e\u957f30.8%\uff0c\u8fbe\u523012.7\u4ebf\u65b0\u5143\uff0c\u56fd\u9632\u548c\u516c\u5171\u5b89\u5168\u6536\u5165\u540c\u6bd4\u589e\u957f7.3%\uff0c\u8fbe\u523010.5\u4ebf\u65b0\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6\u3002<\/strong><br><figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-62509\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-8.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-8.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-8-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1207\" height=\"553\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-9.jpeg\" alt=\"\" class=\"wp-image-62510\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-9.jpeg 1207w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-9-300x137.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-9-1024x469.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-9-768x352.jpeg 768w\" sizes=\"(max-width: 1207px) 100vw, 1207px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" alt=\"A long line of a white background\n\nDescription automatically generated with medium confidence\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-long-line-of-a-white-background-description-aut-23.png\" class=\"wp-image-62511\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-long-line-of-a-white-background-description-aut-23.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-long-line-of-a-white-background-description-aut-23-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure> <\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a id=\"post-62470-_34eo5yf8y7pj\"><\/a><strong><strong><strong>\u661f\u5c55\u96c6\u56e2 (DBS SP)\uff1a2025\u5e74\u9884\u7b97\u6848\u63d0\u632f\u7ecf\u6d4e<\/strong><\/strong><\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a44\uff0c\u76ee\u6807\u4ef7\uff1a48\uff0c\u6b62\u635f\u4ef7\uff1a42<\/strong><br>  <\/li>\n\n\n\n<li>\u661f\u5c55\u96c6\u56e2\u63a7\u80a1\u6709\u9650\u516c\u53f8\u53ca\u5176\u9644\u5c5e\u516c\u53f8\u63d0\u4f9b\u5404\u79cd\u91d1\u878d\u670d\u52a1\u3002\u8be5\u516c\u53f8\u63d0\u4f9b\u7684\u670d\u52a1\u5305\u62ec\u62b5\u62bc\u8d37\u6b3e\u878d\u8d44\u3001\u79df\u8d41\u548c\u79df\u8d41\u8d2d\u4e70\u878d\u8d44\u3001\u59d4\u6258\u548c\u53d7\u6258\u4eba\u3001\u57fa\u91d1\u7ba1\u7406\u3001\u4f01\u4e1a\u54a8\u8be2\u548c\u7ecf\u7eaa\u3002\u661f\u5c55\u96c6\u56e2\u8fd8\u62c5\u4efb\u65b0\u52a0\u5761\u653f\u5e9c\u8bc1\u5238\u7684\u4e00\u7ea7\u4ea4\u6613\u5546\u3002<br>  <\/li>\n\n\n\n<li><strong>\u9884\u7b97\u6848\u7684\u6f5c\u5728\u5229\u597d\u3002 <\/strong>2\u670818\u65e5\uff0c\u674e\u663e\u9f99\u603b\u7406\u5ba3\u5e03\u4e86\u4e00\u7cfb\u5217\u9488\u5bf9\u65b0\u52a0\u5761\u516c\u6c11\u548c\u4f01\u4e1a\u7684\u798f\u5229\u63aa\u65bd\uff0c\u5305\u62ec\u8d2d\u7269\u5238\u3001\u8865\u8d34\u3001\u7a0e\u6536\u51cf\u514d\u548c\u66f4\u9ad8\u7684\u5de5\u8d44\u8865\u8d34\u30022025\u5e74\u65b0\u52a0\u5761\u9884\u7b97\u6848\u63a8\u51fa\u7684\u63aa\u65bd\u6709\u671b\u901a\u8fc7\u523a\u6fc0\u7ecf\u6d4e\u6d3b\u52a8\u548c\u6539\u5584\u4fe1\u8d37\u72b6\u51b5\u6765\u63d0\u632f\u672c\u5730\u94f6\u884c\u3002\u5305\u62ec\u589e\u52a0\u5bf9\u91cd\u70b9\u57fa\u91d1\u7684\u62e8\u6b3e\u5728\u5185\u7684\u57fa\u7840\u8bbe\u65bd\u6295\u8d44\uff0c\u53ef\u80fd\u4f1a\u63a8\u52a8\u66f4\u9ad8\u7684\u8d37\u6b3e\u9700\u6c42\u3002\u9488\u5bf9\u4e2d\u5c0f\u4f01\u4e1a\u768450%\u4f01\u4e1a\u7a0e\u56de\u6263\u53ef\u80fd\u4f1a\u7f13\u89e3\u5176\u8d22\u52a1\u538b\u529b\uff0c\u964d\u4f4e\u94f6\u884c\u7684\u8d44\u4ea7\u8d28\u91cf\u98ce\u9669\u3002\u4ee5\u6d88\u8d39\u8005\u4e3a\u4e2d\u5fc3\u7684\u4e3e\u63aa\u53ef\u4ee5\u652f\u6301\u6d88\u8d39\uff0c\u540c\u65f6\u7f13\u89e3\u901a\u80c0\u98ce\u9669\uff0c\u4ece\u800c\u964d\u4f4e\u4e0d\u826f\u8d37\u6b3e\u3002\u6b64\u5916\uff0c\u9f13\u52b1\u65b0\u4ea4\u6240\u4e0a\u5e02\u548c\u57fa\u91d1\u7ba1\u7406\u7684\u6fc0\u52b1\u63aa\u65bd\u53ef\u80fd\u4f1a\u4fc3\u8fdb\u8d44\u672c\u5e02\u573a\u6d3b\u52a8\uff0c\u4f7f\u94f6\u884c\u53d7\u76ca\u4e8e\u4ea4\u6613\u91cf\u589e\u52a0\u548c\u5bf9\u91d1\u878d\u4ea7\u54c1\u9700\u6c42\u7684\u589e\u957f\u3002\u603b\u4f53\u800c\u8a00\uff0c\u9884\u7b97\u63aa\u65bd\u9884\u8ba1\u5c06\u4e3a\u65b0\u52a0\u5761\u94f6\u884c\u4e1a\u521b\u9020\u6709\u5229\u7684\u73af\u5883\uff0c\u63a8\u52a8\u8d37\u6b3e\u589e\u957f\uff0c\u6539\u5584\u8d44\u4ea7\u8d28\u91cf\uff0c\u5e76\u652f\u6301\u66f4\u5e7f\u6cdb\u7684\u91d1\u878d\u4e1a\u6d3b\u52a8\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5ba3\u5e03CEO\u8fc7\u6e21\u524d\u7684\u9886\u5bfc\u5c42\u53d8\u52a8\u3002 <\/strong>\u661f\u5c55\u94f6\u884c\u5df2\u4efb\u547dDerrick Goh\u4e3a\u9996\u4efb\u96c6\u56e2\u9996\u5e2d\u8fd0\u8425\u5b98\uff0c\u81ea4\u67081\u65e5\u8d77\u751f\u6548\uff0c\u8d1f\u8d23\u76d1\u7763\u8fd0\u8425\u548c\u8f6c\u578b\u3002\u4ed6\u8fd8\u5c06\u52a0\u5165\u8be5\u94f6\u884c\u7684\u6267\u884c\u59d4\u5458\u4f1a\u3002Koh Kar Siong\u5c06\u63a5\u4efb\u5ba1\u8ba1\u4e3b\u7ba1\u5e76\u52a0\u5165\u7ba1\u7406\u59d4\u5458\u4f1a\u3002\u6b64\u5916\uff0c\u73b0\u4efb\u8fd0\u8425\u4e3b\u7ba1Jimmy Ng\u5c06\u4e8e7\u67081\u65e5\u9000\u4f11\uff0c\u4f46\u5c06\u7ee7\u7eed\u62c5\u4efb\u4eba\u5de5\u667a\u80fd\u9ad8\u7ea7\u987e\u95ee\u81f3\u5e74\u5e95\u3002\u8fd9\u4e9b\u53d8\u52a8\u662f\u5728Piyush Gupta\u51c6\u5907\u4e8e3\u670828\u65e5\u5378\u4efb\u9996\u5e2d\u6267\u884c\u5b98\u4e4b\u9645\u8fdb\u884c\u7684\uff0c\u81ea2024\u5e748\u6708\u8d77\u62c5\u4efb\u526f\u9996\u5e2d\u6267\u884c\u5b98\u7684Tan Su Shan\u5c06\u63a5\u66ff\u4ed6\u7684\u804c\u4f4d\u3002\u661f\u5c55\u94f6\u884c\u7684\u9886\u5bfc\u5c42\u53d8\u52a8\u9884\u793a\u7740\u4e00\u9879\u65e8\u5728\u4fdd\u6301\u589e\u957f\u5e76\u52a0\u5f3a\u5176\u8fd0\u8425\u548c\u6570\u5b57\u5316\u8f6c\u578b\u7684\u6218\u7565\u8fc7\u6e21\u3002\u661f\u5c55\u94f6\u884c\u7684\u9886\u5bfc\u5c42\u53d8\u52a8\u5f3a\u5316\u4e86\u5176\u5bf9\u6570\u5b57\u5316\u8f6c\u578b\u3001\u8fd0\u8425\u6548\u7387\u548c\u6cbb\u7406\u7684\u627f\u8bfa\uff0c\u786e\u4fdd\u5728\u4e0d\u65ad\u53d8\u5316\u7684\u5168\u7403\u94f6\u884c\u4e1a\u8d8b\u52bf\u4e2d\u6301\u7eed\u589e\u957f\u3002\u5728\u65b0\u6267\u884c\u56e2\u961f\u7684\u9886\u5bfc\u4e0b\uff0c\u8be5\u94f6\u884c\u6709\u671b\u4fdd\u6301\u76c8\u5229\u80fd\u529b\u548c\u5e02\u573a\u9886\u5148\u5730\u4f4d\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5728\u521b\u7eaa\u5f55\u5229\u6da6\u4e4b\u9645\u53d1\u653e\u7279\u522b\u5956\u91d1\u548c\u8d44\u672c\u56de\u62a5\u3002 <\/strong>\u661f\u5c55\u94f6\u884c\u5c06\u5411\u9664\u9ad8\u7ea7\u7ba1\u7406\u4eba\u5458\u4ee5\u5916\u7684\u6240\u6709\u5458\u5de5\u53d1\u653e\u4e00\u6b21\u60271000\u65b0\u52a0\u5761\u5143\u5956\u91d1\uff0c\u603b\u989d\u8fbe3200\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u4ee5\u5956\u52b1\u4ed6\u4eec\u4e3a\u521b\u7eaa\u5f55\u4e1a\u7ee9\u505a\u51fa\u7684\u8d21\u732e\u3002\u8fd9\u9879\u5956\u91d1\u5c06\u60e0\u53ca90-95%\u7684\u5458\u5de5\u3002\u8be5\u94f6\u884c\u8fd8\u5ba3\u5e03\uff0c25\u8d22\u5e74\u6bcf\u5b63\u5ea6\u6d3e\u53d10.15\u65b0\u52a0\u5761\u5143\/\u80a1\u7684\u8d44\u672c\u56de\u62a5\u80a1\u606f\uff0c\u5e76\u8ba1\u5212\u5728\u672a\u6765\u4e24\u5e74\u5185\u8fdb\u884c\u7c7b\u4f3c\u7684\u6d3e\u606f\u3002\u8fd9\u662f\u5176\u901a\u8fc7\u80a1\u606f\u3001\u7279\u522b\u6d3e\u606f\u548c\u80a1\u7968\u56de\u8d2d\u6765\u51cf\u5c11\u8fc7\u5269\u8d44\u672c\u7684\u6218\u7565\u7684\u4e00\u90e8\u5206\u3002\u661f\u5c55\u94f6\u884c\u516c\u5e03\uff0c24\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u51c0\u5229\u6da6\u4e3a25.2\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u540c\u6bd4\u589e\u957f11%\uff0c\u5168\u5e74\u51c0\u5229\u6da6\u8fbe\u5230\u521b\u7eaa\u5f55\u7684112.9\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u540c\u6bd4\u589e\u957f12%\u3002\u5c3d\u7ba1\u5b58\u5728\u5b8f\u89c2\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u3001\u5229\u7387\u8d8b\u52bf\u548c\u5730\u7f18\u653f\u6cbb\u98ce\u9669\uff0c\u4f46\u661f\u5c55\u94f6\u884c\u7684\u8868\u73b0\u8d85\u51fa\u4e86\u9884\u671f\u3002\u6211\u4eec\u76f8\u4fe1\uff0c\u5728\u521b\u7eaa\u5f55\u7684\u6536\u76ca\u3001\u5f3a\u5927\u7684\u9886\u5bfc\u5c42\u7ee7\u4efb\u4ee5\u53ca\u5bf9\u6280\u672f\u7684\u6301\u7eed\u6295\u8d44\u7684\u652f\u6301\u4e0b\uff0c\u8be5\u94f6\u884c\u4ecd\u6709\u80fd\u529b\u5b9e\u73b0\u957f\u671f\u589e\u957f\u3002<br>  <\/li>\n\n\n\n<li><strong>24\u5e74\u7b2c\u56db\u5b63\u4e1a\u7ee9\u56de\u987e\u3002 <\/strong>DBS 2024\u5e74\u7b2c\u56db\u5b63\u5ea6\u603b\u6536\u5165\u589e\u957f11%\u81f355.1\u4ebf\u65b0\u5143\uff0c\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f11%\u81f325.2\u4ebf\u65b0\u5143\uff0c\u76f8\u8f83\u53bb\u5e74\u540c\u671f\u768422.7\u4ebf\u65b0\u5143\u3002DBS\u5168\u5e74\u51c0\u5229\u6da6\u521b\u4e0b\u65b0\u9ad8\uff0c\u8fbe112.9\u4ebf\u65b0\u5143\uff0c\u540c\u6bd4\u589e\u957f12%\u3002DBS\u5ba3\u5e03\u7b2c\u56db\u5b63\u5ea6\u80a1\u606f\u4e3a\u6bcf\u80a10.15\u65b0\u5143\uff0c\u6bcf\u5b63\u5ea6\u6d3e\u53d1\uff0c\u5e76\u5c06\u57282025\u8d22\u5e74\u652f\u4ed8\uff0c\u9884\u8ba1\u672a\u6765\u4e24\u5e74\u5c06\u652f\u4ed8\u76f8\u4f3c\u91d1\u989d\u7684\u8d44\u672c\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6\u3002<\/strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-62512\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-blue-and-white-rectangular-box-with-numbers-ai-1-7.png\" alt=\"A blue and white rectangular box with numbers\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-blue-and-white-rectangular-box-with-numbers-ai-1-7.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-blue-and-white-rectangular-box-with-numbers-ai-1-7-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1267\" height=\"558\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-with-lines-and-numbers-ai-generated-conte-7.jpeg\" alt=\"A graph with lines and numbers\n\nAI-generated content may be incorrect.\" class=\"wp-image-62513\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-with-lines-and-numbers-ai-generated-conte-7.jpeg 1267w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-with-lines-and-numbers-ai-generated-conte-7-300x132.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-with-lines-and-numbers-ai-generated-conte-7-1024x451.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-with-lines-and-numbers-ai-generated-conte-7-768x338.jpeg 768w\" sizes=\"(max-width: 1267px) 100vw, 1267px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-13.png\" class=\"wp-image-62514\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-13.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-13-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"hk\"><a id=\"post-62470-_f3bvj0c8rd86\"><\/a><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-14.png\" class=\"wp-image-62515\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-14.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-14-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure><\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><a id=\"post-62470-_34eo5yf8y7pj\"><\/a><strong>\u56db\u5ddd\u767e\u8336\u767e\u9053\u5b9e\u4e1a\u80a1\u4efd\u6709\u9650\u516c\u53f8 (2555 HK)\uff1a\u4e2d\u56fd\u8336\u996e\u5e02\u573a\u4e50\u89c2\u60c5\u7eea<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a10.4\uff0c\u76ee\u6807\u4ef7\uff1a12.0\uff0c\u6b62\u635f\u4ef7\uff1a9.6<\/strong><br>  <\/li>\n\n\n\n<li>\u56db\u5ddd\u767e\u8336\u767e\u9053\u5b9e\u4e1a\u80a1\u4efd\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u4e3b\u8981\u4ece\u4e8b\u591a\u5143\u5316\u8336\u996e\u4ea7\u54c1\u5f00\u53d1\u548c\u9500\u552e\u7684\u4e2d\u56fd\u516c\u53f8\u3002\u516c\u53f8\u7684\u4e3b\u8981\u4e1a\u52a1\u662f\u901a\u8fc7\u52a0\u76df\u5546\u63d0\u4f9b\u5929\u7136\u6210\u5206\u4e0e\u4e2d\u56fd\u8336\u996e\u7684\u7ec4\u5408\uff0c\u5e76\u4e13\u6ce8\u4e8e\u5411\u5ba2\u6237\u751f\u4ea7\u548c\u9500\u552e\u8336\u996e\u3002\u516c\u53f8\u8fd0\u8425\u81ea\u6709\u4ea7\u54c1\u54c1\u724c\u201c\u8336\u767e\u9053\u201d\u3002\u516c\u53f8\u7684\u4ea7\u54c1\u5305\u62ec\u5168\u5e74\u4f9b\u5e94\u7684\u7ecf\u5178\u8336\u996e\uff0c\u4ee5\u53ca\u4ec5\u5728\u6709\u9650\u65f6\u95f4\u5185\u6216\u7279\u5b9a\u5730\u533a\u9500\u552e\u7684\u5b63\u8282\u6027\u8336\u996e\u548c\u533a\u57df\u6027\u8336\u996e\uff0c\u5305\u62ec\u5976\u8336\u3001\u9c9c\u679c\u8336\u3001\u679c\u6c41\u7b49\u3002\u516c\u53f8\u4e3b\u8981\u5728\u56fd\u5185\u5e02\u573a\u5f00\u5c55\u4e1a\u52a1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u4e2d\u56fd\u8336\u996e\u5e02\u573a\u79ef\u6781\u7684\u5e02\u573a\u60c5\u7eea\u3002<\/strong>\u4e2d\u56fd\u6700\u5927\u7684\u73b0\u5236\u996e\u54c1\u516c\u53f8\u871c\u96ea\u51b0\u57ce\u8ba1\u5212\u901a\u8fc7\u9999\u6e2f\u9996\u6b21\u516c\u5f00\u52df\u80a1\uff08IPO\uff09\u7b79\u96c634.5\u4ebf\u6e2f\u5143\uff084.44\u4ebf\u7f8e\u5143\uff09\uff0c\u4ee5\u5728\u65e5\u76ca\u6fc0\u70c8\u7684\u7ade\u4e89\u4e2d\u63a8\u52a8\u5176\u6269\u5f20\u3002\u871c\u96ea\u51b0\u57ce\u5728\u4e2d\u56fd\u5927\u9646\u548c\u5305\u62ec\u4e1c\u5357\u4e9a\u3001\u6fb3\u5927\u5229\u4e9a\u3001\u65e5\u672c\u548c\u97e9\u56fd\u5728\u5185\u768411\u4e2a\u56fd\u9645\u5e02\u573a\u62e5\u6709\u8d85\u8fc745,000\u5bb6\u95e8\u5e97\u7684\u7f51\u7edc\uff0c\u8ba1\u5212\u5c06\u52df\u96c6\u8d44\u91d1\u7528\u4e8e\u751f\u4ea7\u8bbe\u65bd\u5347\u7ea7\u3001\u54c1\u724c\u63d0\u5347\u3001\u8425\u9500\u3001\u8425\u8fd0\u8d44\u91d1\u548c\u4e00\u822c\u4f01\u4e1a\u7528\u9014\u3002\u6b64\u6b21\u4e0a\u5e02\u51f8\u663e\u4e86\u6295\u8d44\u8005\u5bf9\u8336\u996e\u884c\u4e1a\u97e7\u6027\u548c\u76c8\u5229\u80fd\u529b\u7684\u4fe1\u5fc3\u3002\u871c\u96ea\u51b0\u57ce\u7684IPO\u83b7\u5f97\u5f3a\u52b2\u7684\u5e02\u573a\u53cd\u54cd\uff0c\u53ef\u80fd\u4e3a\u767e\u8336\u767e\u9053\u7b49\u5176\u4ed6\u540c\u884c\u4e1a\u4f01\u4e1a\u4ea7\u751f\u79ef\u6781\u7684\u6ea2\u51fa\u6548\u5e94\u3002\u8fd9\u79cd\u91cd\u65b0\u71c3\u8d77\u7684\u4e50\u89c2\u60c5\u7eea\u53ef\u80fd\u4f1a\u63a8\u52a8\u8336\u76f8\u5173\u80a1\u7968\u7684\u66f4\u5e7f\u6cdb\u91cd\u4f30\uff0c\u968f\u7740\u6295\u8d44\u8005\u5bf9\u8be5\u884c\u4e1a\u7684\u5174\u8da3\u589e\u957f\uff0c\u53ef\u80fd\u4f1a\u63d0\u632f\u767e\u8336\u767e\u9053\u7684\u80a1\u4ef7\u3002<br>  <\/li>\n\n\n\n<li><strong>\u4e2d\u56fd\u52a0\u5927\u529b\u5ea6\u4fc3\u8fdb\u6d88\u8d39\u3002<\/strong>\u4e2d\u56fd\u6b63\u5728\u52a0\u5927\u529b\u5ea6\u4fc3\u8fdb\u56fd\u5185\u6d88\u8d39\uff0c\u674e\u5f3a\u603b\u7406\u6700\u8fd1\u5f3a\u8c03\u91c7\u53d6\u6709\u9488\u5bf9\u6027\u7684\u63aa\u65bd\u6765\u523a\u6fc0\u6d88\u8d39\u652f\u51fa\u548c\u6539\u5584\u6c11\u751f\u3002\u9884\u8ba1\u8fd9\u4e00\u653f\u7b56\u8f6c\u53d8\u5c06\u6709\u5229\u4e8e\u56db\u5ddd\u767e\u8336\u767e\u9053\u7b49\u9910\u996e\u4f01\u4e1a\uff0c\u968f\u7740\u6d88\u8d39\u8005\u9700\u6c42\u7684\u589e\u5f3a\uff0c\u8fd9\u4e9b\u4f01\u4e1a\u53ef\u80fd\u4f1a\u770b\u5230\u66f4\u9ad8\u7684\u9500\u552e\u989d\u3002\u6b64\u5916\uff0c\u6295\u8d44\u8005\u548c\u7ecf\u6d4e\u5b66\u5bb6\u6b63\u5728\u5bc6\u5207\u5173\u6ce83\u6708\u521d\u7684\u4e2d\u56fd\u5e74\u5ea6\u8bae\u4f1a\u4f1a\u8bae\uff0c\u4ee5\u5bfb\u627e\u6f5c\u5728\u7684\u523a\u6fc0\u63aa\u65bd\uff0c\u7279\u522b\u662f\u5728\u7f8e\u56fd\u603b\u7edf\u5510\u7eb3\u5fb7\u00b7\u7279\u6717\u666e\u91cd\u8fd4\u767d\u5bab\u4e4b\u9645\uff0c\u4e2d\u56fd\u51fa\u53e3\u90e8\u95e8\u9762\u4e34\u65e5\u76ca\u589e\u957f\u7684\u4e0d\u786e\u5b9a\u6027\u3002<br>  <\/li>\n\n\n\n<li><strong>\u4e2d\u56fd\u8336\u996e\u5e02\u573a\u7684\u589e\u957f\u652f\u6301\u957f\u671f\u6269\u5f20\u3002<\/strong>\u4e2d\u56fd\u8336\u996e\u884c\u4e1a\u7684\u5feb\u901f\u6269\u5f20\u4e3a\u56db\u5ddd\u767e\u8336\u767e\u9053\u63d0\u4f9b\u4e86\u5f3a\u52b2\u7684\u63a8\u52a8\u529b\u30022023\u5e74\uff0c\u4e2d\u5f0f\u8336\u996e\u5e02\u573a\u89c4\u6a21\u8fbe\u52301933\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u540c\u6bd4\u589e\u957f15.7%\uff0c\u9884\u8ba1\u52302025\u5e74\u5c06\u8d85\u8fc72500\u4ebf\u5143\u4eba\u6c11\u5e01\u3002\u6d88\u8d39\u8005\u504f\u597d\u8f6c\u5411\u9ad8\u7aef\u548c\u521b\u65b0\u578b\u8336\u996e\u63a8\u52a8\u4e86\u8fd9\u4e00\u6301\u7eed\u589e\u957f\u3002\u4f5c\u4e3a\u884c\u4e1a\u7684\u4e3b\u8981\u53c2\u4e0e\u8005\uff0c\u767e\u8336\u767e\u9053\u51ed\u501f\u4e0d\u65ad\u589e\u52a0\u7684\u95e8\u5e97\u5f00\u4e1a\u3001\u4ea7\u54c1\u521b\u65b0\u548c\u4e0d\u65ad\u6269\u5927\u7684\u6d88\u8d39\u8005\u63a5\u53d7\u5ea6\uff0c\u6709\u80fd\u529b\u5229\u7528\u4e0d\u65ad\u589e\u957f\u7684\u9700\u6c42\u3002<br>  <\/li>\n\n\n\n<li><strong>24 \u8d22\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u3002<\/strong>24 \u8d22\u5e74\u4e0a\u534a\u5e74\u8425\u6536\u540c\u6bd4\u4e0b\u964d 10.0% \u81f3 23.958 \u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c 23 \u8d22\u5e74\u4e0a\u534a\u5e74\u4e3a 26.607 \u4ebf\u5143\u4eba\u6c11\u5e01\u3002\u5229\u6da6\u4ece\u53bb\u5e74\u4e0a\u534a\u5e74\u7684 5.954 \u4ebf\u5143\u4eba\u6c11\u5e01\u4e0b\u964d 59.9% \u81f3 2.386 \u4ebf\u5143\u4eba\u6c11\u5e01\u300224 \u8d22\u5e74\u4e0a\u534a\u5e74\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u4e3a 0.178 \u5143\u4eba\u6c11\u5e01\uff0c\u800c 23 \u8d22\u5e74\u4e0a\u534a\u5e74\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u4e3a 0.549 \u5143\u4eba\u6c11\u5e01\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-62516\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-blue-and-white-rectangular-box-with-white-text-35.png\" alt=\"A blue and white rectangular box with white text\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-blue-and-white-rectangular-box-with-white-text-35.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-blue-and-white-rectangular-box-with-white-text-35-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1082\" height=\"552\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-of-a-stock-market-ai-generated-content-ma-3.jpeg\" alt=\"A graph of a stock market\n\nAI-generated content may be incorrect.\" class=\"wp-image-62517\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-of-a-stock-market-ai-generated-content-ma-3.jpeg 1082w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-of-a-stock-market-ai-generated-content-ma-3-300x153.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-of-a-stock-market-ai-generated-content-ma-3-1024x522.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-of-a-stock-market-ai-generated-content-ma-3-768x392.jpeg 768w\" sizes=\"(max-width: 1082px) 100vw, 1082px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-17.png\" class=\"wp-image-62518\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-17.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-17-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u4e2d\u56fd\u79fb\u52a8 (941 HK)\uff1a\u4eba\u5de5\u667a\u80fd\u8d44\u672c\u652f\u51fa\u63a8\u52a8\u6570\u636e\u4e2d\u5fc3\u9700\u6c42<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a79.0\uff0c\u76ee\u6807\u4ef7\uff1a89.0\uff0c\u6b62\u635f\u4ef7\uff1a74.0<\/strong><br>  <\/li>\n\n\n\n<li>\u4e2d\u56fd\u79fb\u52a8\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u4e3b\u8981\u4ece\u4e8b\u901a\u4fe1\u53ca\u4fe1\u606f\u670d\u52a1\u7684\u4e2d\u56fd\u516c\u53f8\u3002\u8be5\u516c\u53f8\u7684\u4e1a\u52a1\u5305\u62ec\u4e2a\u4eba\u5e02\u573a\u4e1a\u52a1\u3001\u5bb6\u5ead\u5e02\u573a\u4e1a\u52a1\u3001\u653f\u4f01\u5e02\u573a\u4e1a\u52a1\u548c\u65b0\u5174\u5e02\u573a\u4e1a\u52a1\u3002\u4e2a\u4eba\u5e02\u573a\u4e1a\u52a1\u4e3b\u8981\u63d0\u4f9b\u79fb\u52a8\u901a\u4fe1\u670d\u52a1\u4e0e\u4e92\u8054\u7f51\u63a5\u5165\u670d\u52a1\u3002\u5bb6\u5ead\u5e02\u573a\u4e1a\u52a1\u4e3b\u8981\u63d0\u4f9b\u5bbd\u5e26\u63a5\u5165\u670d\u52a1\u3002\u653f\u4f01\u5e02\u573a\u4e1a\u52a1\u63d0\u4f9b\u57fa\u7840\u901a\u4fe1\u670d\u52a1\uff0c\u4fe1\u606f\u5316\u5e94\u7528\u4ea7\u54c1\u548c\u6570\u636e\u3001\u4fe1\u606f\u3001\u901a\u4fe1\u3001\u6280\u672f\uff08DICT\uff09\u89e3\u51b3\u65b9\u6848\u3002\u65b0\u5174\u5e02\u573a\u4e1a\u52a1\u5305\u62ec\u56fd\u9645\u4e1a\u52a1\u3001\u6570\u5b57\u5185\u5bb9\u548c\u79fb\u52a8\u652f\u4ed8\u7b49\u65b0\u5174\u9886\u57df\u3002<br>  <\/li>\n\n\n\n<li><strong>AI\u96c6\u6210\u3002<\/strong>\u672c\u6708\u65e9\u4e9b\u65f6\u5019\uff0c\u4e2d\u56fd\u79fb\u52a8\u4e0e\u5176\u4ed6\u4e3b\u8981\u4e2d\u56fd\u7535\u4fe1\u516c\u53f8\u5ba3\u5e03\u5c06DeepSeek\u7684\u4eba\u5de5\u667a\u80fd\uff08AI\uff09\u6a21\u578b\u96c6\u6210\u81f3\u5176\u670d\u52a1\u548c\u4ea7\u54c1\u4e2d\u3002\u8fd9\u4e00\u4e3e\u63aa\u7b26\u5408\u4e2d\u56fd\u9876\u7ea7\u79d1\u6280\u4f01\u4e1a\u7684\u66f4\u5e7f\u6cdb\u8d8b\u52bf\uff0c\u5305\u62ec\u963f\u91cc\u5df4\u5df4\u96c6\u56e2\u3001\u817e\u8baf\u63a7\u80a1\u548c\u767e\u5ea6\u516c\u53f8\uff0c\u8fd9\u4e9b\u4f01\u4e1a\u6b63\u5728\u52a0\u5927\u5bf9DeepSeek\u6700\u65b0AI\u6a21\u578b\u7684\u652f\u6301\u529b\u5ea6\uff0c\u5e76\u5728\u5404\u81ea\u5e73\u53f0\u4e0a\u8fdb\u884c\u90e8\u7f72\u3002\u5c3d\u7ba1\u8fd9\u4e9b\u7535\u4fe1\u5de8\u5934\u5728\u8fc7\u53bb\u4e24\u5e74\u95f4\u5df2\u5f00\u59cb\u81ea\u4e3b\u5f00\u53d1\u5927\u8bed\u8a00\u6a21\u578b\uff08LLM\uff09\uff0c\u4ee5\u5e94\u5bf9\u5168\u7403\u7531OpenAI\u63a8\u52a8\u7684AI\u70ed\u6f6e\uff0c\u4f46\u4ed6\u4eec\u4e3b\u8981\u5229\u7528DeepSeek\u7684\u6a21\u578b\u6765\u652f\u6301\u4e91\u7aef\u5e94\u7528\u3002\u5c24\u5176\u662f\u4e2d\u56fd\u79fb\u52a8\uff0c\u5df2\u5c06DeepSeek\u4eceDeepSeek-V1\u5230\u6700\u65b0\u7684DeepSeek-R1\u7684\u5168\u5957\u6a21\u578b\u96c6\u6210\u5230\u5176\u8ba1\u7b97\u5e73\u53f0\u4e2d\uff0c\u4f7f\u5404\u7c7b\u4f01\u4e1a\u80fd\u591f\u8bbf\u95ee\u8fd9\u4e9b\u6a21\u578b\u3001\u90e8\u7f72\u5e94\u7528\u7a0b\u5e8f\u63a5\u53e3\uff08API\uff09\u5e76\u5728\u5176\u5e73\u53f0\u4e0a\u6784\u5efa\u65b0\u7684AI\u4ee3\u7406\u3002<br>  <\/li>\n\n\n\n<li><strong>\u667a\u80fd\u8bbe\u5907\u589e\u957f\u4e0e5G\u666e\u53ca\u3002<\/strong>2024\u5e74\uff0c\u4e2d\u56fd\u624b\u673a\u5e02\u573a\u5b9e\u73b0\u7a33\u5065\u589e\u957f\uff0c\u603b\u51fa\u8d27\u91cf\u540c\u6bd4\u589e\u957f8.7%\uff0c\u8fbe3.14\u4ebf\u90e8\u3002\u5176\u4e2d\uff0c2024\u5e7412\u6708\u51fa\u8d27\u91cf\u540c\u6bd4\u5927\u589e22.1%\uff0c\u8fbe3453\u4e07\u90e8\u30025G\u667a\u80fd\u624b\u673a\u4e3b\u5bfc\u5e02\u573a\uff0c\u536012\u6708\u603b\u51fa\u8d27\u91cf\u768488.1%\uff0c\u5168\u5e74\u603b\u51fa\u8d27\u91cf\u768486.6%\u3002\u8fd9\u4e00\u8d8b\u52bf\u53d7\u5230\u4e2d\u56fd5G\u57fa\u7840\u8bbe\u65bd\u5feb\u901f\u6269\u5f20\u7684\u652f\u6301\uff0c\u76ee\u524d\u5168\u56fd5G\u57fa\u7ad9\u5df2\u8d85\u8fc7425\u4e07\u5ea7\uff0c5G\u7528\u6237\u8d85\u8fc710\u4ebf\u4eba\u3002\u667a\u80fd\u8bbe\u5907\u7684\u666e\u53ca\uff0c\u7279\u522b\u662f5G\u667a\u80fd\u624b\u673a\u7684\u589e\u957f\uff0c\u9884\u8ba1\u5c06\u63a8\u52a8\u4e2d\u56fd\u79fb\u52a8\u7528\u6237\u57fa\u6570\u7684\u8fdb\u4e00\u6b65\u6269\u5927\uff0c\u66f4\u591a\u7528\u6237\u5c06\u5bfb\u6c42\u9ad8\u901f\u8fde\u63a5\u548c\u5148\u8fdb\u7684\u79fb\u52a8\u670d\u52a1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u6df1\u5316AI\u53d1\u5c55\u7684\u6218\u7565\u5408\u4f5c\u534f\u8bae\u3002<\/strong>\u4e2d\u56fd\u79fb\u52a8\u8fd1\u65e5\u5ba3\u5e03\u4e0e\u6210\u90fd\u5e02\u8fbe\u6210\u6218\u7565\u5408\u4f5c\u534f\u8bae\uff0c\u4ee5\u6df1\u5316\u591a\u9886\u57df\u5408\u4f5c\u3002\u6839\u636e\u534f\u8bae\uff0c\u53cc\u65b9\u5c06\u5728AI\u30015G-A\u548c\u4e0b\u4e00\u4ee3\u7f51\u7edc\u7b49\u57fa\u7840\u8bbe\u65bd\u5efa\u8bbe\u65b9\u9762\u52a0\u5f3a\u5408\u4f5c\uff0c\u63a8\u52a8\u6280\u672f\u521b\u65b0\u4e0e\u5546\u4e1a\u5316\uff0c\u5e76\u5728\u4f9b\u5e94\u94fe\u3001\u4ea7\u4e1a\u6295\u8d44\u3001\u667a\u80fd\u786c\u4ef6\u7b49\u9886\u57df\u6df1\u5316\u5408\u4f5c\u3002\u53cc\u65b9\u8fd8\u5c06\u63a2\u7d22\u667a\u6167\u57ce\u5e02\u3001\u6570\u636e\u4ea7\u4e1a\u30015G\u5de5\u4e1a\u4e92\u8054\u7f51\u5e94\u7528\u53ca\u4f4e\u7a7a\u7ecf\u6d4e\u7b49\u673a\u4f1a\uff0c\u52a9\u529b\u6210\u90fd\u5e02\u7535\u5b50\u4fe1\u606f\u548c\u97f3\u89c6\u9891\u5a31\u4e50\u4ea7\u4e1a\u7684\u9ad8\u8d28\u91cf\u53d1\u5c55\u3002\u8be5\u5408\u4f5c\u9884\u8ba1\u5c06\u8fdb\u4e00\u6b65\u63d0\u5347\u4e2d\u56fd\u79fb\u52a8\u5728\u4e2d\u56fdAI\u751f\u6001\u7cfb\u7edf\u4e2d\u7684\u7ade\u4e89\u529b\u3002<br>  <\/li>\n\n\n\n<li><strong>2024\u8d22\u5e74\u524d\u4e5d\u4e2a\u6708\u8d22\u52a1\u4e1a\u7ee9\u3002<\/strong>2024\u5e74\u524d\u4e5d\u4e2a\u6708\uff0c\u516c\u53f8\u6536\u5165\u540c\u6bd4\u589e\u957f2.0%\u81f3\u4eba\u6c11\u5e017915\u4ebf\u5143\uff0c\u800c2023\u5e74\u540c\u671f\u4e3a\u4eba\u6c11\u5e017756\u4ebf\u5143\u3002\u5f52\u5c5e\u4e8e\u80a1\u4e1c\u7684\u5229\u6da6\u540c\u6bd4\u589e\u957f5.1%\u81f3\u4eba\u6c11\u5e011109\u4ebf\u5143\uff0c2023\u5e74\u540c\u671f\u4e3a\u4eba\u6c11\u5e011055\u4ebf\u5143\u30022024\u5e74\u524d\u4e5d\u4e2a\u6708\u7684\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u4e3a\u4eba\u6c11\u5e015.18\u5143\uff0c\u800c2023\u5e74\u540c\u671f\u4e3a\u4eba\u6c11\u5e014.94\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-62519\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-blue-and-white-rectangular-box-with-white-text-36.png\" alt=\"A blue and white rectangular box with white text\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-blue-and-white-rectangular-box-with-white-text-36.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-blue-and-white-rectangular-box-with-white-text-36-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1157\" height=\"553\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-on-a-white-background-ai-generated-conten-5.jpeg\" alt=\"A graph on a white background\n\nAI-generated content may be incorrect.\" class=\"wp-image-62520\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-on-a-white-background-ai-generated-conten-5.jpeg 1157w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-on-a-white-background-ai-generated-conten-5-300x143.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-on-a-white-background-ai-generated-conten-5-1024x489.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-on-a-white-background-ai-generated-conten-5-768x367.jpeg 768w\" sizes=\"(max-width: 1157px) 100vw, 1157px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-20.png\" alt=\"\" class=\"wp-image-62521\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-20.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-20-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"us\"><a id=\"post-62470-_6xzuwbi3dcr\"><\/a><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"827\" height=\"105\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-21.png\" class=\"wp-image-62522\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-21.png 827w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-21-300x38.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-21-768x98.png 768w\" sizes=\"(max-width: 827px) 100vw, 827px\" \/><\/figure><\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u597d\u5e02\u591a (COST US)\uff1a\u6297\u901a\u80c0\u6e38\u620f<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a1,040 \u76ee\u6807\u4ef7\uff1a1,200\uff0c\u6b62\u635f\u4ef7\uff1a960<\/strong><br>  <\/li>\n\n\n\n<li>\u597d\u5e02\u591a\u6279\u767c\u516c\u53f8\u662f\u4e00\u5bb6\u6703\u54e1\u5236\u5009\u5132\u6279\u767c\u4ff1\u6a02\u90e8\u3002\u8a72\u516c\u53f8\u92b7\u552e\u5404\u985e\u98df\u54c1\u3001\u6c7d\u8eca\u7528\u54c1\u3001\u73a9\u5177\u3001\u4e94\u91d1\u7528\u54c1\u3001\u904b\u52d5\u7528\u54c1\u3001\u73e0\u5bf6\u3001\u96fb\u5b50\u7522\u54c1\u3001\u670d\u98fe\u3001\u5065\u5eb7\u8207\u7f8e\u5bb9\u7522\u54c1\uff0c\u4ee5\u53ca\u5176\u4ed6\u5404\u985e\u5546\u54c1\u3002Costco Wholesale \u70ba\u5168\u7403\u6d88\u8cbb\u8005\u63d0\u4f9b\u670d\u52d9\u3002<br>  <\/li>\n\n\n\n<li><strong>\u901a\u8139\u5347\u6eab\u7121\u7919\u826f\u597d\u92b7\u552e\u589e\u9577\u3002<\/strong>1 \u6708\u7684\u7f8e\u570b\u901a\u8139\u4f9d\u7136\u9ad8\u4f01\uff0c\u540c\u6642\u7f8e\u570b\u7684\u96f6\u552e\u6309\u6708\u4e0b\u8dcc 0.9%\uff0c\u6309\u5e74\u4e0a\u5347 4.2%\u3002\u516c\u53f8\u5728\u7f8e\u570b\u7684 1 \u6708\u53ef\u6bd4\u6de8\u92b7\u552e\u540c\u6bd4\u4e0a\u5347 9.2% \u81f3 195.1 \u5104\u7f8e\u5143\u300236% \u7684\u516c\u53f8\u6703\u54e1\u5e74\u6536\u5165\u8d85\u904e 12.5 \u842c\u7f8e\u5143\uff0c\u8a72\u7fa4\u9ad4\u53d7\u901a\u8139\u5f71\u97ff\u76f8\u5c0d\u8f03\u5c11\uff0c\u800c\u4e14\u6d88\u8cbb\u7fd2\u6163\u8f03\u70ba\u7a69\u5b9a\u3002\u56e0\u516c\u53f8\u4e3b\u8981\u76ee\u6a19\u5ba2\u6236\u7fa4\u9ad4\u662f\u76f8\u5c0d\u9ad8\u6536\u5165\u4eba\u7fa4\uff0c\u56e0\u6b64\u6703\u54e1\u7559\u5b58\u7387\u9ad8\u3002<br>  <\/li>\n\n\n\n<li><strong>\u540c\u6642\u5177\u6709\u9632\u79a6\u53ca\u589e\u9577\u5c6c\u6027\u3002<\/strong>\u516c\u53f8\u696d\u52d9\u6a21\u5f0f\u6709\u5225\u65bc\u4e00\u822c\u5927\u578b\u8d85\u5e02\u901a\u904e\u8584\u5229\u591a\u92b7\u4f86\u7dad\u6301\u7d93\u71df\uff0c\u597d\u5e02\u591a\u7dad\u6301\u8d85\u4f4e\u6279\u767c\u50f9\u683c\uff0c\u800c\u5176\u4e3b\u8981\u76c8\u5229\u4f86\u6e90\u662f\u6703\u54e1\u8cbb\uff0c\u6703\u54e1\u6578\u7684\u589e\u9577\u53ca\u6703\u54e1\u8cbb\u63d0\u9ad8\u662f\u9577\u671f\u589e\u9577\u9a45\u52d5\u3002\u622a\u81f3 2024 \u5e74 12 \u6708\uff0c\u4ed8\u8cbb\u5bb6\u5ead\u6703\u54e1\u6578\u9054\u5230 7,740 \u842c\u6236\uff0c\u540c\u6bd4\u589e\u9577\u7d04 8%\uff0c\u6301\u5361\u4eba\u7e3d\u6578\u9054 1.388 \u5104\u3002\u5168\u7403\u6703\u54e1\u7e8c\u7d04\u7387\u70ba 90.4%\u3002\u6b64\u5916\uff0c\u81ea 2024 \u5e74 9 \u6708 1 \u65e5\u8d77\uff0c\u5728\u7f8e\u570b\u53ca\u52a0\u62ff\u5927\u7684\u6703\u54e1\u8cbb\u4e0a\u8abf\uff0c\u5176\u4e2d\u666e\u901a\u6703\u54e1\u5e74\u8cbb\u5f9e 60 \u7f8e\u5143\u4e0a\u8abf\u81f3 65 \u7f8e\u5143\uff0c\u9ad8\u7d1a\u6703\u54e1\u5e74\u8cbb\u5f9e 120 \u7f8e\u5143\u4e0a\u8abf\u81f3 130 \u7f8e\u5143\u3002\u97d3\u570b\u7684\u6703\u54e1\u8cbb\u5c07\u5728 2025 \u5e74 5 \u6708\u4e0a\u8abf 7.5% \u81f3 15.2%\u3002\u76ee\u524d\u516c\u53f8\u5728 13 \u500b\u570b\u5bb6\u7d93\u71df 897 \u9593\u5009\u5eab\uff0c\u4e26\u8a08\u5283 2025 \u5e74\u958b\u8a2d 29 \u9593\u65b0\u5009\u5eab\uff0c\u5176\u4e2d\u7f8e\u570b\u5883\u5916\u70ba 12 \u9593\u3002<br>  <\/li>\n\n\n\n<li><strong>25 \u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\u3002<\/strong>\u8425\u6536\u540c\u6bd4\u589e\u957f 7.5%\uff0c\u8fbe 621.5 \u4ebf\u7f8e\u5143\uff0c\u8d85\u51fa\u5e02\u573a\u9884\u671f 1.5 \u4ebf\u7f8e\u5143\u3002Non-GAAP \u6bcf\u80a1\u6536\u76ca\u4e3a 3.82 \u7f8e\u5143\uff0c\u9ad8\u4e8e\u5e02\u573a\u9884\u671f 0.03 \u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-blue-and-white-rectangular-object-with-numbers-10.png\" alt=\"A blue and white rectangular object with numbers\n\nAI-generated content may be incorrect.\" class=\"wp-image-62523\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-blue-and-white-rectangular-object-with-numbers-10.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-blue-and-white-rectangular-object-with-numbers-10-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1082\" height=\"552\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-on-a-screen-ai-generated-content-may-be-i-5.jpeg\" alt=\"A graph on a screen\n\nAI-generated content may be incorrect.\" class=\"wp-image-62524\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-on-a-screen-ai-generated-content-may-be-i-5.jpeg 1082w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-on-a-screen-ai-generated-content-may-be-i-5-300x153.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-on-a-screen-ai-generated-content-may-be-i-5-1024x522.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-on-a-screen-ai-generated-content-may-be-i-5-768x392.jpeg 768w\" sizes=\"(max-width: 1082px) 100vw, 1082px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"940\" height=\"200\" alt=\"A long line of a flag\n\nDescription automatically generated with medium confidence\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-long-line-of-a-flag-description-automatically-g-23.png\" class=\"wp-image-62525\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-long-line-of-a-flag-description-automatically-g-23.png 940w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-long-line-of-a-flag-description-automatically-g-23-300x64.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-long-line-of-a-flag-description-automatically-g-23-768x163.png 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/><\/figure><strong> <\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5e15\u7f57\u5965\u56fe\u7f51\u8def\u516c\u53f8(PANW US)\uff1a\u7a33\u56fa\u7f51\u7edc\u5b89\u5168\u9f99\u5934\u5730\u4f4d<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a190 \u76ee\u6807\u4ef7\uff1a220\uff0c\u6b62\u635f\u4ef7\uff1a175<\/strong><br>  <\/li>\n\n\n\n<li>\u5e15\u7f57\u5965\u56fe\u7f51\u8def\u516c\u53f8\u662f\u4e00\u5bb6\u4e13\u6ce8\u4e8e\u7f51\u7edc\u5b89\u5168\u89e3\u51b3\u65b9\u6848\u7684\u8de8\u56fd\u4f01\u4e1a\uff0c\u4e3b\u8981\u63d0\u4f9b\u9632\u706b\u5899\u3001\u4e91\u7aef\u5b89\u5168\u3001\u7aef\u70b9\u9632\u62a4\u4ee5\u53ca\u5a01\u80c1\u60c5\u62a5\u7b49\u4ea7\u54c1\u4e0e\u670d\u52a1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u9884\u8ba12025\u5e74\u5168\u7403\u4e91\u652f\u51fa\u9ad8\u901f\u589e\u957f\u3002<\/strong>\u6839\u636eGartner\u7684\u6700\u65b0\u9884\u6d4b\uff0c\u5168\u7403\u7ec8\u7aef\u7528\u6237\u5728\u516c\u5171\u4e91\u670d\u52a1\u4e0a\u7684\u652f\u51fa\u9884\u8ba1\u5c06\u4ece2024\u5e74\u76845,957\u4ebf\u7f8e\u5143\u589e\u957f\u81f32025\u5e74\u76847,234\u4ebf\u7f8e\u5143\u3002\u5728\u7f51\u7edc\u5b89\u5168\u4e0a\u7684\u652f\u51fa\u5c06\u4ece2024\u5e74\u76841,839\u4ebf\u7f8e\u5143\u589e\u957f\u81f32025\u5e74\u76842,120\u4ebf\u7f8e\u5143\u3002\u968f\u7740\u4eba\u5de5\u667a\u80fd\u7684\u666e\u53ca\uff0c\u8d8a\u6765\u8d8a\u591a\u7684\u6295\u8d44\u6d41\u5165\u5b89\u5168\u8f6f\u4ef6\u5e02\u573a\uff0c\u5305\u62ec\u5e94\u7528\u7a0b\u5e8f\u5b89\u5168\u3001\u6570\u636e\u5b89\u5168\u4e0e\u9690\u79c1\u4fdd\u62a4\uff0c\u4ee5\u53ca\u57fa\u7840\u8bbe\u65bd\u4fdd\u62a4\u7b49\u9886\u57df\u3002\u7f51\u7edc\u5b89\u5168\u5e02\u573a\u9884\u8ba1\u57282030\u5e74\u4e4b\u524d\u5c06\u4ee511%\u7684\u5e74\u5747\u589e\u957f\u7387\u589e\u957f\u3002 <br>  <\/li>\n\n\n\n<li><strong>\u9632\u706b\u5899\u5e02\u573a\u9f99\u5934\u3002 <\/strong>\u516c\u53f8\u5728\u9632\u706b\u5899\u5e02\u573a\u7684\u5360\u6709\u7387\u7ea6\u4e3a20%\uff0c\u5168\u7403\u62e5\u6709\u8d85\u8fc78\u4e07\u5bb6\u5ba2\u6237\uff0c\u6db5\u76d6\u5927\u4f01\u4e1a\u3001\u653f\u5e9c\u673a\u6784\u53ca\u91d1\u878d\u673a\u6784\u7b49\u591a\u5143\u5316\u884c\u4e1a\u3002\u516c\u53f8\u7684\u5ba2\u6237\u7ef4\u7cfb\u7387\u8d85\u8fc790%\uff0c\u663e\u793a\u51fa\u5176\u4ea7\u54c1\u7684\u9ad8\u9700\u6c42\u548c\u7a33\u5b9a\u6027\u3002\u5176\u4e91\u7aef\u5b89\u5168\u5e73\u53f0\uff08\u5305\u62ecPrisma Cloud\u548cCortex XSOAR\uff09\u6b63\u5728\u5e02\u573a\u4e0a\u5feb\u901f\u6269\u5c55\u3002\u57282024\u5e74\u7b2c\u56db\u5b63\u5ea6\uff0cPrisma Cloud\u7684\u5e74\u589e\u957f\u7387\u8fbe\u5230\u4e8638%\u3002<br>  <\/li>\n\n\n\n<li><strong>40\u6cd5\u5219\u3002<\/strong>40\u6cd5\u5219\u662f\u8861\u91cf\u8f6f\u4ef6\u5373\u670d\u52a1\uff08SaaS\uff09\u516c\u53f8\u76c8\u5229\u80fd\u529b\u548c\u6210\u957f\u6027\u7684\u5173\u952e\u6307\u6807\u3002\u8be5\u516c\u53f8\u6700\u65b0\u4e00\u5b63\u5ea6\u7684\u8425\u6536\u589e\u957f\u7387\u4e0eEBITDA\u5229\u6da6\u7387\u4e4b\u548c\u8fbe\u523048.6\uff0c\u8868\u73b0\u4f18\u4e8e\u5e02\u573a\u9884\u671f\u3002<br>  <\/li>\n\n\n\n<li><strong>25 \u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u3002 <\/strong>\u8425\u6536\u540c\u6bd4\u589e\u957f14.1%\uff0c\u8fbe22.6\u4ebf\u7f8e\u5143\uff0c\u8d85\u51fa\u5e02\u573a\u9884\u671f2,000\u4e07\u7f8e\u5143\u3002Non-GAAP\u6bcf\u80a1\u6536\u76ca\u4e3a0.81\u7f8e\u5143\uff0c\u9ad8\u4e8e\u5e02\u573a\u9884\u671f0.03\u7f8e\u5143\u3002 \u516c\u53f8\u4e0a\u8c032025\u8d22\u5e74\u5168\u5e74\u8425\u6536\u9884\u671f\u81f391.4\u4ebf\u81f391.9\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e\u6b64\u524d\u9884\u6d4b\u768491.2\u4ebf\u81f391.7\u4ebf\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-blue-and-white-rectangular-object-with-numbers-11.png\" alt=\"A blue and white rectangular object with numbers\n\nAI-generated content may be incorrect.\" class=\"wp-image-62526\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-blue-and-white-rectangular-object-with-numbers-11.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-blue-and-white-rectangular-object-with-numbers-11-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"970\" height=\"552\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-showing-a-price-ai-generated-content-may-1.jpeg\" alt=\"A graph showing a price\n\nAI-generated content may be incorrect.\" class=\"wp-image-62527\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-showing-a-price-ai-generated-content-may-1.jpeg 970w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-showing-a-price-ai-generated-content-may-1-300x171.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-graph-showing-a-price-ai-generated-content-may-1-768x437.jpeg 768w\" sizes=\"(max-width: 970px) 100vw, 970px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\" title=\"\">^ Back To Top<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-62470-_va9jaog5jnw3\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-27.png\" class=\"wp-image-62528\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-27.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-27-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/h3>\n\n\n\n<figure class=\"wp-block-image\" id=\"td\"><img loading=\"lazy\" decoding=\"async\" width=\"618\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-28.png\" alt=\"\" class=\"wp-image-62529\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-28.png 618w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/word-image-62470-28-300x62.png 300w\" sizes=\"(max-width: 618px) 100vw, 618px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Trading Dashboard Update: <\/strong>Add China Mobile Ltd (941 HK) at HK$79. Cut loss on Snowflake Inc (SNOW US) at US$165.\n<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"943\" height=\"460\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-screenshot-of-a-data-table-ai-generated-content-1.png\" alt=\"A screenshot of a data table\n\nAI-generated content may be incorrect.\" class=\"wp-image-62530\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-screenshot-of-a-data-table-ai-generated-content-1.png 943w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-screenshot-of-a-data-table-ai-generated-content-1-300x146.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/02\/a-screenshot-of-a-data-table-ai-generated-content-1-768x375.png 768w\" sizes=\"(max-width: 943px) 100vw, 943px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-56591-_tiry8p5xvcqk\"><\/a><\/h3>\n\n\n\n<div class=\"wp-block-uagb-image alignleft uagb-block-971ecb1b wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-left\"><figure class=\"wp-block-uagb-image__figure\"><a class=\"\" href=\"https:\/\/www.kgieworld.sg\/research\/KGISGWA\" target=\"\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/Get-more-from-KGI-on-WhatsApp.png ,https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/Get-more-from-KGI-on-WhatsApp.png 780w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/Get-more-from-KGI-on-WhatsApp.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/Get-more-from-KGI-on-WhatsApp.png\" alt=\"\" class=\"uag-image-59753\" width=\"637\" height=\"174\" title=\"Get more from KGI on WhatsApp.\" loading=\"lazy\" role=\"img\"\/><\/a><\/figure><\/div>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/t.me\/kgisg\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-69.png\" alt=\"\" class=\"wp-image-15031\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-69.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-69-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/a><\/figure>\n\n\n","protected":false},"excerpt":{"rendered":"<p>\u65b0\u52a0\u5761\u80a1\u7968\u63a8\u8350 | \u9999\u6e2f\u80a1\u7968\u63a8\u8350 | \u7f8e\u80a1\u63a8\u8350 | \u884c\u4e1a\u677f\u5757\u8868\u73b0 | \u4ea4\u6613\u9f99\u864e\u699c \u7f8e\u56fd \u9999\u6e2f ^ Back To Top \u65b0\u79d1\u5de5\u7a0b (STE SP)\uff1a24 \u5e74\u7b2c\u56db\u5b63\u5ea6\u65b0\u7b7e\u5408\u540c (Source: Bloomberg) \u661f\u5c55\u96c6\u56e2 (DBS SP)\uff1a2025\u5e74\u9884\u7b97\u6848\u63d0\u632f\u7ecf\u6d4e (Source: Bloomberg) \u56db\u5ddd\u767e\u8336\u767e\u9053\u5b9e\u4e1a\u80a1\u4efd\u6709\u9650\u516c\u53f8 (2555 HK)\uff1a\u4e2d\u56fd\u8336\u996e\u5e02\u573a\u4e50\u89c2\u60c5\u7eea (Source: Bloomberg) \u4e2d\u56fd\u79fb\u52a8 (941 HK)\uff1a\u4eba\u5de5\u667a\u80fd\u8d44\u672c\u652f\u51fa\u63a8\u52a8\u6570\u636e\u4e2d\u5fc3\u9700\u6c42 (Source: Bloomberg) \u597d\u5e02\u591a (COST US)\uff1a\u6297\u901a\u80c0\u6e38\u620f (Source: Bloomberg) \u5e15\u7f57\u5965\u56fe\u7f51\u8def\u516c\u53f8(PANW US)\uff1a\u7a33\u56fa\u7f51\u7edc\u5b89\u5168\u9f99\u5934\u5730\u4f4d (Source: Bloomberg) ^ Back To Top Trading Dashboard Update: Add China Mobile [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":38071,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[13],"tags":[],"class_list":["post-62470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kgi-daily-trading-ideas-chinese"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.8 - aioseo.com -->\n\t<meta name=\"description\" content=\"\u65b0\u52a0\u5761\u80a1\u7968\u63a8\u8350 | \u9999\u6e2f\u80a1\u7968\u63a8\u8350 | \u7f8e\u80a1\u63a8\u8350 | \u884c\u4e1a\u677f\u5757\u8868\u73b0 | \u4ea4\u6613\u9f99\u864e\u699c \u7f8e\u56fd \u9999\u6e2f ^ Back To Top \u65b0\u79d1\u5de5\u7a0b (STE SP)\uff1a24 \u5e74\u7b2c\u56db\u5b63\u5ea6\u65b0\u7b7e\u5408\u540c \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a5.00\uff0c\u76ee\u6807\u4ef7\uff1a5.40\uff0c\u6b62\u635f\u4ef7\uff1a4.80 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2\u670818\u65e5\uff0c\u674e\u663e\u9f99\u603b\u7406\u5ba3\u5e03\u4e86\u4e00\u7cfb\u5217\u9488\u5bf9\u65b0\u52a0\u5761\u516c\u6c11\u548c\u4f01\u4e1a\u7684\u798f\u5229\u63aa\u65bd\uff0c\u5305\u62ec\u8d2d\u7269\u5238\u3001\u8865\u8d34\u3001\u7a0e\u6536\u51cf\u514d\u548c\u66f4\u9ad8\u7684\u5de5\u8d44\u8865\u8d34\u30022025\u5e74\u65b0\u52a0\u5761\u9884\u7b97\u6848\u63a8\u51fa\u7684\u63aa\u65bd\u6709\u671b\u901a\u8fc7\u523a\u6fc0\u7ecf\u6d4e\u6d3b\u52a8\u548c\u6539\u5584\u4fe1\u8d37\u72b6\u51b5\u6765\u63d0\u632f\u672c\u5730\u94f6\u884c\u3002\u5305\u62ec\u589e\u52a0\u5bf9\u91cd\u70b9\u57fa\u91d1\u7684\u62e8\u6b3e\u5728\u5185\u7684\u57fa\u7840\u8bbe\u65bd\u6295\u8d44\uff0c\u53ef\u80fd\u4f1a\u63a8\u52a8\u66f4\u9ad8\u7684\u8d37\u6b3e\u9700\u6c42\u3002\u9488\u5bf9\u4e2d\u5c0f\u4f01\u4e1a\u768450%\u4f01\u4e1a\u7a0e\u56de\u6263\u53ef\u80fd\u4f1a\u7f13\u89e3\u5176\u8d22\u52a1\u538b\u529b\uff0c\u964d\u4f4e\u94f6\u884c\u7684\u8d44\u4ea7\u8d28\u91cf\u98ce\u9669\u3002\u4ee5\u6d88\u8d39\u8005\u4e3a\u4e2d\u5fc3\u7684\u4e3e\u63aa\u53ef\u4ee5\u652f\u6301\u6d88\u8d39\uff0c\u540c\u65f6\u7f13\u89e3\u901a\u80c0\u98ce\u9669\uff0c\u4ece\u800c\u964d\u4f4e\u4e0d\u826f\u8d37\u6b3e\u3002\u6b64\u5916\uff0c\u9f13\u52b1\u65b0\u4ea4\u6240\u4e0a\u5e02\u548c\u57fa\u91d1\u7ba1\u7406\u7684\u6fc0\u52b1\u63aa\u65bd\u53ef\u80fd\u4f1a\u4fc3\u8fdb\u8d44\u672c\u5e02\u573a\u6d3b\u52a8\uff0c\u4f7f\u94f6\u884c\u53d7\u76ca\u4e8e\u4ea4\u6613\u91cf\u589e\u52a0\u548c\u5bf9\u91d1\u878d\u4ea7\u54c1\u9700\u6c42\u7684\u589e\u957f\u3002\u603b\u4f53\u800c\u8a00\uff0c\u9884\u7b97\u63aa\u65bd\u9884\u8ba1\u5c06\u4e3a\u65b0\u52a0\u5761\u94f6\u884c\u4e1a\u521b\u9020\u6709\u5229\u7684\u73af\u5883\uff0c\u63a8\u52a8\u8d37\u6b3e\u589e\u957f\uff0c\u6539\u5584\u8d44\u4ea7\u8d28\u91cf\uff0c\u5e76\u652f\u6301\u66f4\u5e7f\u6cdb\u7684\u91d1\u878d\u4e1a\u6d3b\u52a8\u3002 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Shan\u5c06\u63a5\u66ff\u4ed6\u7684\u804c\u4f4d\u3002\u661f\u5c55\u94f6\u884c\u7684\u9886\u5bfc\u5c42\u53d8\u52a8\u9884\u793a\u7740\u4e00\u9879\u65e8\u5728\u4fdd\u6301\u589e\u957f\u5e76\u52a0\u5f3a\u5176\u8fd0\u8425\u548c\u6570\u5b57\u5316\u8f6c\u578b\u7684\u6218\u7565\u8fc7\u6e21\u3002\u661f\u5c55\u94f6\u884c\u7684\u9886\u5bfc\u5c42\u53d8\u52a8\u5f3a\u5316\u4e86\u5176\u5bf9\u6570\u5b57\u5316\u8f6c\u578b\u3001\u8fd0\u8425\u6548\u7387\u548c\u6cbb\u7406\u7684\u627f\u8bfa\uff0c\u786e\u4fdd\u5728\u4e0d\u65ad\u53d8\u5316\u7684\u5168\u7403\u94f6\u884c\u4e1a\u8d8b\u52bf\u4e2d\u6301\u7eed\u589e\u957f\u3002\u5728\u65b0\u6267\u884c\u56e2\u961f\u7684\u9886\u5bfc\u4e0b\uff0c\u8be5\u94f6\u884c\u6709\u671b\u4fdd\u6301\u76c8\u5229\u80fd\u529b\u548c\u5e02\u573a\u9886\u5148\u5730\u4f4d\u3002 \u5728\u521b\u7eaa\u5f55\u5229\u6da6\u4e4b\u9645\u53d1\u653e\u7279\u522b\u5956\u91d1\u548c\u8d44\u672c\u56de\u62a5\u3002\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Jiong Han Lee\"\/>\n\t<meta name=\"keywords\" content=\"kgi daily trading ideas (chinese)\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-28-feb-2025-zh\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.8\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"KGI Singapore Research \u2022 Singapore&#039;s leading broker offering Futures, FX, Equities and Wealth Management.\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"2025\u5e742\u670828\u65e5: \u65b0\u79d1\u5de5\u7a0b (STE SP), \u56db\u5ddd\u767e\u8336\u767e\u9053\u5b9e\u4e1a\u80a1\u4efd\u6709\u9650\u516c\u53f8 (2555 HK), \u597d\u5e02\u591a (COST US) \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"\u65b0\u52a0\u5761\u80a1\u7968\u63a8\u8350 | \u9999\u6e2f\u80a1\u7968\u63a8\u8350 | \u7f8e\u80a1\u63a8\u8350 | \u884c\u4e1a\u677f\u5757\u8868\u73b0 | \u4ea4\u6613\u9f99\u864e\u699c \u7f8e\u56fd \u9999\u6e2f ^ Back To Top \u65b0\u79d1\u5de5\u7a0b (STE SP)\uff1a24 \u5e74\u7b2c\u56db\u5b63\u5ea6\u65b0\u7b7e\u5408\u540c \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a5.00\uff0c\u76ee\u6807\u4ef7\uff1a5.40\uff0c\u6b62\u635f\u4ef7\uff1a4.80 \u65b0\u79d1\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u5168\u7403\u6027\u7684\u6280\u672f\uff0c\u56fd\u9632\u548c\u5de5\u7a0b\u96c6\u56e2\u3002\u8be5\u516c\u53f8\u901a\u8fc7\u5176\u5728\u822a\u7a7a\u822a\u5929\u3001\u667a\u6167\u57ce\u5e02\u3001\u56fd\u9632\u548c\u516c\u5171\u5b89\u5168\u9886\u57df\u7684\u591a\u5143\u5316\u4e1a\u52a1\u7ec4\u5408\uff0c\u5229\u7528\u6280\u672f\u548c\u521b\u65b0\u6765\u89e3\u51b3\u95ee\u9898\u5e76\u6539\u5584\u751f\u6d3b\u3002\u65b0\u79d1\u5de5\u7a0b\u670d\u52a1\u4e8e\u5168\u7403\u5ba2\u6237\u3002 \u65b0\u7b7e\u5408\u540c\u989d\u8fbe43\u4ebf\u65b0\u5143\u3002 \u65b0\u52a0\u5761\u79d1\u6280\u5de5\u7a0b\u516c\u53f8\uff08ST Engineering\uff09\u672c\u6708\u521d\u5ba3\u5e03\uff0c\u57282024\u5e74\u7b2c\u56db\u5b63\u5ea6\u83b7\u5f97\u4e86\u603b\u989d43\u4ebf\u65b0\u5143\u7684\u65b0\u5408\u540c\u3002\u5176\u4e2d\u5305\u62ec\u6765\u81ea\u5546\u4e1a\u822a\u7a7a\u9886\u57df\u768418\u4ebf\u65b0\u5143\u3001\u6765\u81ea\u56fd\u9632\u548c\u516c\u5171\u5b89\u5168\u9886\u57df\u768417\u4ebf\u65b0\u5143\uff0c\u4ee5\u53ca\u6765\u81ea\u57ce\u5e02\u89e3\u51b3\u65b9\u6848\u548c\u536b\u661f\u901a\u4fe1\u9886\u57df\u76847\u4ebf\u65b0\u5143\u3002\u5546\u4e1a\u822a\u7a7a\u90e8\u95e8\u5728\u5176\u7ef4\u62a4\u3001\u7ef4\u4fee\u548c\u5927\u4fee\uff08MRO\uff09\u4ee5\u53ca\u822a\u7a7a\u7ed3\u6784\u548c\u7cfb\u7edf\u5b50\u90e8\u95e8\u83b7\u5f97\u4e86\u591a\u9879\u5408\u540c\uff0c\u5176\u4e2d\u5305\u62ec\u4e0e\u5370\u5ea6\u4f4e\u6210\u672c\u822a\u7a7a\u516c\u53f8Akasa Air\u8fbe\u6210\u7684\u4e3a\u671f15\u5e74\u7684\u72ec\u5bb6\u534f\u8bae\u3002\u6301\u7eed\u5f3a\u52b2\u7684\u8ba2\u5355\u91cf\u51f8\u663e\u4e86\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u7a33\u56fa\u7684\u5e02\u573a\u5730\u4f4d\u4ee5\u53ca\u5728\u5f3a\u52b2\u7684\u822a\u7a7a\u4e1a\u589e\u957f\u63a8\u52a8\u4e0b\uff0c\u5e02\u573a\u5bf9\u822a\u7a7a\u89e3\u51b3\u65b9\u6848\u7684\u6301\u7eed\u9700\u6c42\u3002 \u4e0e\u5927\u97e9\u822a\u7a7a\u7b7e\u8ba2LEAP-1B\u53d1\u52a8\u673aMRO\u5408\u540c\u3002 \u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u7684\u5546\u4e1a\u822a\u7a7a\u4e1a\u52a1\u5df2\u7b7e\u7f72\u4e00\u4efd\u4e3a\u671f\u4e94\u5e74\u7684MRO\u5408\u540c\uff0c\u4e3a\u5927\u97e9\u822a\u7a7a\u6ce2\u97f3737 MAX\u673a\u961f\u7684CFM LEAP-1B\u53d1\u52a8\u673a\u63d0\u4f9b\u652f\u6301\u3002\u8fd9\u6807\u5fd7\u7740\u8be5\u516c\u53f8\u9996\u6b21\u4e0e\u97e9\u56fd\u7684\u65d7\u8230\u822a\u7a7a\u516c\u53f8\u7b7e\u8ba2\u5408\u540c\u3002\u6839\u636e\u534f\u8bae\uff0c\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u5c06\u4ece\u5176\u4f4d\u4e8e\u65b0\u52a0\u5761\u7684MRO\u8bbe\u65bd\u63d0\u4f9b\u5feb\u901f\u5468\u8f6c\u670d\u52a1\uff0c\u5305\u62ec\u9ad8\u538b\u6da1\u8f6e\u673a\uff08HPT\uff09\u7ef4\u4fee\u548c\u6027\u80fd\u6062\u590d\u8f66\u95f4\u8bbf\u95ee\uff08PRSV\uff09\u670d\u52a1\u3002\u8be5\u5408\u540c\u589e\u5f3a\u4e86\u5927\u97e9\u822a\u7a7a\u5bf9\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u4f5c\u4e3a\u9ad8\u8d28\u91cf\u53d1\u52a8\u673a\u670d\u52a1\u53ef\u9760\u5408\u4f5c\u4f19\u4f34\u7684\u4fe1\u5fc3\uff0c\u4ece\u800c\u652f\u6301\u8be5\u822a\u7a7a\u516c\u53f8\u7684\u957f\u671f\u589e\u957f\u8ba1\u5212\u3002 \u4e0e\u54c8\u8428\u514b\u65af\u5766Paramount Engineering\uff08KPE\uff09\u5efa\u7acb\u6218\u7565\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u3002 \u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u7684\u56fd\u9645\u56fd\u9632\u4e1a\u52a1\u5df2\u4e0e\u54c8\u8428\u514b\u65af\u5766Paramount Engineering\uff08KPE\uff09\u5efa\u7acb\u4e86\u6218\u7565\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\uff0c\u4ee5\u5efa\u7acb\u65b0\u578b\u519b\u7528\u8f66\u8f86\u7684\u751f\u4ea7\u80fd\u529b\u3002\u8fd9\u6b3e\u4e24\u6816\u591a\u7528\u9014\u88c5\u7532\u8f66\u5c06\u5728KPE\u4f4d\u4e8e\u54c8\u8428\u514b\u65af\u5766\u7684\u5de5\u5382\u751f\u4ea7\uff0c\u8be5\u8f66\u578b\u57fa\u4e8e\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u4e45\u7ecf\u8003\u9a8c\u7684Terrex\u6b65\u5175\u6218\u8f66\uff0c\u8be5\u6218\u8f66\u8bbe\u8ba1\u7528\u4e8e\u5728\u5f00\u653e\u6c34\u57df\u6761\u4ef6\u4e0b\u6709\u6548\u8fd0\u884c\u3002\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u5c06\u4e3a\u751f\u4ea7\u63d0\u4f9b\u5de5\u7a0b\u548c\u6280\u672f\u652f\u6301\uff0c\u9884\u8ba1\u5c06\u4e8e2025\u5e74\u5f00\u59cb\u3002\u8fd9\u6807\u5fd7\u7740\u8be5\u516c\u53f8\u8fdb\u5165\u4e2d\u4e9a\u5e02\u573a\u2014\u2014\u8fd9\u662f\u5176\u9996\u6b21\u4e0e\u8be5\u5730\u533a\u6388\u6743\u5408\u4f5c\u4f19\u4f34\u7b7e\u8ba2\u56fd\u9632\u8f66\u8f86\u5408\u540c\u2014\u2014\u5e76\u5de9\u56fa\u4e86\u5176\u901a\u8fc7\u672c\u5730\u5316\u3001\u5f53\u5730\u652f\u6301\u548c\u884c\u4e1a\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u63a8\u52a8\u589e\u957f\u7684\u6218\u7565\u3002 2024\u5e74\u7b2c\u4e09\u5b63\u4e1a\u7ee9\u56de\u987e\u3002 2024\u5e74\u7b2c\u4e09\u5b63\uff0c\u8425\u6536\u540c\u6bd4\u589e\u957f14.3%\uff0c\u8fbe\u523027.82\u4ebf\u65b0\u5143\uff0c\u800c2023\u5e74\u7b2c\u4e09\u5b63\u4e3a24.33\u4ebf\u65b0\u5143\uff0c\u8fd9\u4e3b\u8981\u5f97\u76ca\u4e8e\u5176\u5546\u4e1a\u822a\u7a7a\u4ee5\u53ca\u56fd\u9632\u548c\u516c\u5171\u5b89\u5168\u90e8\u95e8\u7684\u4e24\u4f4d\u6570\u540c\u6bd4\u589e\u957f\u3002\u7b2c\u4e09\u5b63\uff0c\u5176\u5546\u4e1a\u822a\u7a7a\u6536\u5165\u540c\u6bd4\u589e\u957f30.8%\uff0c\u8fbe\u523012.7\u4ebf\u65b0\u5143\uff0c\u56fd\u9632\u548c\u516c\u5171\u5b89\u5168\u6536\u5165\u540c\u6bd4\u589e\u957f7.3%\uff0c\u8fbe\u523010.5\u4ebf\u65b0\u5143\u3002 \u5e02\u573a\u5171\u8bc6\u3002 (Source: Bloomberg) \u661f\u5c55\u96c6\u56e2 (DBS SP)\uff1a2025\u5e74\u9884\u7b97\u6848\u63d0\u632f\u7ecf\u6d4e \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a44\uff0c\u76ee\u6807\u4ef7\uff1a48\uff0c\u6b62\u635f\u4ef7\uff1a42 \u661f\u5c55\u96c6\u56e2\u63a7\u80a1\u6709\u9650\u516c\u53f8\u53ca\u5176\u9644\u5c5e\u516c\u53f8\u63d0\u4f9b\u5404\u79cd\u91d1\u878d\u670d\u52a1\u3002\u8be5\u516c\u53f8\u63d0\u4f9b\u7684\u670d\u52a1\u5305\u62ec\u62b5\u62bc\u8d37\u6b3e\u878d\u8d44\u3001\u79df\u8d41\u548c\u79df\u8d41\u8d2d\u4e70\u878d\u8d44\u3001\u59d4\u6258\u548c\u53d7\u6258\u4eba\u3001\u57fa\u91d1\u7ba1\u7406\u3001\u4f01\u4e1a\u54a8\u8be2\u548c\u7ecf\u7eaa\u3002\u661f\u5c55\u96c6\u56e2\u8fd8\u62c5\u4efb\u65b0\u52a0\u5761\u653f\u5e9c\u8bc1\u5238\u7684\u4e00\u7ea7\u4ea4\u6613\u5546\u3002 \u9884\u7b97\u6848\u7684\u6f5c\u5728\u5229\u597d\u3002 2\u670818\u65e5\uff0c\u674e\u663e\u9f99\u603b\u7406\u5ba3\u5e03\u4e86\u4e00\u7cfb\u5217\u9488\u5bf9\u65b0\u52a0\u5761\u516c\u6c11\u548c\u4f01\u4e1a\u7684\u798f\u5229\u63aa\u65bd\uff0c\u5305\u62ec\u8d2d\u7269\u5238\u3001\u8865\u8d34\u3001\u7a0e\u6536\u51cf\u514d\u548c\u66f4\u9ad8\u7684\u5de5\u8d44\u8865\u8d34\u30022025\u5e74\u65b0\u52a0\u5761\u9884\u7b97\u6848\u63a8\u51fa\u7684\u63aa\u65bd\u6709\u671b\u901a\u8fc7\u523a\u6fc0\u7ecf\u6d4e\u6d3b\u52a8\u548c\u6539\u5584\u4fe1\u8d37\u72b6\u51b5\u6765\u63d0\u632f\u672c\u5730\u94f6\u884c\u3002\u5305\u62ec\u589e\u52a0\u5bf9\u91cd\u70b9\u57fa\u91d1\u7684\u62e8\u6b3e\u5728\u5185\u7684\u57fa\u7840\u8bbe\u65bd\u6295\u8d44\uff0c\u53ef\u80fd\u4f1a\u63a8\u52a8\u66f4\u9ad8\u7684\u8d37\u6b3e\u9700\u6c42\u3002\u9488\u5bf9\u4e2d\u5c0f\u4f01\u4e1a\u768450%\u4f01\u4e1a\u7a0e\u56de\u6263\u53ef\u80fd\u4f1a\u7f13\u89e3\u5176\u8d22\u52a1\u538b\u529b\uff0c\u964d\u4f4e\u94f6\u884c\u7684\u8d44\u4ea7\u8d28\u91cf\u98ce\u9669\u3002\u4ee5\u6d88\u8d39\u8005\u4e3a\u4e2d\u5fc3\u7684\u4e3e\u63aa\u53ef\u4ee5\u652f\u6301\u6d88\u8d39\uff0c\u540c\u65f6\u7f13\u89e3\u901a\u80c0\u98ce\u9669\uff0c\u4ece\u800c\u964d\u4f4e\u4e0d\u826f\u8d37\u6b3e\u3002\u6b64\u5916\uff0c\u9f13\u52b1\u65b0\u4ea4\u6240\u4e0a\u5e02\u548c\u57fa\u91d1\u7ba1\u7406\u7684\u6fc0\u52b1\u63aa\u65bd\u53ef\u80fd\u4f1a\u4fc3\u8fdb\u8d44\u672c\u5e02\u573a\u6d3b\u52a8\uff0c\u4f7f\u94f6\u884c\u53d7\u76ca\u4e8e\u4ea4\u6613\u91cf\u589e\u52a0\u548c\u5bf9\u91d1\u878d\u4ea7\u54c1\u9700\u6c42\u7684\u589e\u957f\u3002\u603b\u4f53\u800c\u8a00\uff0c\u9884\u7b97\u63aa\u65bd\u9884\u8ba1\u5c06\u4e3a\u65b0\u52a0\u5761\u94f6\u884c\u4e1a\u521b\u9020\u6709\u5229\u7684\u73af\u5883\uff0c\u63a8\u52a8\u8d37\u6b3e\u589e\u957f\uff0c\u6539\u5584\u8d44\u4ea7\u8d28\u91cf\uff0c\u5e76\u652f\u6301\u66f4\u5e7f\u6cdb\u7684\u91d1\u878d\u4e1a\u6d3b\u52a8\u3002 \u5ba3\u5e03CEO\u8fc7\u6e21\u524d\u7684\u9886\u5bfc\u5c42\u53d8\u52a8\u3002 \u661f\u5c55\u94f6\u884c\u5df2\u4efb\u547dDerrick Goh\u4e3a\u9996\u4efb\u96c6\u56e2\u9996\u5e2d\u8fd0\u8425\u5b98\uff0c\u81ea4\u67081\u65e5\u8d77\u751f\u6548\uff0c\u8d1f\u8d23\u76d1\u7763\u8fd0\u8425\u548c\u8f6c\u578b\u3002\u4ed6\u8fd8\u5c06\u52a0\u5165\u8be5\u94f6\u884c\u7684\u6267\u884c\u59d4\u5458\u4f1a\u3002Koh Kar Siong\u5c06\u63a5\u4efb\u5ba1\u8ba1\u4e3b\u7ba1\u5e76\u52a0\u5165\u7ba1\u7406\u59d4\u5458\u4f1a\u3002\u6b64\u5916\uff0c\u73b0\u4efb\u8fd0\u8425\u4e3b\u7ba1Jimmy Ng\u5c06\u4e8e7\u67081\u65e5\u9000\u4f11\uff0c\u4f46\u5c06\u7ee7\u7eed\u62c5\u4efb\u4eba\u5de5\u667a\u80fd\u9ad8\u7ea7\u987e\u95ee\u81f3\u5e74\u5e95\u3002\u8fd9\u4e9b\u53d8\u52a8\u662f\u5728Piyush Gupta\u51c6\u5907\u4e8e3\u670828\u65e5\u5378\u4efb\u9996\u5e2d\u6267\u884c\u5b98\u4e4b\u9645\u8fdb\u884c\u7684\uff0c\u81ea2024\u5e748\u6708\u8d77\u62c5\u4efb\u526f\u9996\u5e2d\u6267\u884c\u5b98\u7684Tan Su Shan\u5c06\u63a5\u66ff\u4ed6\u7684\u804c\u4f4d\u3002\u661f\u5c55\u94f6\u884c\u7684\u9886\u5bfc\u5c42\u53d8\u52a8\u9884\u793a\u7740\u4e00\u9879\u65e8\u5728\u4fdd\u6301\u589e\u957f\u5e76\u52a0\u5f3a\u5176\u8fd0\u8425\u548c\u6570\u5b57\u5316\u8f6c\u578b\u7684\u6218\u7565\u8fc7\u6e21\u3002\u661f\u5c55\u94f6\u884c\u7684\u9886\u5bfc\u5c42\u53d8\u52a8\u5f3a\u5316\u4e86\u5176\u5bf9\u6570\u5b57\u5316\u8f6c\u578b\u3001\u8fd0\u8425\u6548\u7387\u548c\u6cbb\u7406\u7684\u627f\u8bfa\uff0c\u786e\u4fdd\u5728\u4e0d\u65ad\u53d8\u5316\u7684\u5168\u7403\u94f6\u884c\u4e1a\u8d8b\u52bf\u4e2d\u6301\u7eed\u589e\u957f\u3002\u5728\u65b0\u6267\u884c\u56e2\u961f\u7684\u9886\u5bfc\u4e0b\uff0c\u8be5\u94f6\u884c\u6709\u671b\u4fdd\u6301\u76c8\u5229\u80fd\u529b\u548c\u5e02\u573a\u9886\u5148\u5730\u4f4d\u3002 \u5728\u521b\u7eaa\u5f55\u5229\u6da6\u4e4b\u9645\u53d1\u653e\u7279\u522b\u5956\u91d1\u548c\u8d44\u672c\u56de\u62a5\u3002\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-28-feb-2025-zh\/\" \/>\n\t\t<meta property=\"og:image\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<meta property=\"og:image:secure_url\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2025-02-27T14:29:09+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2025-02-28T04:36:10+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary\" \/>\n\t\t<meta name=\"twitter:title\" content=\"2025\u5e742\u670828\u65e5: \u65b0\u79d1\u5de5\u7a0b (STE SP), \u56db\u5ddd\u767e\u8336\u767e\u9053\u5b9e\u4e1a\u80a1\u4efd\u6709\u9650\u516c\u53f8 (2555 HK), \u597d\u5e02\u591a (COST US) \u2022 KGI Singapore Research\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u65b0\u52a0\u5761\u80a1\u7968\u63a8\u8350 | \u9999\u6e2f\u80a1\u7968\u63a8\u8350 | \u7f8e\u80a1\u63a8\u8350 | \u884c\u4e1a\u677f\u5757\u8868\u73b0 | \u4ea4\u6613\u9f99\u864e\u699c \u7f8e\u56fd \u9999\u6e2f ^ Back To Top \u65b0\u79d1\u5de5\u7a0b (STE SP)\uff1a24 \u5e74\u7b2c\u56db\u5b63\u5ea6\u65b0\u7b7e\u5408\u540c \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a5.00\uff0c\u76ee\u6807\u4ef7\uff1a5.40\uff0c\u6b62\u635f\u4ef7\uff1a4.80 \u65b0\u79d1\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u5168\u7403\u6027\u7684\u6280\u672f\uff0c\u56fd\u9632\u548c\u5de5\u7a0b\u96c6\u56e2\u3002\u8be5\u516c\u53f8\u901a\u8fc7\u5176\u5728\u822a\u7a7a\u822a\u5929\u3001\u667a\u6167\u57ce\u5e02\u3001\u56fd\u9632\u548c\u516c\u5171\u5b89\u5168\u9886\u57df\u7684\u591a\u5143\u5316\u4e1a\u52a1\u7ec4\u5408\uff0c\u5229\u7528\u6280\u672f\u548c\u521b\u65b0\u6765\u89e3\u51b3\u95ee\u9898\u5e76\u6539\u5584\u751f\u6d3b\u3002\u65b0\u79d1\u5de5\u7a0b\u670d\u52a1\u4e8e\u5168\u7403\u5ba2\u6237\u3002 \u65b0\u7b7e\u5408\u540c\u989d\u8fbe43\u4ebf\u65b0\u5143\u3002 \u65b0\u52a0\u5761\u79d1\u6280\u5de5\u7a0b\u516c\u53f8\uff08ST Engineering\uff09\u672c\u6708\u521d\u5ba3\u5e03\uff0c\u57282024\u5e74\u7b2c\u56db\u5b63\u5ea6\u83b7\u5f97\u4e86\u603b\u989d43\u4ebf\u65b0\u5143\u7684\u65b0\u5408\u540c\u3002\u5176\u4e2d\u5305\u62ec\u6765\u81ea\u5546\u4e1a\u822a\u7a7a\u9886\u57df\u768418\u4ebf\u65b0\u5143\u3001\u6765\u81ea\u56fd\u9632\u548c\u516c\u5171\u5b89\u5168\u9886\u57df\u768417\u4ebf\u65b0\u5143\uff0c\u4ee5\u53ca\u6765\u81ea\u57ce\u5e02\u89e3\u51b3\u65b9\u6848\u548c\u536b\u661f\u901a\u4fe1\u9886\u57df\u76847\u4ebf\u65b0\u5143\u3002\u5546\u4e1a\u822a\u7a7a\u90e8\u95e8\u5728\u5176\u7ef4\u62a4\u3001\u7ef4\u4fee\u548c\u5927\u4fee\uff08MRO\uff09\u4ee5\u53ca\u822a\u7a7a\u7ed3\u6784\u548c\u7cfb\u7edf\u5b50\u90e8\u95e8\u83b7\u5f97\u4e86\u591a\u9879\u5408\u540c\uff0c\u5176\u4e2d\u5305\u62ec\u4e0e\u5370\u5ea6\u4f4e\u6210\u672c\u822a\u7a7a\u516c\u53f8Akasa Air\u8fbe\u6210\u7684\u4e3a\u671f15\u5e74\u7684\u72ec\u5bb6\u534f\u8bae\u3002\u6301\u7eed\u5f3a\u52b2\u7684\u8ba2\u5355\u91cf\u51f8\u663e\u4e86\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u7a33\u56fa\u7684\u5e02\u573a\u5730\u4f4d\u4ee5\u53ca\u5728\u5f3a\u52b2\u7684\u822a\u7a7a\u4e1a\u589e\u957f\u63a8\u52a8\u4e0b\uff0c\u5e02\u573a\u5bf9\u822a\u7a7a\u89e3\u51b3\u65b9\u6848\u7684\u6301\u7eed\u9700\u6c42\u3002 \u4e0e\u5927\u97e9\u822a\u7a7a\u7b7e\u8ba2LEAP-1B\u53d1\u52a8\u673aMRO\u5408\u540c\u3002 \u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u7684\u5546\u4e1a\u822a\u7a7a\u4e1a\u52a1\u5df2\u7b7e\u7f72\u4e00\u4efd\u4e3a\u671f\u4e94\u5e74\u7684MRO\u5408\u540c\uff0c\u4e3a\u5927\u97e9\u822a\u7a7a\u6ce2\u97f3737 MAX\u673a\u961f\u7684CFM LEAP-1B\u53d1\u52a8\u673a\u63d0\u4f9b\u652f\u6301\u3002\u8fd9\u6807\u5fd7\u7740\u8be5\u516c\u53f8\u9996\u6b21\u4e0e\u97e9\u56fd\u7684\u65d7\u8230\u822a\u7a7a\u516c\u53f8\u7b7e\u8ba2\u5408\u540c\u3002\u6839\u636e\u534f\u8bae\uff0c\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u5c06\u4ece\u5176\u4f4d\u4e8e\u65b0\u52a0\u5761\u7684MRO\u8bbe\u65bd\u63d0\u4f9b\u5feb\u901f\u5468\u8f6c\u670d\u52a1\uff0c\u5305\u62ec\u9ad8\u538b\u6da1\u8f6e\u673a\uff08HPT\uff09\u7ef4\u4fee\u548c\u6027\u80fd\u6062\u590d\u8f66\u95f4\u8bbf\u95ee\uff08PRSV\uff09\u670d\u52a1\u3002\u8be5\u5408\u540c\u589e\u5f3a\u4e86\u5927\u97e9\u822a\u7a7a\u5bf9\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u4f5c\u4e3a\u9ad8\u8d28\u91cf\u53d1\u52a8\u673a\u670d\u52a1\u53ef\u9760\u5408\u4f5c\u4f19\u4f34\u7684\u4fe1\u5fc3\uff0c\u4ece\u800c\u652f\u6301\u8be5\u822a\u7a7a\u516c\u53f8\u7684\u957f\u671f\u589e\u957f\u8ba1\u5212\u3002 \u4e0e\u54c8\u8428\u514b\u65af\u5766Paramount Engineering\uff08KPE\uff09\u5efa\u7acb\u6218\u7565\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u3002 \u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u7684\u56fd\u9645\u56fd\u9632\u4e1a\u52a1\u5df2\u4e0e\u54c8\u8428\u514b\u65af\u5766Paramount Engineering\uff08KPE\uff09\u5efa\u7acb\u4e86\u6218\u7565\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\uff0c\u4ee5\u5efa\u7acb\u65b0\u578b\u519b\u7528\u8f66\u8f86\u7684\u751f\u4ea7\u80fd\u529b\u3002\u8fd9\u6b3e\u4e24\u6816\u591a\u7528\u9014\u88c5\u7532\u8f66\u5c06\u5728KPE\u4f4d\u4e8e\u54c8\u8428\u514b\u65af\u5766\u7684\u5de5\u5382\u751f\u4ea7\uff0c\u8be5\u8f66\u578b\u57fa\u4e8e\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u4e45\u7ecf\u8003\u9a8c\u7684Terrex\u6b65\u5175\u6218\u8f66\uff0c\u8be5\u6218\u8f66\u8bbe\u8ba1\u7528\u4e8e\u5728\u5f00\u653e\u6c34\u57df\u6761\u4ef6\u4e0b\u6709\u6548\u8fd0\u884c\u3002\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u5c06\u4e3a\u751f\u4ea7\u63d0\u4f9b\u5de5\u7a0b\u548c\u6280\u672f\u652f\u6301\uff0c\u9884\u8ba1\u5c06\u4e8e2025\u5e74\u5f00\u59cb\u3002\u8fd9\u6807\u5fd7\u7740\u8be5\u516c\u53f8\u8fdb\u5165\u4e2d\u4e9a\u5e02\u573a\u2014\u2014\u8fd9\u662f\u5176\u9996\u6b21\u4e0e\u8be5\u5730\u533a\u6388\u6743\u5408\u4f5c\u4f19\u4f34\u7b7e\u8ba2\u56fd\u9632\u8f66\u8f86\u5408\u540c\u2014\u2014\u5e76\u5de9\u56fa\u4e86\u5176\u901a\u8fc7\u672c\u5730\u5316\u3001\u5f53\u5730\u652f\u6301\u548c\u884c\u4e1a\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u63a8\u52a8\u589e\u957f\u7684\u6218\u7565\u3002 2024\u5e74\u7b2c\u4e09\u5b63\u4e1a\u7ee9\u56de\u987e\u3002 2024\u5e74\u7b2c\u4e09\u5b63\uff0c\u8425\u6536\u540c\u6bd4\u589e\u957f14.3%\uff0c\u8fbe\u523027.82\u4ebf\u65b0\u5143\uff0c\u800c2023\u5e74\u7b2c\u4e09\u5b63\u4e3a24.33\u4ebf\u65b0\u5143\uff0c\u8fd9\u4e3b\u8981\u5f97\u76ca\u4e8e\u5176\u5546\u4e1a\u822a\u7a7a\u4ee5\u53ca\u56fd\u9632\u548c\u516c\u5171\u5b89\u5168\u90e8\u95e8\u7684\u4e24\u4f4d\u6570\u540c\u6bd4\u589e\u957f\u3002\u7b2c\u4e09\u5b63\uff0c\u5176\u5546\u4e1a\u822a\u7a7a\u6536\u5165\u540c\u6bd4\u589e\u957f30.8%\uff0c\u8fbe\u523012.7\u4ebf\u65b0\u5143\uff0c\u56fd\u9632\u548c\u516c\u5171\u5b89\u5168\u6536\u5165\u540c\u6bd4\u589e\u957f7.3%\uff0c\u8fbe\u523010.5\u4ebf\u65b0\u5143\u3002 \u5e02\u573a\u5171\u8bc6\u3002 (Source: Bloomberg) \u661f\u5c55\u96c6\u56e2 (DBS SP)\uff1a2025\u5e74\u9884\u7b97\u6848\u63d0\u632f\u7ecf\u6d4e \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a44\uff0c\u76ee\u6807\u4ef7\uff1a48\uff0c\u6b62\u635f\u4ef7\uff1a42 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Engineering\uff09\u672c\u6708\u521d\u5ba3\u5e03\uff0c\u57282024\u5e74\u7b2c\u56db\u5b63\u5ea6\u83b7\u5f97\u4e86\u603b\u989d43\u4ebf\u65b0\u5143\u7684\u65b0\u5408\u540c\u3002\u5176\u4e2d\u5305\u62ec\u6765\u81ea\u5546\u4e1a\u822a\u7a7a\u9886\u57df\u768418\u4ebf\u65b0\u5143\u3001\u6765\u81ea\u56fd\u9632\u548c\u516c\u5171\u5b89\u5168\u9886\u57df\u768417\u4ebf\u65b0\u5143\uff0c\u4ee5\u53ca\u6765\u81ea\u57ce\u5e02\u89e3\u51b3\u65b9\u6848\u548c\u536b\u661f\u901a\u4fe1\u9886\u57df\u76847\u4ebf\u65b0\u5143\u3002\u5546\u4e1a\u822a\u7a7a\u90e8\u95e8\u5728\u5176\u7ef4\u62a4\u3001\u7ef4\u4fee\u548c\u5927\u4fee\uff08MRO\uff09\u4ee5\u53ca\u822a\u7a7a\u7ed3\u6784\u548c\u7cfb\u7edf\u5b50\u90e8\u95e8\u83b7\u5f97\u4e86\u591a\u9879\u5408\u540c\uff0c\u5176\u4e2d\u5305\u62ec\u4e0e\u5370\u5ea6\u4f4e\u6210\u672c\u822a\u7a7a\u516c\u53f8Akasa Air\u8fbe\u6210\u7684\u4e3a\u671f15\u5e74\u7684\u72ec\u5bb6\u534f\u8bae\u3002\u6301\u7eed\u5f3a\u52b2\u7684\u8ba2\u5355\u91cf\u51f8\u663e\u4e86\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u7a33\u56fa\u7684\u5e02\u573a\u5730\u4f4d\u4ee5\u53ca\u5728\u5f3a\u52b2\u7684\u822a\u7a7a\u4e1a\u589e\u957f\u63a8\u52a8\u4e0b\uff0c\u5e02\u573a\u5bf9\u822a\u7a7a\u89e3\u51b3\u65b9\u6848\u7684\u6301\u7eed\u9700\u6c42\u3002 \u4e0e\u5927\u97e9\u822a\u7a7a\u7b7e\u8ba2LEAP-1B\u53d1\u52a8\u673aMRO\u5408\u540c\u3002 \u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u7684\u5546\u4e1a\u822a\u7a7a\u4e1a\u52a1\u5df2\u7b7e\u7f72\u4e00\u4efd\u4e3a\u671f\u4e94\u5e74\u7684MRO\u5408\u540c\uff0c\u4e3a\u5927\u97e9\u822a\u7a7a\u6ce2\u97f3737 MAX\u673a\u961f\u7684CFM LEAP-1B\u53d1\u52a8\u673a\u63d0\u4f9b\u652f\u6301\u3002\u8fd9\u6807\u5fd7\u7740\u8be5\u516c\u53f8\u9996\u6b21\u4e0e\u97e9\u56fd\u7684\u65d7\u8230\u822a\u7a7a\u516c\u53f8\u7b7e\u8ba2\u5408\u540c\u3002\u6839\u636e\u534f\u8bae\uff0c\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u5c06\u4ece\u5176\u4f4d\u4e8e\u65b0\u52a0\u5761\u7684MRO\u8bbe\u65bd\u63d0\u4f9b\u5feb\u901f\u5468\u8f6c\u670d\u52a1\uff0c\u5305\u62ec\u9ad8\u538b\u6da1\u8f6e\u673a\uff08HPT\uff09\u7ef4\u4fee\u548c\u6027\u80fd\u6062\u590d\u8f66\u95f4\u8bbf\u95ee\uff08PRSV\uff09\u670d\u52a1\u3002\u8be5\u5408\u540c\u589e\u5f3a\u4e86\u5927\u97e9\u822a\u7a7a\u5bf9\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u4f5c\u4e3a\u9ad8\u8d28\u91cf\u53d1\u52a8\u673a\u670d\u52a1\u53ef\u9760\u5408\u4f5c\u4f19\u4f34\u7684\u4fe1\u5fc3\uff0c\u4ece\u800c\u652f\u6301\u8be5\u822a\u7a7a\u516c\u53f8\u7684\u957f\u671f\u589e\u957f\u8ba1\u5212\u3002 \u4e0e\u54c8\u8428\u514b\u65af\u5766Paramount Engineering\uff08KPE\uff09\u5efa\u7acb\u6218\u7565\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u3002 \u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u7684\u56fd\u9645\u56fd\u9632\u4e1a\u52a1\u5df2\u4e0e\u54c8\u8428\u514b\u65af\u5766Paramount Engineering\uff08KPE\uff09\u5efa\u7acb\u4e86\u6218\u7565\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\uff0c\u4ee5\u5efa\u7acb\u65b0\u578b\u519b\u7528\u8f66\u8f86\u7684\u751f\u4ea7\u80fd\u529b\u3002\u8fd9\u6b3e\u4e24\u6816\u591a\u7528\u9014\u88c5\u7532\u8f66\u5c06\u5728KPE\u4f4d\u4e8e\u54c8\u8428\u514b\u65af\u5766\u7684\u5de5\u5382\u751f\u4ea7\uff0c\u8be5\u8f66\u578b\u57fa\u4e8e\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u4e45\u7ecf\u8003\u9a8c\u7684Terrex\u6b65\u5175\u6218\u8f66\uff0c\u8be5\u6218\u8f66\u8bbe\u8ba1\u7528\u4e8e\u5728\u5f00\u653e\u6c34\u57df\u6761\u4ef6\u4e0b\u6709\u6548\u8fd0\u884c\u3002\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u5c06\u4e3a\u751f\u4ea7\u63d0\u4f9b\u5de5\u7a0b\u548c\u6280\u672f\u652f\u6301\uff0c\u9884\u8ba1\u5c06\u4e8e2025\u5e74\u5f00\u59cb\u3002\u8fd9\u6807\u5fd7\u7740\u8be5\u516c\u53f8\u8fdb\u5165\u4e2d\u4e9a\u5e02\u573a\u2014\u2014\u8fd9\u662f\u5176\u9996\u6b21\u4e0e\u8be5\u5730\u533a\u6388\u6743\u5408\u4f5c\u4f19\u4f34\u7b7e\u8ba2\u56fd\u9632\u8f66\u8f86\u5408\u540c\u2014\u2014\u5e76\u5de9\u56fa\u4e86\u5176\u901a\u8fc7\u672c\u5730\u5316\u3001\u5f53\u5730\u652f\u6301\u548c\u884c\u4e1a\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u63a8\u52a8\u589e\u957f\u7684\u6218\u7565\u3002 2024\u5e74\u7b2c\u4e09\u5b63\u4e1a\u7ee9\u56de\u987e\u3002 2024\u5e74\u7b2c\u4e09\u5b63\uff0c\u8425\u6536\u540c\u6bd4\u589e\u957f14.3%\uff0c\u8fbe\u523027.82\u4ebf\u65b0\u5143\uff0c\u800c2023\u5e74\u7b2c\u4e09\u5b63\u4e3a24.33\u4ebf\u65b0\u5143\uff0c\u8fd9\u4e3b\u8981\u5f97\u76ca\u4e8e\u5176\u5546\u4e1a\u822a\u7a7a\u4ee5\u53ca\u56fd\u9632\u548c\u516c\u5171\u5b89\u5168\u90e8\u95e8\u7684\u4e24\u4f4d\u6570\u540c\u6bd4\u589e\u957f\u3002\u7b2c\u4e09\u5b63\uff0c\u5176\u5546\u4e1a\u822a\u7a7a\u6536\u5165\u540c\u6bd4\u589e\u957f30.8%\uff0c\u8fbe\u523012.7\u4ebf\u65b0\u5143\uff0c\u56fd\u9632\u548c\u516c\u5171\u5b89\u5168\u6536\u5165\u540c\u6bd4\u589e\u957f7.3%\uff0c\u8fbe\u523010.5\u4ebf\u65b0\u5143\u3002 \u5e02\u573a\u5171\u8bc6\u3002 (Source: Bloomberg) \u661f\u5c55\u96c6\u56e2 (DBS SP)\uff1a2025\u5e74\u9884\u7b97\u6848\u63d0\u632f\u7ecf\u6d4e \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a44\uff0c\u76ee\u6807\u4ef7\uff1a48\uff0c\u6b62\u635f\u4ef7\uff1a42 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\u884c\u4e1a\u677f\u5757\u8868\u73b0 | \u4ea4\u6613\u9f99\u864e\u699c \u7f8e\u56fd \u9999\u6e2f ^ Back To Top \u65b0\u79d1\u5de5\u7a0b (STE SP)\uff1a24 \u5e74\u7b2c\u56db\u5b63\u5ea6\u65b0\u7b7e\u5408\u540c \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a5.00\uff0c\u76ee\u6807\u4ef7\uff1a5.40\uff0c\u6b62\u635f\u4ef7\uff1a4.80 \u65b0\u79d1\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u5168\u7403\u6027\u7684\u6280\u672f\uff0c\u56fd\u9632\u548c\u5de5\u7a0b\u96c6\u56e2\u3002\u8be5\u516c\u53f8\u901a\u8fc7\u5176\u5728\u822a\u7a7a\u822a\u5929\u3001\u667a\u6167\u57ce\u5e02\u3001\u56fd\u9632\u548c\u516c\u5171\u5b89\u5168\u9886\u57df\u7684\u591a\u5143\u5316\u4e1a\u52a1\u7ec4\u5408\uff0c\u5229\u7528\u6280\u672f\u548c\u521b\u65b0\u6765\u89e3\u51b3\u95ee\u9898\u5e76\u6539\u5584\u751f\u6d3b\u3002\u65b0\u79d1\u5de5\u7a0b\u670d\u52a1\u4e8e\u5168\u7403\u5ba2\u6237\u3002 \u65b0\u7b7e\u5408\u540c\u989d\u8fbe43\u4ebf\u65b0\u5143\u3002 \u65b0\u52a0\u5761\u79d1\u6280\u5de5\u7a0b\u516c\u53f8\uff08ST Engineering\uff09\u672c\u6708\u521d\u5ba3\u5e03\uff0c\u57282024\u5e74\u7b2c\u56db\u5b63\u5ea6\u83b7\u5f97\u4e86\u603b\u989d43\u4ebf\u65b0\u5143\u7684\u65b0\u5408\u540c\u3002\u5176\u4e2d\u5305\u62ec\u6765\u81ea\u5546\u4e1a\u822a\u7a7a\u9886\u57df\u768418\u4ebf\u65b0\u5143\u3001\u6765\u81ea\u56fd\u9632\u548c\u516c\u5171\u5b89\u5168\u9886\u57df\u768417\u4ebf\u65b0\u5143\uff0c\u4ee5\u53ca\u6765\u81ea\u57ce\u5e02\u89e3\u51b3\u65b9\u6848\u548c\u536b\u661f\u901a\u4fe1\u9886\u57df\u76847\u4ebf\u65b0\u5143\u3002\u5546\u4e1a\u822a\u7a7a\u90e8\u95e8\u5728\u5176\u7ef4\u62a4\u3001\u7ef4\u4fee\u548c\u5927\u4fee\uff08MRO\uff09\u4ee5\u53ca\u822a\u7a7a\u7ed3\u6784\u548c\u7cfb\u7edf\u5b50\u90e8\u95e8\u83b7\u5f97\u4e86\u591a\u9879\u5408\u540c\uff0c\u5176\u4e2d\u5305\u62ec\u4e0e\u5370\u5ea6\u4f4e\u6210\u672c\u822a\u7a7a\u516c\u53f8Akasa 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LEAP-1B\u53d1\u52a8\u673a\u63d0\u4f9b\u652f\u6301\u3002\u8fd9\u6807\u5fd7\u7740\u8be5\u516c\u53f8\u9996\u6b21\u4e0e\u97e9\u56fd\u7684\u65d7\u8230\u822a\u7a7a\u516c\u53f8\u7b7e\u8ba2\u5408\u540c\u3002\u6839\u636e\u534f\u8bae\uff0c\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u5c06\u4ece\u5176\u4f4d\u4e8e\u65b0\u52a0\u5761\u7684MRO\u8bbe\u65bd\u63d0\u4f9b\u5feb\u901f\u5468\u8f6c\u670d\u52a1\uff0c\u5305\u62ec\u9ad8\u538b\u6da1\u8f6e\u673a\uff08HPT\uff09\u7ef4\u4fee\u548c\u6027\u80fd\u6062\u590d\u8f66\u95f4\u8bbf\u95ee\uff08PRSV\uff09\u670d\u52a1\u3002\u8be5\u5408\u540c\u589e\u5f3a\u4e86\u5927\u97e9\u822a\u7a7a\u5bf9\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u4f5c\u4e3a\u9ad8\u8d28\u91cf\u53d1\u52a8\u673a\u670d\u52a1\u53ef\u9760\u5408\u4f5c\u4f19\u4f34\u7684\u4fe1\u5fc3\uff0c\u4ece\u800c\u652f\u6301\u8be5\u822a\u7a7a\u516c\u53f8\u7684\u957f\u671f\u589e\u957f\u8ba1\u5212\u3002 \u4e0e\u54c8\u8428\u514b\u65af\u5766Paramount Engineering\uff08KPE\uff09\u5efa\u7acb\u6218\u7565\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u3002 \u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u7684\u56fd\u9645\u56fd\u9632\u4e1a\u52a1\u5df2\u4e0e\u54c8\u8428\u514b\u65af\u5766Paramount Engineering\uff08KPE\uff09\u5efa\u7acb\u4e86\u6218\u7565\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\uff0c\u4ee5\u5efa\u7acb\u65b0\u578b\u519b\u7528\u8f66\u8f86\u7684\u751f\u4ea7\u80fd\u529b\u3002\u8fd9\u6b3e\u4e24\u6816\u591a\u7528\u9014\u88c5\u7532\u8f66\u5c06\u5728KPE\u4f4d\u4e8e\u54c8\u8428\u514b\u65af\u5766\u7684\u5de5\u5382\u751f\u4ea7\uff0c\u8be5\u8f66\u578b\u57fa\u4e8e\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u4e45\u7ecf\u8003\u9a8c\u7684Terrex\u6b65\u5175\u6218\u8f66\uff0c\u8be5\u6218\u8f66\u8bbe\u8ba1\u7528\u4e8e\u5728\u5f00\u653e\u6c34\u57df\u6761\u4ef6\u4e0b\u6709\u6548\u8fd0\u884c\u3002\u65b0\u79d1\u5de5\u7a0b\u516c\u53f8\u5c06\u4e3a\u751f\u4ea7\u63d0\u4f9b\u5de5\u7a0b\u548c\u6280\u672f\u652f\u6301\uff0c\u9884\u8ba1\u5c06\u4e8e2025\u5e74\u5f00\u59cb\u3002\u8fd9\u6807\u5fd7\u7740\u8be5\u516c\u53f8\u8fdb\u5165\u4e2d\u4e9a\u5e02\u573a\u2014\u2014\u8fd9\u662f\u5176\u9996\u6b21\u4e0e\u8be5\u5730\u533a\u6388\u6743\u5408\u4f5c\u4f19\u4f34\u7b7e\u8ba2\u56fd\u9632\u8f66\u8f86\u5408\u540c\u2014\u2014\u5e76\u5de9\u56fa\u4e86\u5176\u901a\u8fc7\u672c\u5730\u5316\u3001\u5f53\u5730\u652f\u6301\u548c\u884c\u4e1a\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u63a8\u52a8\u589e\u957f\u7684\u6218\u7565\u3002 2024\u5e74\u7b2c\u4e09\u5b63\u4e1a\u7ee9\u56de\u987e\u3002 2024\u5e74\u7b2c\u4e09\u5b63\uff0c\u8425\u6536\u540c\u6bd4\u589e\u957f14.3%\uff0c\u8fbe\u523027.82\u4ebf\u65b0\u5143\uff0c\u800c2023\u5e74\u7b2c\u4e09\u5b63\u4e3a24.33\u4ebf\u65b0\u5143\uff0c\u8fd9\u4e3b\u8981\u5f97\u76ca\u4e8e\u5176\u5546\u4e1a\u822a\u7a7a\u4ee5\u53ca\u56fd\u9632\u548c\u516c\u5171\u5b89\u5168\u90e8\u95e8\u7684\u4e24\u4f4d\u6570\u540c\u6bd4\u589e\u957f\u3002\u7b2c\u4e09\u5b63\uff0c\u5176\u5546\u4e1a\u822a\u7a7a\u6536\u5165\u540c\u6bd4\u589e\u957f30.8%\uff0c\u8fbe\u523012.7\u4ebf\u65b0\u5143\uff0c\u56fd\u9632\u548c\u516c\u5171\u5b89\u5168\u6536\u5165\u540c\u6bd4\u589e\u957f7.3%\uff0c\u8fbe\u523010.5\u4ebf\u65b0\u5143\u3002 \u5e02\u573a\u5171\u8bc6\u3002 (Source: Bloomberg) \u661f\u5c55\u96c6\u56e2 (DBS SP)\uff1a2025\u5e74\u9884\u7b97\u6848\u63d0\u632f\u7ecf\u6d4e \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a44\uff0c\u76ee\u6807\u4ef7\uff1a48\uff0c\u6b62\u635f\u4ef7\uff1a42 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