{"id":63313,"date":"2025-03-11T20:21:24","date_gmt":"2025-03-11T12:21:24","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=63313"},"modified":"2025-03-12T10:26:12","modified_gmt":"2025-03-12T02:26:12","slug":"kgi-daily-trading-ideas-12-mar-2025-zh","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-12-mar-2025-zh\/","title":{"rendered":"2025\u5e743\u670812\u65e5: \u5929\u7136\u7164\u77ff\u96c6\u56e2(GERL SP), Prada SpA (1913 HK), \u9ea5\u7576\u52de (MCD 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-63313-_tiry8p5xvcqk\"><\/a>\u7f8e\u56fd<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"941\" height=\"475\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/image-27.png\" alt=\"\" class=\"wp-image-63412\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/image-27.png 941w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/image-27-300x151.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/image-27-768x388.png 768w\" sizes=\"(max-width: 941px) 100vw, 941px\" \/><\/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\/03\/image-28.png\" alt=\"\" class=\"wp-image-63413\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/image-28.png 939w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/image-28-300x77.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/image-28-768x197.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\/03\/image-29.png\" alt=\"\" class=\"wp-image-63414\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/image-29.png 939w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/image-29-300x92.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/image-29-768x236.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\/03\/word-image-63313-4.png\" alt=\"\" class=\"wp-image-63347\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-4.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-4-300x64.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-63313-_qqv3rtx8nazp\"><\/a><a id=\"post-63313-_ylayyh7qqd99\"><\/a>\u9999\u6e2f<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1490\" height=\"724\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-screenshot-of-a-phone-ai-generated-content-may-2.png\" alt=\"A screenshot of a phone\n\nAI-generated content may be incorrect.\" class=\"wp-image-63348\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-screenshot-of-a-phone-ai-generated-content-may-2.png 1490w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-screenshot-of-a-phone-ai-generated-content-may-2-300x146.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-screenshot-of-a-phone-ai-generated-content-may-2-1024x498.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-screenshot-of-a-phone-ai-generated-content-may-2-768x373.png 768w\" sizes=\"(max-width: 1490px) 100vw, 1490px\" \/><\/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\/03\/word-image-63313-6.png\" alt=\"\" class=\"wp-image-63349\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-6.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-6-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h1 class=\"wp-block-heading\"><a id=\"post-63313-_7c2gwybbbr90\"><\/a><\/h1>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"sg\"><a id=\"post-63313-_9i0c554gtu0u\"><\/a><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-7.png\" class=\"wp-image-63350\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-7.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-7-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure><\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><a id=\"post-63313-_34eo5yf8y7pj\"><\/a><strong><strong><strong>\u5929\u7136\u7164\u77ff\u96c6\u56e2(GERL SP)\uff1a\u6f5c\u5728\u5229\u597d\u56e0\u7d20<\/strong><\/strong><\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.32\uff0c\u76ee\u6807\u4ef7\uff1a0.36\uff0c\u6b62\u635f\u4ef7\uff1a0.30<\/strong><br>  <\/li>\n\n\n\n<li>\u5929\u7136\u7164\u77ff\u96c6\u56e2\u662f\u4e00\u5bb6\u7efc\u5408\u7164\u77ff\u5f00\u91c7\u4e13\u5bb6\u3002\u516c\u53f8\u62e5\u6709\u5e76\u8fd0\u8425\u7164\u77ff\uff0c\u540c\u65f6\u4e3a\u7b2c\u4e09\u65b9\u77ff\u4e3b\u63d0\u4f9b\u77ff\u4e1a\u627f\u5305\u670d\u52a1\uff0c\u5e76\u5411\u7164\u70ad\u8d38\u6613\u5546\u548c\u7164\u70ad\u51fa\u53e3\u516c\u53f8\u9500\u552e\u7164\u70ad\u3002<br>  <\/li>\n\n\n\n<li><strong>\u6210\u672c\u4f18\u5316\u548c\u989d\u5916\u6536\u5165<\/strong>\u3002\u8fd9\u9879\u4ef7\u503c1.5\u4ebf\u7f8e\u5143\u7684\u7efc\u5408\u57fa\u7840\u8bbe\u65bd\u9879\u76ee\uff0c\u5305\u62ec\u4e00\u676192\u516c\u91cc\u7684\u8fd0\u8f93\u9053\u8def\u548c\u4e00\u5ea7\u603b\u5bb9\u91cf\u4e3a4000\u4e07\u81f35000\u4e07\u5428\u7684\u7801\u5934\uff0c\u9884\u8ba1\u5c06\u6210\u4e3a\u516c\u53f8\u589e\u957f\u6218\u7565\u7684\u57fa\u77f3\u3002\u8be5\u9879\u76ee\u4e0d\u4ec5\u63d0\u5347\u4e86\u6210\u672c\u6548\u7387\uff0c\u9884\u8ba1\u5728TRA\u77ff\u573a\u6269\u5927\u7684\u60c5\u51b5\u4e0b\uff0c\u80fd\u591f\u4ea7\u751f4\u4ebf\u81f35\u4ebf\u7f8e\u5143\u7684EBITDA\uff08\u5047\u8bbe\u7164\u70ad\u4ef7\u683c\u7ef4\u6301\u572850\u7f8e\u5143\u5de6\u53f3\uff09\uff0c\u8fd8\u901a\u8fc7\u5411\u7b2c\u4e09\u65b9\u7528\u6237\u79df\u8d411500\u4e07\u5428\u7684\u516c\u8def\u8fd0\u8f93\u80fd\u529b\uff0c\u521b\u9020\u4e861.2\u4ebf\u81f31.5\u4ebf\u7f8e\u5143\u7684\u989d\u5916\u6536\u5165\u6765\u6e90\u3002<br>  <\/li>\n\n\n\n<li><strong>\u79ef\u6781\u7684\u751f\u4ea7\u6307\u5f15<\/strong>\u3002\u7ba1\u7406\u5c42\u8bbe\u5b9a\u4e862025\u5e74\u751f\u4ea7\u76ee\u6807\uff0c\u9884\u8ba1\u4e3a1050\u4e07\u52301150\u4e07\u5428\uff0c\u540c\u6bd4\u589e\u957f32.9%\u81f345.6%\u3002\u622a\u81f32\u6708\uff0c\u516c\u53f8\u5df2\u5b9e\u73b0240\u4e07\u5428\u7684\u4ea7\u91cf\u3002<br>  <\/li>\n\n\n\n<li><strong>\u7164\u70ad\u4ef7\u683c\u7684\u7a33\u5b9a\u5c55\u671b<\/strong>\u3002\u7164\u70ad\u4ef7\u683c\u5c55\u671b\u4fdd\u6301\u7a33\u5b9a\uff0c\u5f97\u76ca\u4e8e\u4e2d\u56fd2025\u5e74\u7ea65%\u7684GDP\u589e\u957f\u76ee\u6807\u548c\u79ef\u6781\u7684\u5b8f\u89c2\u653f\u7b56\u5b9e\u65bd\u3002\u9884\u8ba1\u4eba\u5de5\u667a\u80fd\u7684\u53d1\u5c55\u5c06\u63a8\u52a8\u751f\u4ea7\u529b\u63d0\u5347\uff0c\u589e\u5f3a\u6d88\u8d39\u548c\u6295\u8d44\u4fe1\u5fc3\uff0c\u4ece\u800c\u7a33\u5b9a\u7164\u70ad\u9700\u6c42\u5e76\u652f\u6301\u4ef7\u683c\u3002<br>  <\/li>\n\n\n\n<li><strong>24\u8d22\u5e74\u4e1a\u7ee9\u56de\u987e<\/strong>\u3002\u7531\u4e8e\u9500\u91cf\u548c\u5e73\u5747\u552e\u4ef7\uff08ASP\uff09\u4e0b\u964d\uff0c\u6536\u5165\u540c\u6bd4\u4e0b\u964d18%\uff0c\u964d\u81f34.019\u4ebf\u7f8e\u5143\u3002\u51c0\u5229\u6da6\u4e0b\u964d41%\uff0c\u4e3a3,730\u4e07\u7f8e\u5143\u3002<br>  <\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1556\" height=\"597\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-on-a-screen-ai-generated-content-may-be-i-10.jpeg\" alt=\"A graph on a screen\n\nAI-generated content may be incorrect.\" class=\"wp-image-63351\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-on-a-screen-ai-generated-content-may-be-i-10.jpeg 1556w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-on-a-screen-ai-generated-content-may-be-i-10-300x115.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-on-a-screen-ai-generated-content-may-be-i-10-1024x393.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-on-a-screen-ai-generated-content-may-be-i-10-768x295.jpeg 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-on-a-screen-ai-generated-content-may-be-i-10-1536x589.jpeg 1536w\" sizes=\"(max-width: 1556px) 100vw, 1556px\" \/><\/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<h2 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\/03\/a-long-line-of-a-white-background-description-aut-9.png\" class=\"wp-image-63352\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-long-line-of-a-white-background-description-aut-9.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-long-line-of-a-white-background-description-aut-9-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure> <\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a id=\"post-63313-_34eo5yf8y7pj\"><\/a><strong><strong>\u7f8e\u56fd\u6c49\u666e\u90e1\u8054\u5408\u623f\u5730\u4ea7\u4fe1\u6258 (UHU SP)\uff1a\u6301\u7eed\u589e\u957f\u4e0e\u6269\u5f20<\/strong><\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.48\uff0c\u76ee\u6807\u4ef7\uff1a0.52\uff0c\u6b62\u635f\u4ef7\uff1a0.46<\/strong><br>  <\/li>\n\n\n\n<li>\u7f8e\u56fd\u6c49\u666e\u90e1\u8054\u5408\u623f\u5730\u4ea7\u4fe1\u6258\u662f\u4e00\u5bb6\u623f\u5730\u4ea7\u6295\u8d44\u4fe1\u6258\u516c\u53f8\u3002\u8be5\u516c\u53f8\u62e5\u6709\u5e76\u7ecf\u8425\u8d2d\u7269\u3001\u4ed3\u50a8\u3001\u6742\u8d27\u548c\u5fc5\u9700\u54c1\u96f6\u552e\u7269\u4e1a\u3002<br>  <\/li>\n\n\n\n<li><strong>\u6709\u5229\u7684\u5229\u7387\u73af\u5883\u3002<\/strong>\u7f8e\u8054\u50a8\u5728 2024 \u5e74 12 \u6708\u5c06\u5229\u7387\u4e0b\u8c03 25 \u4e2a\u57fa\u70b9\uff0c\u5c06\u76ee\u6807\u533a\u95f4\u964d\u81f3 4.25% \u81f3 4.50%\u3002\u9884\u8ba1\u8f83\u4f4e\u7684\u501f\u8d37\u6210\u672c\u5c06\u589e\u5f3a\u8054\u5408\u6c49\u666e\u90e1\u7f8e\u56fd\u623f\u5730\u4ea7\u4fe1\u6258\u7684\u8d22\u52a1\u7075\u6d3b\u6027\u5e76\u652f\u6301\u589e\u957f\u3002\u5bf9\u8054\u90a6\u57fa\u91d1\u5229\u7387\u7684\u9884\u6d4b\u663e\u793a\uff0c\u5230 2025 \u5e74\u5e95\u5c06\u8fbe\u5230 3.50% \u81f3 3.75% \u7684\u533a\u95f4\uff0c\u5230 2026 \u5e74\u5e95\u5c06\u8fbe\u5230 3.25% \u81f3 3.50% \u7684\u533a\u95f4\u3002<br>  <\/li>\n\n\n\n<li><strong>\u6218\u7565\u6027\u8d44\u4ea7\u5265\u79bb\u3002<\/strong>\u8054\u5408\u6c49\u666e\u90e1\u7f8e\u56fd\u623f\u5730\u4ea7\u4fe1\u6258\u6210\u529f\u5265\u79bb\u4e86\u8d44\u4ea7\uff0c\u5305\u62ec 2024 \u5e74\u4e0b\u534a\u5e74\u7684 Lowe\u2019s \u548c Sam\u2019s Club \u4ee5\u53ca 2025 \u5e74 1 \u6708\u7684\u5965\u5c14\u5df4\u5c3c\u8d85\u5e02\uff0c\u5265\u79bb\u4ef7\u683c\u5747\u9ad8\u4e8e\u4f30\u503c 4% \u4ee5\u4e0a\uff0c\u663e\u793a\u51fa\u5f3a\u5927\u7684\u8d44\u672c\u56de\u6536\u80fd\u529b\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5728\u65b0\u589e\u4f9b\u5e94\u6709\u9650\u7684\u60c5\u51b5\u4e0b\uff0c\u4ee5\u6742\u8d27\u5e97\u4e3a\u4e3b\u7684\u5546\u4e1a\u8857\u9700\u6c42\u5f3a\u52b2\u3002<\/strong>\u6839\u636e Green Street \u7684\u6570\u636e\uff0c\u4ee5\u6742\u8d27\u5e97\u4e3a\u4e3b\u7684\u96f6\u552e\u7269\u4e1a\u4ecd\u7136\u5177\u6709\u5f88\u5f3a\u7684\u97e7\u6027\uff0c\u4ece 2019 \u5e74\u5230 2024 \u5e74\uff0c\u6742\u8d27\u5e97\u7684\u5ba2\u6d41\u91cf\u589e\u52a0\u4e86 12%\u3002\u5496\u5561\u5e97\u3001\u6c99\u9f99\u548c\u533b\u7597\u4e2d\u5fc3\u7b49\u670d\u52a1\u578b\u79df\u6237\u8fdb\u4e00\u6b65\u589e\u52a0\u4e86\u5ba2\u6d41\u91cf\uff0c\u589e\u5f3a\u4e86\u8be5\u884c\u4e1a\u7684\u957f\u671f\u7a33\u5b9a\u6027\u3002\u6df7\u5408\u529e\u516c\u6a21\u5f0f\u4e5f\u6539\u53d8\u4e86\u6d88\u8d39\u8005\u7684\u884c\u4e3a\uff0c\u589e\u52a0\u4e86\u5bf9\u672c\u5730\u5316\u8d2d\u7269\u4f53\u9a8c\u7684\u9700\u6c42\u30022024 \u5e74\u5546\u4e1a\u8857\u5e02\u573a\u79df\u91d1\u589e\u957f\u4ecd\u9ad8\u4e8e\u5386\u53f2\u5e73\u5747\u6c34\u5e73\uff0c\u9884\u8ba1 2025 \u5e74\u81f3 2029 \u5e74\u5e74\u589e\u957f\u7387\u4e3a 3%\u3002\u6295\u8d44\u6d3b\u52a8\u7a81\u663e\u4e86\u5bf9\u8be5\u884c\u4e1a\u7684\u4fe1\u5fc3\uff0c\u9ed1\u77f3\u96c6\u56e2\u8fdb\u884c\u4e86\u81ea 2011 \u5e74\u4ee5\u6765\u6700\u5927\u7684\u96f6\u552e\u6295\u8d44\uff0c\u4ee5 40 \u4ebf\u7f8e\u5143\u6536\u8d2d\u4e86 90 \u4e2a\u8d2d\u7269\u4e2d\u5fc3\uff0c\u800c\u4e16\u90a6\u9b4f\u7406\u4ed5\u9884\u8ba1 2025 \u5e74\u9732\u5929\u96f6\u552e\u4ea4\u6613\u989d\u5c06\u8fbe\u5230 100 \u4ebf\u7f8e\u5143\u3002\u5c3d\u7ba1\u9700\u6c42\u5f3a\u52b2\uff0c\u4f46\u7531\u4e8e\u6210\u672c\u9ad8\u6602\uff0c\u65b0\u5efa\u5546\u4e1a\u8857\u7684\u5efa\u8bbe\u4ecd\u7136\u53d7\u5230\u9650\u5236\uff0c\u9700\u8981\u5c06\u79df\u91d1\u63d0\u9ad8 65% \u624d\u80fd\u8bc1\u660e\u5f00\u53d1\u7684\u5408\u7406\u6027\u3002\u8fd9\u4e3a\u5305\u62ec UHU REIT \u5728\u5185\u7684\u73b0\u6709\u4e1a\u4e3b\u63d0\u4f9b\u4e86\u5f3a\u5927\u7684\u5b9a\u4ef7\u6743\uff0c\u53ef\u4ee5\u534f\u5546\u79df\u91d1\u4e0a\u6da8\uff0c\u786e\u4fdd\u957f\u671f\u6536\u5165\u589e\u957f\u3002\u51ed\u501f 97.5% \u7684\u627f\u8bfa\u5165\u4f4f\u7387\u548c 8.1 \u5e74\u7684\u52a0\u6743\u5e73\u5747\u79df\u7ea6\u5230\u671f\u5e74\u9650 (WALE)\uff0cUHU REIT \u6709\u80fd\u529b\u5229\u7528\u8fd9\u4e9b\u5e02\u573a\u52a8\u6001\u3002<br>  <\/li>\n\n\n\n<li><strong>2024 \u5e74\u4e0b\u534a\u5e74\u8d22\u62a5\u56de\u987e\u3002<\/strong>2024 \u5e74\u4e0b\u534a\u5e74\uff0cFood Empire \u603b\u6536\u5165\u540c\u6bd4\u589e\u957f 10.4%\uff0c\u4ece 2023 \u5e74\u4e0b\u534a\u5e74\u7684 2.275 \u4ebf\u7f8e\u5143 \u589e\u81f3 2.511 \u4ebf\u7f8e\u5143\uff0c\u4e3b\u8981\u53d7\u5230 \u4e1c\u5357\u4e9a\u3001\u5357\u4e9a\u3001\u4e4c\u514b\u5170\u3001\u54c8\u8428\u514b\u65af\u5766\u53ca\u72ec\u7acb\u56fd\u5bb6\u8054\u5408\u4f53\uff08CIS\uff09 \u5e02\u573a\u7684\u5f3a\u52b2\u589e\u957f\u5e26\u52a8\u3002\u7136\u800c\uff0c\u516c\u53f8 \u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u964d 3.2%\uff0c\u4ece 2023 \u5e74\u540c\u671f\u7684 2,980 \u4e07\u7f8e\u5143 \u964d\u81f3 2,890 \u4e07\u7f8e\u5143\u3002\u6bcf\u80a1\u6536\u76ca\uff08EPS\uff09\u4e3a 0.0549 \u7f8e\u5143\uff0c\u8f83\u53bb\u5e74\u540c\u671f\u7684 0.0567 \u7f8e\u5143 \u4e0b\u964d\u3002\u516c\u53f8\u8463\u4e8b\u4f1a\u63d0\u8bae\u6d3e\u53d1\u6bcf\u80a1 0.08 \u65b0\u5143 \u7684\u80a1\u606f\uff0c\u5176\u4e2d\u5305\u62ec 0.06 \u65b0\u5143 \u671f\u672b\u80a1\u606f\u548c 0.02 \u65b0\u5143 \u7279\u522b\u80a1\u606f\u8425\u6536\u540c\u6bd4\u589e\u957f 0.4% \u81f3 3640 \u4e07\u7f8e\u5143\uff0c\u800c\u51c0\u7269\u4e1a\u6536\u5165\u4e0b\u964d 1.6% \u81f3 2440 \u4e07\u7f8e\u5143\uff0c\u4e3b\u8981\u539f\u56e0\u662f\u8d44\u4ea7\u5265\u79bb\u548c\u8f83\u9ad8\u7684\u7269\u4e1a\u8d39\u7528\u3002\u6bcf\u5355\u4f4d\u6d3e\u606f (DPU) \u4e0b\u964d 4.2% \u81f3 2.05 \u7f8e\u5206\uff0c\u53cd\u6620\u51fa\u8f83\u9ad8\u7684\u878d\u8d44\u6210\u672c\u3002<br>  <\/li>\n\n\n\n<li><strong>\u6211\u4eec\u5bf9\u57fa\u672c\u9762\u7684\u8bc4\u7ea7\u4e3a\u4e70\u5165\uff0c\u76ee\u6807\u4ef7\u4e3a 0.60 \u65b0\u5143\u3002<a href=\"https:\/\/www.kgieworld.sg\/research\/company-update-united-hampshire-us-reit-uhu-sp-odbu-si\/\">\u8bf7\u5728\u8fd9\u91cc\u9605\u8bfb\u62a5\u544a\u5168\u6587<\/a>\u3002<\/strong><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-63353\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-blue-and-white-rectangular-object-with-white-tex-12.png\" alt=\"A blue and white rectangular object with white text\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-blue-and-white-rectangular-object-with-white-tex-12.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-blue-and-white-rectangular-object-with-white-tex-12-300x64.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=\"1024\" height=\"485\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-on-a-screen-ai-generated-content-may-be-i-11.jpeg\" alt=\"A graph on a screen\n\nAI-generated content may be incorrect.\" class=\"wp-image-63354\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-on-a-screen-ai-generated-content-may-be-i-11.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-on-a-screen-ai-generated-content-may-be-i-11-300x142.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-on-a-screen-ai-generated-content-may-be-i-11-768x364.jpeg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/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\/03\/word-image-63313-12.png\" class=\"wp-image-63355\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-12.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-12-300x64.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-63313-_f3bvj0c8rd86\"><\/a><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-13.png\" class=\"wp-image-63356\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-13.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-13-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure><\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><a id=\"post-63313-_34eo5yf8y7pj\"><\/a><strong>Prada SpA (1913 HK)\uff1a\u5962\u4f88\u54c1\u5e02\u573a\u7684\u5f02\u7c7b<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a64\uff0c\u76ee\u6807\u4ef7\uff1a72\uff0c\u6b62\u635f\u4ef7\uff1a60<\/strong><br>  <\/li>\n\n\n\n<li>PRADA S.p.A. \u4e3b\u8981\u4ece\u4e8b\u8bbe\u8ba1\u3001\u751f\u4ea7\u53ca\u5206\u9500\u76ae\u5177\u7528\u54c1\u3001\u624b\u888b\u3001\u978b\u5c65\u3001\u670d\u9970\u3001\u914d\u9970\u3001\u773c\u955c\u53ca\u9999\u6c34\u4e1a\u52a1\u3002\u8be5\u516c\u53f8\u62e5\u670913\u4e2a\u5185\u90e8\u751f\u4ea7\u57fa\u5730\uff0c\u5176\u4e2d\u6709\u5341\u4e00\u4e2a\u4f4d\u4e8e\u610f\u5927\u5229\uff0c\u4e00\u4e2a\u4f4d\u4e8e\u7f8e\u56fd\uff0c\u4e00\u4e2a\u4f4d\u4e8e\u6cd5\u56fd\u3002<br>  <\/li>\n\n\n\n<li><strong>\u8868\u73b0\u4f18\u4e8e\u7ade\u4e89\u5bf9\u624b\u3002<\/strong>Prada SpA 2024 \u5e74\u6536\u5165\u589e\u957f 17%\uff0c\u8d85\u51fa\u5206\u6790\u5e08\u9884\u671f\uff0c\u4e3b\u8981\u53d7 Miu Miu \u5728\u5e74\u8f7b\u9ad8\u7aef\u6d88\u8d39\u8005\u4e2d\u7684\u53d7\u6b22\u8fce\u7a0b\u5ea6\u63d0\u5347 \u63a8\u52a8\u3002Miu Miu Q4 \u96f6\u552e\u989d\u98d9\u5347 84%\uff0cArcadie \u624b\u888b\u548c\u7f8a\u7ed2\u5f00\u886b\u7b49\u5355\u54c1\u9700\u6c42\u5f3a\u52b2\u3002Prada \u7684\u589e\u957f\u901f\u5ea6\u8d85\u8fc7\u4e86 Kering \u548c LVMH\uff0c\u5c24\u5176\u53d7\u5230 Z \u4e16\u4ee3\u6d88\u8d39\u8005\u7684\u9752\u7750\u3002\u5730\u533a\u8868\u73b0\uff1a\u4e9a\u592a\u5730\u533a\uff08\u5305\u62ec\u4e2d\u56fd\uff09\u589e\u957f 13%\uff0c\u65e5\u672c\u589e\u957f 46%\uff0c\u7f8e\u6d32\u589e\u957f\u8f83\u7f13\u3002\u9886\u5bfc\u5c42\u53d8\u52a8\uff1aSilvia Onofri \u63a5\u4efb Miu Miu \u8d1f\u8d23\u4eba\uff0c\u8fdb\u4e00\u6b65\u5de9\u56fa\u54c1\u724c\u6210\u529f\u3002\u8d22\u52a1\u8868\u73b0\uff1a\u603b\u6536\u5165\u589e\u957f 15%\uff0c\u8fbe\u5230 54.3 \u4ebf\u6b27\u5143\uff0c\u51c0\u5229\u6da6\u589e\u957f 25%\u3002Miu Miu \u9500\u91cf\u589e\u957f 93%\uff0c\u65e5\u672c\u548c\u4e2d\u4e1c\u5e02\u573a\u8868\u73b0\u5c24\u4e3a\u7a81\u51fa\u3002\u51ed\u501f\u5f3a\u52b2\u7684\u54c1\u724c\u52bf\u80fd\u3001\u5730\u533a\u6269\u5f20\u548c\u6295\u8d44\u8005\u4fe1\u5fc3\uff0cPrada \u5728 2025 \u5e74\u6709\u671b\u5ef6\u7eed\u589e\u957f\u52bf\u5934\u3002<br>  <\/li>\n\n\n\n<li><strong>\u6f5c\u5728\u6536\u8d2d\u3002<\/strong>Prada \u9884\u8ba1\u6536\u8d2d Versace\uff0c\u4ea4\u6613\u91d1\u989d\u7ea6 15 \u4ebf\u6b27\u5143\uff0816 \u4ebf\u7f8e\u5143\uff09\uff0c\u4ea4\u6613\u53ef\u80fd\u57282025 \u5e74 3 \u6708\u524d\u6572\u5b9a\u3002\u6536\u8d2d\u8fdb\u5c55\uff1aCapri Holdings \u8ba1\u5212\u51fa\u552e Versace\uff0c\u5e76\u4e3a Prada \u63d0\u4f9b\u4f18\u5148\u8d22\u52a1\u6570\u636e\u8bbf\u95ee\u6743\u9650\u3002Capri \u4e8e 2018 \u5e74\u4ee5 18.3 \u4ebf\u6b27\u5143\uff08\u542b\u503a\u52a1\uff09 \u6536\u8d2d Versace\uff0c\u76ee\u524d\u4e5f\u6709\u5176\u4ed6\u65f6\u5c1a\u516c\u53f8\u8868\u8fbe\u6536\u8d2d\u5174\u8da3\u3002\u5f71\u54cd\uff1a\u5982\u679c\u4ea4\u6613\u5b8c\u6210\uff0cPrada \u5c06\u8fdb\u4e00\u6b65\u5de9\u56fa\u5176\u5962\u4f88\u54c1\u5e02\u573a\u5730\u4f4d\uff0c\u6269\u5927\u54c1\u724c\u7ec4\u5408\uff0c\u5e76\u63d0\u5347\u5168\u7403\u7ade\u4e89\u529b\u3002\u8fd9\u4e00\u6218\u7565\u4e3e\u63aa\u5c06\u589e\u5f3a\u5176\u5728\u9ad8\u7aef\u65f6\u5c1a\u9886\u57df\u7684\u5f71\u54cd\u529b\uff0c\u8fdb\u4e00\u6b65\u63d0\u5347\u54c1\u724c\u5168\u7403\u77e5\u540d\u5ea6\u3002\u3002<br>  <\/li>\n\n\n\n<li><strong>24 \u8d22\u5e74\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>2024 \u8d22\u5e74\u6536\u5165\u540c\u6bd4\u589e\u957f 17.0%\uff0c\u8fbe\u5230 54.32 \u4ebf\u6b27\u5143\uff0c\u800c 2023 \u8d22\u5e74\u4e3a 47.26 \u4ebf\u6b27\u5143\u3002\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\u7b97\uff0cPrada \u54c1\u724c\u7684\u96f6\u552e\u51c0\u9500\u552e\u989d\u589e\u957f 4.2%\uff0cMiu Miu \u589e\u957f 93.2%\u3002\u96c6\u56e2\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f 25.0%\uff0c\u4ece 2023 \u8d22\u5e74\u7684 6.71 \u4ebf\u6b27\u5143\u589e\u81f3 2024 \u8d22\u5e74\u7684 8.39 \u4ebf\u6b27\u5143\u3002\u516c\u53f8\u62df\u6d3e\u53d1\u6bcf\u80a1 0.164 \u6b27\u5143\u7684\u80a1\u606f\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-63357\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-blue-and-white-rectangular-box-with-white-text-9.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\/03\/a-blue-and-white-rectangular-box-with-white-text-9.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-blue-and-white-rectangular-box-with-white-text-9-300x64.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=\"1265\" height=\"575\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-showing-a-line-of-green-and-red-ai-genera-3.jpeg\" alt=\"A graph showing a line of green and red\n\nAI-generated content may be incorrect.\" class=\"wp-image-63358\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-showing-a-line-of-green-and-red-ai-genera-3.jpeg 1265w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-showing-a-line-of-green-and-red-ai-genera-3-300x136.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-showing-a-line-of-green-and-red-ai-genera-3-1024x465.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-showing-a-line-of-green-and-red-ai-genera-3-768x349.jpeg 768w\" sizes=\"(max-width: 1265px) 100vw, 1265px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"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\/03\/word-image-63313-16.png\" class=\"wp-image-63359\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-16.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-16-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u963f\u91cc\u5df4\u5df4 (9988 HK)\uff1a\u9a71\u52a8\u4e2d\u56fd\u6570\u5b57\u672a\u6765<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a138\uff0c\u76ee\u6807\u4ef7\uff1a160\uff0c\u6b62\u635f\u4ef7\uff1a127<\/strong><br>  <\/li>\n\n\n\n<li>\u963f\u91cc\u5df4\u5df4\u96c6\u56e2\u63a7\u80a1\u6709\u9650\u516c\u53f8\u63d0\u4f9b\u6280\u672f\u57fa\u7840\u8bbe\u65bd\u53ca\u8425\u9500\u5e73\u53f0\u3002\u8be5\u516c\u53f8\u8fd0\u8425\u4e03\u4e2a\u4e1a\u52a1\u5206\u90e8\u3002\u4e2d\u56fd\u5546\u4e1a\u5206\u90e8\u5305\u62ec\u4e2d\u56fd\u96f6\u552e\u5546\u4e1a\u4e1a\u52a1\u5982\u6dd8\u5b9d\u3001\u5929\u732b\u3001\u76d2\u9a6c\u7b49\u4ee5\u53ca\u6279\u53d1\u4e1a\u52a1\u3002\u56fd\u9645\u5546\u4e1a\u5206\u90e8\u5305\u62ec\u56fd\u9645\u96f6\u552e\u53ca\u6279\u53d1\u5546\u4e1a\u4e1a\u52a1\uff0c\u5982Lazada\u3001\u901f\u5356\u901a\u7b49\u3002\u672c\u5730\u751f\u6d3b\u670d\u52a1\u5206\u90e8\u5305\u62ec\u57fa\u4e8e\u4f4d\u7f6e\u4e1a\u52a1\uff0c\u5982\u997f\u4e86\u4e48\u3001\u9ad8\u5fb7\u3001\u98de\u732a\u7b49\u3002\u83dc\u9e1f\u5206\u90e8\u5305\u62ec\u56fd\u5185\u53ca\u56fd\u9645\u4e00\u7ad9\u5f0f\u7269\u6d41\u670d\u52a1\u53ca\u4f9b\u5e94\u94fe\u7ba1\u7406\u89e3\u51b3\u65b9\u6848\u3002\u4e91\u4e1a\u52a1\u5206\u90e8\u5305\u62ec\u5411\u56fd\u5185\u5916\u4f01\u4e1a\u63d0\u4f9b\u516c\u6709\u4e91\u670d\u52a1\u548c\u6df7\u5408\u4e91\u670d\u52a1\uff0c\u5982\u963f\u91cc\u4e91\u53ca\u9489\u9489\u3002\u6570\u5b57\u5a92\u4f53\u53ca\u5a31\u4e50\u5206\u90e8\u5305\u62ec\u4f18\u9177\u3001\u5938\u514b\u548c\u963f\u91cc\u5f71\u4e1a\uff0c\u4ee5\u53ca\u5176\u4ed6\u5185\u5bb9\u548c\u5206\u9500\u5e73\u53f0\u4ee5\u53ca\u7ebf\u4e0a\u6e38\u620f\u4e1a\u52a1\u3002\u521b\u65b0\u4e1a\u52a1\u53ca\u5176\u4ed6\u5206\u90e8\u5305\u62ec\u8fbe\u6469\u9662\u3001\u5929\u732b\u7cbe\u7075\u53ca\u5176\u4ed6\u4e1a\u52a1\u3002 <br>  <\/li>\n\n\n\n<li><strong>\u5f3a\u5927\u7684\u653f\u5e9c\u652f\u6301\u3002<\/strong>\u5728\u6700\u8fd1\u7684\u5168\u56fd\u4eba\u6c11\u4ee3\u8868\u5927\u4f1a\u4e0a\uff0c\u4e2d\u56fd\u5ba3\u5e03\u5c06\u79d1\u6280\u652f\u51fa\u589e\u52a0 10%\uff0c\u62e8\u6b3e 3980 \u4ebf\u5143\u4eba\u6c11\u5e01\uff08550 \u4ebf\u7f8e\u5143\uff09\u3002\u653f\u5e9c\u65e8\u5728\u4fc3\u8fdb\u4eba\u5de5\u667a\u80fd\u6a21\u578b\u5e94\u7528\u3001\u91cf\u5b50\u8ba1\u7b97\u548c 6G \u6280\u672f\uff0c\u540c\u65f6\u53d1\u5e03\u4eba\u5de5\u667a\u80fd\u6559\u80b2\u767d\u76ae\u4e66\u4ee5\u6269\u5927\u5176\u6280\u672f\u4eba\u624d\u5e93\u3002\u653f\u5e9c\u65e8\u5728\u901a\u8fc7\u57f9\u80b2\u56fd\u5bb6\u5b9e\u9a8c\u5ba4\u3001\u652f\u6301\u9752\u5e74\u79d1\u5b66\u5bb6\u548c\u5b8c\u5584\u6570\u636e\u7cfb\u7edf\uff0c\u521b\u9020\u66f4\u5229\u4e8e\u521b\u65b0\u7684\u73af\u5883\u3002\u4eba\u5de5\u667a\u80fd\u53d1\u5c55\u662f\u91cd\u70b9\uff0c\u52a0\u5927\u5bf9\u5927\u89c4\u6a21\u6a21\u578b\u548c\u667a\u80fd\u5236\u9020\u7684\u652f\u6301\u3002\u9884\u8ba1\u8fd9\u79cd\u652f\u6301\u6027\u73af\u5883\u5c06\u52a0\u901f\u963f\u91cc\u5df4\u5df4\u7684\u4eba\u5de5\u667a\u80fd\u521b\u65b0\uff0c\u589e\u5f3a\u5176\u4e91\u4ea7\u54c1\uff0c\u5e76\u5de9\u56fa\u5176\u5728\u4e2d\u56fd\u6570\u5b57\u5316\u8f6c\u578b\u4e2d\u7684\u4f5c\u7528\u3002<br>  <\/li>\n\n\n\n<li><strong>\u53d1\u5e03\u5176\u4eba\u5de5\u667a\u80fd\u6a21\u578b\u3002<\/strong>\u963f\u91cc\u5df4\u5df4\u53d1\u5e03\u4e86 QwQ-32B \u4eba\u5de5\u667a\u80fd\u63a8\u7406\u6a21\u578b\uff0c\u58f0\u79f0\u5c3d\u7ba1\u53c2\u6570\u5c11\u5f97\u591a\uff0c\u4f46\u5176\u6027\u80fd\u4e0e DeepSeek \u7684 R1 \u76f8\u5f53\u3002\u8be5\u6a21\u578b\u53ef\u901a\u8fc7 Qwen Chat \u8bbf\u95ee\uff0c\u589e\u5f3a\u4e86\u963f\u91cc\u5df4\u5df4\u7684\u804a\u5929\u673a\u5668\u4eba\u670d\u52a1\uff0c\u5e76\u5de9\u56fa\u4e86\u5176\u4eba\u5de5\u667a\u80fd\u9886\u5bfc\u5730\u4f4d\u3002\u968f\u7740\u4e2d\u56fd\u5728\u5404\u884c\u4e1a\u63a8\u5e7f\u4eba\u5de5\u667a\u80fd\u5e94\u7528\uff0c\u963f\u91cc\u5df4\u5df4\u6709\u671b\u4ece\u4eba\u5de5\u667a\u80fd\u9a71\u52a8\u89e3\u51b3\u65b9\u6848\u65e5\u76ca\u589e\u957f\u7684\u9700\u6c42\u4e2d\u53d7\u76ca\uff0c\u4ece\u800c\u63d0\u632f\u5176\u4e91\u4e1a\u52a1\u548c\u6295\u8d44\u8005\u4fe1\u5fc3\u3002<br>  <\/li>\n\n\n\n<li><strong>\u4eba\u5de5\u667a\u80fd\u548c\u4e91\u6295\u8d44\u8def\u7ebf\u56fe\u3002<\/strong>\u963f\u91cc\u5df4\u5df4\u672a\u6765\u4e09\u5e74\u5728\u4e91\u8ba1\u7b97\u548c\u4eba\u5de5\u667a\u80fd\u57fa\u7840\u8bbe\u65bd\u65b9\u9762\u7684 3800 \u4ebf\u5143\u4eba\u6c11\u5e01\uff08700 \u4ebf\u7f8e\u5143\uff09\u6295\u8d44\u8d85\u8fc7\u4e86\u5176\u5728\u8be5\u9886\u57df\u5341\u5e74\u6765\u7684\u652f\u51fa\u3002\u622a\u81f3 24 \u5e74\u7b2c\u4e09\u5b63\u5ea6\uff0c\u963f\u91cc\u5df4\u5df4\u662f\u4e2d\u56fd\u6700\u5927\u7684\u4e91\u63d0\u4f9b\u5546\uff0c\u5e02\u573a\u4efd\u989d\u4e3a 36%\uff0c24 \u5e74\u7b2c\u56db\u5b63\u5ea6\u4e91\u6536\u5165\u540c\u6bd4\u589e\u957f 13%\uff0c\u4e3b\u8981\u53d7\u516c\u5171\u4e91\u4ea7\u54c1\u4e24\u4f4d\u6570\u6536\u5165\u589e\u957f\u7684\u63a8\u52a8\u3002\u9884\u8ba1\u963f\u91cc\u5df4\u5df4\u7684\u6295\u8d44\u5c06\u589e\u5f3a\u5176\u4eba\u5de5\u667a\u80fd\u548c\u4e91\u80fd\u529b\uff0c\u5438\u5f15\u4f01\u4e1a\u5ba2\u6237\uff0c\u5e76\u63a8\u52a8\u957f\u671f\u589e\u957f\u3002<br>  <\/li>\n\n\n\n<li><strong>24 \u5e74\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>24 \u5e74\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\u540c\u6bd4\u589e\u957f 8% \u81f3 2802 \u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c 23 \u5e74\u7b2c\u56db\u5b63\u5ea6\u4e3a 2603 \u4ebf\u5143\u4eba\u6c11\u5e01\u300224 \u5e74\u7b2c\u56db\u5b63\u5ea6\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f 333% \u81f3 464 \u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c 23 \u5e74\u7b2c\u56db\u5b63\u5ea6\u4e3a 107 \u4ebf\u5143\u4eba\u6c11\u5e01\u300224 \u5e74\u7b2c\u56db\u5b63\u5ea6\u644a\u8584\u540e\u6bcf\u80a1\u6536\u76ca\u589e\u81f3 2.55 \u5143\u4eba\u6c11\u5e01\uff0c\u800c 23 \u5e74\u7b2c\u56db\u5b63\u5ea6\u4e3a 0.71 \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-63360\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-blue-and-white-rectangular-object-with-white-tex-13.png\" alt=\"A blue and white rectangular object with white text\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-blue-and-white-rectangular-object-with-white-tex-13.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-blue-and-white-rectangular-object-with-white-tex-13-300x64.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=\"1024\" height=\"485\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-on-a-white-background-ai-generated-conten-8.jpeg\" alt=\"A graph on a white background\n\nAI-generated content may be incorrect.\" class=\"wp-image-63361\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-on-a-white-background-ai-generated-conten-8.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-on-a-white-background-ai-generated-conten-8-300x142.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-on-a-white-background-ai-generated-conten-8-768x364.jpeg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/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\/03\/word-image-63313-19.png\" alt=\"\" class=\"wp-image-63362\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-19.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-19-300x64.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-63313-_6xzuwbi3dcr\"><\/a><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"827\" height=\"105\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-20.png\" class=\"wp-image-63363\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-20.png 827w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-20-300x38.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-20-768x98.png 768w\" sizes=\"(max-width: 827px) 100vw, 827px\" \/><\/figure><\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u9ea5\u7576\u52de (MCD US)\uff1a\u4e3a\u5ba2\u6237\u63d0\u4f9b\u4ef7\u503c<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a316\u76ee\u6807\u4ef7\uff1a350\uff0c\u6b62\u635f\u4ef7\uff1a300<\/strong><br>  <\/li>\n\n\n\n<li>\u662f\u5168\u7403\u6700\u5927\u7684\u9910\u5ef3\u696d\u4e3b\u517c\u904b\u71df\u5546\uff0c\u904d\u5e03119\u500b\u570b\u5bb6\u548c\u5730\u5340\u768440,000\u591a\u5bb6\u9580\u5e02\u3002\u9ea5\u7576\u52de\u958b\u5275\u4e86\u7279\u8a31\u7d93\u71df\u6a21\u5f0f\uff0c\u901a\u904e\u8207\u4e16\u754c\u5404\u5730\u7684\u7368\u7acb\u9910\u5ef3\u7279\u8a31\u7d93\u71df\u5546\u5408\u4f5c\uff0c\u5efa\u7acb\u4e86\u9f90\u5927\u7684\u9023\u9396\u5feb\u9910\u7db2\u7d61\u3002<br>  <\/li>\n\n\n\n<li><strong>\u7f8e\u570b\u8870\u9000\u64d4\u6182\u52a0\u5287\uff0c\u9632\u79a6\u6027\u677f\u584a\u53d7\u76ca\u3002<\/strong>\u7d9c\u5408\u8fd1\u671f\u7f8e\u570b\u5b8f\u89c0\u6578\u64da\uff0c\u901a\u8139\u4f9d\u7136\u8f03\u9ad8\uff0c\u4f46\u540c\u6642\u52de\u52d5\u529b\u5e02\u5834\u958b\u59cb\u964d\u6eab\uff0c\u6d88\u8cbb\u8005\u652f\u51fa\u4ee5\u53ca\u4fe1\u5fc3\u4e0b\u964d\u3002\u7279\u6717\u666e\u7684\u95dc\u7a05\u653f\u7b56\u5f15\u767c\u5168\u7403\u8cbf\u6613\u6230\uff0c\u540c\u6642\u7f8e\u570b\u5c31\u4fc4\u70cf\u554f\u984c\u7acb\u5834\u906d\u76df\u53cb\u8cea\u7591\u3002\u5229\u7a7a\u56e0\u7d20\u96c6\u4e2d\u767c\u9175\uff0c\u5e02\u5834\u53ad\u60e1\u4e0d\u78ba\u5b9a\u6027\uff0c\u56e0\u6b64\u4e3b\u8981\u589e\u9577\u578b\u677f\u584a\u51fa\u73fe\u5927\u5e45\u56de\u8abf\uff0c\u8cc7\u91d1\u8f2a\u52d5\u81f3\u9632\u79a6\u6027\u8f03\u5f37\u677f\u584a\u3002<br>  <\/li>\n\n\n\n<li><strong>\u63a8\u51fa\u5168\u65b0McValue\u5e73\u53f0\u3002<\/strong>\u9ea5\u7576\u52de\u5728\u4eca\u5e741\u67087\u65e5\u63a8\u51fa\u5168\u65b0McValue\u5e73\u53f0\uff0c\u65e8\u5728\u70ba\u5ba2\u6236\u63d0\u4f9b\u5be6\u60e0\u9078\u64c7\uff0c\u63d0\u9ad8\u7528\u9910\u50f9\u503c\u3002\u8a72\u5e73\u53f0\u5305\u62ec5\u7f8e\u5143\u8d85\u503c\u5957\u9910\u3001\u8cb7\u4e00\u52a0\u4e00\u3001\u672c\u5730\u9910\u98f2\u512a\u60e0\u548c\u61c9\u7528\u7368\u5bb6\u512a\u60e0\u7b49\u3002\u8a72\u5e73\u53f0\u5728\u901a\u8139\u9ad8\u4f01\u548c\u6d88\u8cbb\u964d\u7d1a\u74b0\u5883\u4e0b\u53d7\u5230\u6d88\u8cbb\u8005\u9752\u775e\uff0c\u4e26\u63d0\u9ad8\u516c\u53f8\u7684\u92b7\u552e\u53ca\u5e02\u5834\u4efd\u984d\u3002<br>  <\/li>\n\n\n\n<li><strong>\u4eba\u5de5\u667a\u80fd\u6280\u8853\u61c9\u7528\u3002<\/strong>\u9ea5\u7576\u52de\u8a08\u5283\u5728\u5168\u740343,000\u5bb6\u9910\u5ef3\u4e2d\u5c0e\u5165\u4eba\u5de5\u667a\u80fd\u6280\u8853\uff0c\u4ee5\u52a0\u5feb\u670d\u52d9\u901f\u5ea6\u4e26\u6539\u5584\u9867\u5ba2\u8207\u54e1\u5de5\u7684\u9ad4\u9a57\u3002\u9019\u4e9b\u5347\u7d1a\u5305\u62ec\u667a\u6167\u5eda\u623f\u8a2d\u5099\u3001AI\u9a45\u52d5\u7684\u5f97\u4f86\u901f\u670d\u52d9\uff0c\u4ee5\u53ca\u7528\u65bc\u8a02\u55ae\u6e96\u78ba\u6027\u548c\u9810\u6e2c\u6027\u7dad\u8b77\u7684\u7ba1\u7406\u5de5\u5177\u3002\u9ea5\u7576\u52de\u6b63\u8207Google Cloud\u5408\u4f5c\uff0c\u5229\u7528\u908a\u7de3\u8a08\u7b97\u9032\u884c\u5be6\u6642\u6578\u64da\u8655\u7406\uff0c\u76ee\u6a19\u662f\u57282027\u5e74\u524d\u5c07\u9867\u5ba2\u6578\u91cf\u5f9e1.75\u5104\u589e\u52a0\u52302.5\u5104\u3002<br>  <\/li>\n\n\n\n<li><strong>24\u8ca1\u5e74\u7b2c\u56db\u5b63\u5ea6\u696d\u7e3e\u3002<\/strong>\u71df\u6536\u540c\u6bd4\u4e0b\u8dcc0.3%\u81f363.9\u5104\u7f8e\u5143\uff0c\u905c\u9810\u671f9,000\u842c\u7f8e\u5143\u3002Non-GAAP\u6bcf\u80a1\u76c8\u5229\u70ba2.83\u7f8e\u5143\uff0c\u905c\u9810\u671f0.03\u7f8e\u5143\u3002\u516c\u53f8\u5c07\u51762025\u8ca1\u5e74\u5168\u5e74\u904b\u71df\u5229\u6f64\u7387\u4e0a\u8abf\u81f345%\u81f350%\uff0c\u8d85\u904e2024\u5e74\u768446.3%\u3002\u516c\u53f8\u8a08\u5283\u57282025\u5e74\u958b\u8a2d\u8d85\u904e2200\u9593\u5206\u5e97\uff0c\u589e\u9577\u8d854%\u3002\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\/03\/a-blue-and-white-rectangular-object-with-numbers-16.png\" alt=\"A blue and white rectangular object with numbers\n\nAI-generated content may be incorrect.\" class=\"wp-image-63364\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-blue-and-white-rectangular-object-with-numbers-16.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-blue-and-white-rectangular-object-with-numbers-16-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1556\" height=\"617\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-with-a-line-graph-ai-generated-content-ma-7.jpeg\" alt=\"A graph with a line graph\n\nAI-generated content may be incorrect.\" class=\"wp-image-63365\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-with-a-line-graph-ai-generated-content-ma-7.jpeg 1556w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-with-a-line-graph-ai-generated-content-ma-7-300x119.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-with-a-line-graph-ai-generated-content-ma-7-1024x406.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-with-a-line-graph-ai-generated-content-ma-7-768x305.jpeg 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-with-a-line-graph-ai-generated-content-ma-7-1536x609.jpeg 1536w\" sizes=\"(max-width: 1556px) 100vw, 1556px\" \/><\/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\/03\/a-long-line-of-a-flag-description-automatically-g-9.png\" class=\"wp-image-63366\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-long-line-of-a-flag-description-automatically-g-9.png 940w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-long-line-of-a-flag-description-automatically-g-9-300x64.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-long-line-of-a-flag-description-automatically-g-9-768x163.png 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/><\/figure><strong> <\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u83f2\u5229\u666e\u83ab\u91cc\u65af\u56fd\u9645\u516c\u53f8 (PM US)\uff1aZyn \u7684\u534f\u540c\u6548\u5e94<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a150\u76ee\u6807\u4ef7\uff1a170\uff0c\u6b62\u635f\u4ef7\uff1a140<\/strong><br>  <\/li>\n\n\n\n<li>\u83f2\u5229\u666e\u83ab\u91cc\u65af\u56fd\u9645\u516c\u53f8\u4f5c\u4e3a\u4e00\u5bb6\u70df\u8349\u516c\u53f8\u8fd0\u8425\uff0c\u81f4\u529b\u4e8e\u63d0\u4f9b\u65e0\u70df\u672a\u6765\u548c\u4e0d\u65ad\u53d1\u5c55\u7684\u957f\u671f\u4ea7\u54c1\u7ec4\u5408\uff0c\u5305\u62ec\u70df\u8349\u548c\u5c3c\u53e4\u4e01\u884c\u4e1a\u4ee5\u5916\u7684\u4ea7\u54c1\u3002\u8be5\u516c\u53f8\u7684\u4ea7\u54c1\u7ec4\u5408\u4e3b\u8981\u5305\u62ec\u5377\u70df\u548c\u65e0\u70df\u4ea7\u54c1\uff0c\u5305\u62ec\u4e3b\u8981\u4ee5 IQOS \u548c ZYN \u54c1\u724c\u4e3a\u4e3b\u7684\u52a0\u70ed\u4e0d\u71c3\u70e7\u3001\u84b8\u6c14\u548c\u53e3\u670d\u5c3c\u53e4\u4e01\u4ea7\u54c1\uff1b\u4ee5\u53ca\u6d88\u8d39\u914d\u4ef6\uff0c\u4f8b\u5982\u6253\u706b\u673a\u548c\u706b\u67f4\u3002\u5b83\u8fd8\u63d0\u4f9b\u5065\u5eb7\u548c\u4fdd\u5065\u4ea7\u54c1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u6f5c\u5728\u7684\u4e1a\u52a1\u51fa\u552e\u3002<\/strong>\u83f2\u5229\u666e\u83ab\u91cc\u65af (PM) \u56fd\u9645\u516c\u53f8\u51b3\u5b9a\u63a2\u7d22\u51fa\u552e\u5176\u7f8e\u56fd\u96ea\u8304\u4e1a\u52a1\uff0c\u8fd9\u4e0e\u5176\u4ece\u4f20\u7edf\u70df\u8349\u4ea7\u54c1\u8f6c\u578b\u7684\u5927\u6218\u7565\u76f8\u7b26\u3002\u901a\u8fc7\u5265\u79bb\u8fd9\u9879\u8d44\u4ea7\uff0c\u8be5\u516c\u53f8\u53ef\u4ee5\u5c06\u5176\u8d44\u6e90\u91cd\u65b0\u5206\u914d\u5230\u5176\u4e0d\u65ad\u589e\u957f\u7684\u65e0\u70df\u4ea7\u54c1\u7ec4\u5408\u4e2d\uff0c\u4f8b\u5982 Zyn \u5c3c\u53e4\u4e01\u888b\u548c IQOS \u52a0\u70ed\u70df\u8349\u8bbe\u5907\u3002\u8fd9\u79cd\u8f6c\u53d8\u4e0d\u4ec5\u652f\u6301\u957f\u671f\u6536\u5165\u589e\u957f\uff0c\u8fd8\u589e\u5f3a\u4e86 PM \u5728\u4e0d\u65ad\u53d8\u5316\u7684\u5c3c\u53e4\u4e01\u5e02\u573a\u4e2d\u7684\u5b9a\u4f4d\u3002\u9884\u8ba1 10 \u4ebf\u7f8e\u5143\u7684\u51fa\u552e\u6536\u76ca\u53ef\u7528\u4e8e\u8fdb\u4e00\u6b65\u7684\u521b\u65b0\u548c\u6269\u5f20\uff0c\u52a0\u901f\u5176\u5230 2030 \u5e74\u5b9e\u73b0\u4e09\u5206\u4e4b\u4e8c\u7684\u9500\u552e\u989d\u6765\u81ea\u65e0\u70df\u4ea7\u54c1\u7684\u76ee\u6807\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5438\u70df\u7387\u4e0b\u964d\u3002<\/strong>\u7531\u4e8e\u5065\u5eb7\u95ee\u9898\u548c\u76d1\u7ba1\u538b\u529b\uff0c\u5168\u7403\u5438\u70df\u7387\u6301\u7eed\u4e0b\u964d\uff0cPM \u5411\u66ff\u4ee3\u5c3c\u53e4\u4e01\u4ea7\u54c1\u8f6c\u578b\u662f\u81f3\u5173\u91cd\u8981\u7684\u4e3e\u63aa\u3002\u4f20\u7edf\u5377\u70df\u9762\u4e34\u9700\u6c42\u4e0b\u964d\uff0c\u4f46\u8be5\u516c\u53f8\u5728 Zyn \u548c IQOS \u65b9\u9762\u7684\u5f3a\u52b2\u8868\u73b0\u8868\u660e\u4e86\u5176\u9002\u5e94\u4e0d\u65ad\u53d8\u5316\u7684\u6d88\u8d39\u8005\u504f\u597d\u7684\u80fd\u529b\u3002\u901a\u8fc7\u4e13\u6ce8\u4e8e\u51cf\u5bb3\u66ff\u4ee3\u54c1\uff0cPM \u786e\u4fdd\u4e86\u5728\u5377\u70df\u5e02\u573a\u840e\u7f29\u7684\u60c5\u51b5\u4e0b\u6536\u5165\u7684\u7a33\u5b9a\u6027\u3002\u8fd9\u79cd\u79ef\u6781\u4e3b\u52a8\u7684\u65b9\u6cd5\u4e0d\u4ec5\u51cf\u8f7b\u4e86\u4e0e\u5438\u70df\u8d8b\u52bf\u4e0b\u964d\u76f8\u5173\u7684\u98ce\u9669\uff0c\u8fd8\u5de9\u56fa\u4e86\u8be5\u516c\u53f8\u4f5c\u4e3a\u884c\u4e1a\u9886\u5bfc\u8005\u7684\u5730\u4f4d\u3002<br>  <\/li>\n\n\n\n<li><strong>FDA \u6279\u51c6\u3002<\/strong>FDA \u5bf9 Zyn \u5c3c\u53e4\u4e01\u888b\u7684\u6388\u6743\u6807\u5fd7\u7740 PM \u7684\u4e00\u4e2a\u91cd\u8981\u91cc\u7a0b\u7891\uff0c\u9a8c\u8bc1\u4e86\u5176\u51cf\u5bb3\u6218\u7565\uff0c\u5e76\u5728\u7f8e\u56fd\u5e02\u573a\u63d0\u4f9b\u4e86\u7ade\u4e89\u4f18\u52bf\u3002\u51ed\u501f\u5b98\u65b9\u76d1\u7ba1\u652f\u6301\uff0cPM \u53ef\u4ee5\u8fdb\u4e00\u6b65\u63a8\u5e7f Zyn \u4f5c\u4e3a\u4f20\u7edf\u70df\u8349\u7684\u66f4\u5b89\u5168\u66ff\u4ee3\u54c1\uff0c\u5438\u5f15\u66f4\u591a\u5e0c\u671b\u8f6c\u578b\u7684\u6210\u5e74\u5438\u70df\u8005\u3002\u6b64\u9879\u6279\u51c6\u8fd8\u4e3a\u6269\u5c55\u5230\u5176\u4ed6\u5730\u533a\u6253\u5f00\u4e86\u5927\u95e8\uff0c\u5728\u8fd9\u4e9b\u5730\u533a\uff0c\u7c7b\u4f3c\u7684\u76d1\u7ba1\u8ba4\u53ef\u53ef\u4ee5\u63a8\u52a8\u589e\u957f\u3002\u968f\u7740\u6ce8\u91cd\u5065\u5eb7\u7684\u6d88\u8d39\u8005\u5bfb\u6c42\u66ff\u4ee3\u54c1\uff0cPM \u6709\u80fd\u529b\u5229\u7528\u5bf9\u65e0\u70df\u5c3c\u53e4\u4e01\u4ea7\u54c1\u65e5\u76ca\u589e\u957f\u7684\u9700\u6c42\u3002<br>  <\/li>\n\n\n\n<li><strong>24 \u5e74\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u3002<\/strong>\u8425\u6536\u540c\u6bd4\u589e\u957f 7.3% \u81f3 97.1 \u4ebf\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f 2.7 \u4ebf\u7f8e\u5143\u3002Non-GAAP \u6bcf\u80a1\u6536\u76ca\u4e3a 1.55 \u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f 0.05 \u7f8e\u5143\u3002\u8be5\u516c\u53f8\u9884\u8ba1 25 \u8d22\u5e74\u8c03\u6574\u540e\u5e74\u5ea6\u6bcf\u80a1\u6536\u76ca\u5728 7.04 \u7f8e\u5143\u81f3 7.17 \u7f8e\u5143\u4e4b\u95f4\uff0c\u9ad8\u4e8e\u5206\u6790\u5e08\u9884\u671f\u7684 7.03 \u7f8e\u5143\u3002\u5b83\u8fd8\u9884\u6d4b\uff0c2025 \u5e74 ZYN \u5bf9\u7f8e\u56fd\u7684\u51fa\u8d27\u91cf\u5c06\u589e\u957f 34% \u81f3 41%\uff0c\u800c IQOS \u7684\u51fa\u8d27\u91cf\u4e5f\u5c06\u589e\u957f 10% \u81f3 12%\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\/03\/a-blue-and-white-rectangular-object-with-numbers-17.png\" alt=\"A blue and white rectangular object with numbers\n\nAI-generated content may be incorrect.\" class=\"wp-image-63367\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-blue-and-white-rectangular-object-with-numbers-17.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-blue-and-white-rectangular-object-with-numbers-17-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"485\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-showing-a-stock-market-ai-generated-conte-5.jpeg\" alt=\"A graph showing a stock market\n\nAI-generated content may be incorrect.\" class=\"wp-image-63368\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-showing-a-stock-market-ai-generated-conte-5.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-showing-a-stock-market-ai-generated-conte-5-300x142.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/a-graph-showing-a-stock-market-ai-generated-conte-5-768x364.jpeg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/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=\"wp-block-paragraph\">\n   \n<a id=\"post-63313-_Hlt181111973\"><\/a><a id=\"post-63313-_Hlt181111974\"><\/a><\/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-63313-_va9jaog5jnw3\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-26.png\" class=\"wp-image-63369\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-26.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-26-300x64.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\/03\/word-image-63313-27.png\" alt=\"\" class=\"wp-image-63370\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-27.png 618w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/word-image-63313-27-300x62.png 300w\" sizes=\"(max-width: 618px) 100vw, 618px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Trading Dashboard Update: <\/strong>Take profiton Aluminium Corp of China (2600 HK) at HK$5.40. Add United Hamsphire US REIT (UHU SP) at S$0.48, China Resources Power Holdings Co Ltd (836 HK) at HK$17.8, Prada SpA (1913 HK) at HK$64.0, Phillip Morris International Inc (PM US) at US$150 and McDonald\u2019s Corp (MCD US) at US$316. Add and cut loss on Bumitama Agri Ltd (BAL SP) at S$0.885 and S$0.850 respectively.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"940\" height=\"474\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/image-23.png\" alt=\"\" class=\"wp-image-63399\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/image-23.png 940w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/image-23-300x151.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/03\/image-23-768x387.png 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/><\/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 \u5929\u7136\u7164\u77ff\u96c6\u56e2(GERL SP)\uff1a\u6f5c\u5728\u5229\u597d\u56e0\u7d20 (Source: Bloomberg) \u7f8e\u56fd\u6c49\u666e\u90e1\u8054\u5408\u623f\u5730\u4ea7\u4fe1\u6258 (UHU SP)\uff1a\u6301\u7eed\u589e\u957f\u4e0e\u6269\u5f20 (Source: Bloomberg) Prada SpA (1913 HK)\uff1a\u5962\u4f88\u54c1\u5e02\u573a\u7684\u5f02\u7c7b (Source: Bloomberg) \u963f\u91cc\u5df4\u5df4 (9988 HK)\uff1a\u9a71\u52a8\u4e2d\u56fd\u6570\u5b57\u672a\u6765 (Source: Bloomberg) \u9ea5\u7576\u52de (MCD US)\uff1a\u4e3a\u5ba2\u6237\u63d0\u4f9b\u4ef7\u503c (Source: Bloomberg) \u83f2\u5229\u666e\u83ab\u91cc\u65af\u56fd\u9645\u516c\u53f8 (PM US)\uff1aZyn \u7684\u534f\u540c\u6548\u5e94 (Source: Bloomberg) ^ Back To Top Trading Dashboard Update: Take profiton [&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-63313","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 \u5929\u7136\u7164\u77ff\u96c6\u56e2(GERL SP)\uff1a\u6f5c\u5728\u5229\u597d\u56e0\u7d20 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.32\uff0c\u76ee\u6807\u4ef7\uff1a0.36\uff0c\u6b62\u635f\u4ef7\uff1a0.30 \u5929\u7136\u7164\u77ff\u96c6\u56e2\u662f\u4e00\u5bb6\u7efc\u5408\u7164\u77ff\u5f00\u91c7\u4e13\u5bb6\u3002\u516c\u53f8\u62e5\u6709\u5e76\u8fd0\u8425\u7164\u77ff\uff0c\u540c\u65f6\u4e3a\u7b2c\u4e09\u65b9\u77ff\u4e3b\u63d0\u4f9b\u77ff\u4e1a\u627f\u5305\u670d\u52a1\uff0c\u5e76\u5411\u7164\u70ad\u8d38\u6613\u5546\u548c\u7164\u70ad\u51fa\u53e3\u516c\u53f8\u9500\u552e\u7164\u70ad\u3002 \u6210\u672c\u4f18\u5316\u548c\u989d\u5916\u6536\u5165\u3002\u8fd9\u9879\u4ef7\u503c1.5\u4ebf\u7f8e\u5143\u7684\u7efc\u5408\u57fa\u7840\u8bbe\u65bd\u9879\u76ee\uff0c\u5305\u62ec\u4e00\u676192\u516c\u91cc\u7684\u8fd0\u8f93\u9053\u8def\u548c\u4e00\u5ea7\u603b\u5bb9\u91cf\u4e3a4000\u4e07\u81f35000\u4e07\u5428\u7684\u7801\u5934\uff0c\u9884\u8ba1\u5c06\u6210\u4e3a\u516c\u53f8\u589e\u957f\u6218\u7565\u7684\u57fa\u77f3\u3002\u8be5\u9879\u76ee\u4e0d\u4ec5\u63d0\u5347\u4e86\u6210\u672c\u6548\u7387\uff0c\u9884\u8ba1\u5728TRA\u77ff\u573a\u6269\u5927\u7684\u60c5\u51b5\u4e0b\uff0c\u80fd\u591f\u4ea7\u751f4\u4ebf\u81f35\u4ebf\u7f8e\u5143\u7684EBITDA\uff08\u5047\u8bbe\u7164\u70ad\u4ef7\u683c\u7ef4\u6301\u572850\u7f8e\u5143\u5de6\u53f3\uff09\uff0c\u8fd8\u901a\u8fc7\u5411\u7b2c\u4e09\u65b9\u7528\u6237\u79df\u8d411500\u4e07\u5428\u7684\u516c\u8def\u8fd0\u8f93\u80fd\u529b\uff0c\u521b\u9020\u4e861.2\u4ebf\u81f31.5\u4ebf\u7f8e\u5143\u7684\u989d\u5916\u6536\u5165\u6765\u6e90\u3002 \u79ef\u6781\u7684\u751f\u4ea7\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u8bbe\u5b9a\u4e862025\u5e74\u751f\u4ea7\u76ee\u6807\uff0c\u9884\u8ba1\u4e3a1050\u4e07\u52301150\u4e07\u5428\uff0c\u540c\u6bd4\u589e\u957f32.9%\u81f345.6%\u3002\u622a\u81f32\u6708\uff0c\u516c\u53f8\u5df2\u5b9e\u73b0240\u4e07\u5428\u7684\u4ea7\u91cf\u3002 \u7164\u70ad\u4ef7\u683c\u7684\u7a33\u5b9a\u5c55\u671b\u3002\u7164\u70ad\u4ef7\u683c\u5c55\u671b\u4fdd\u6301\u7a33\u5b9a\uff0c\u5f97\u76ca\u4e8e\u4e2d\u56fd2025\u5e74\u7ea65%\u7684GDP\u589e\u957f\u76ee\u6807\u548c\u79ef\u6781\u7684\u5b8f\u89c2\u653f\u7b56\u5b9e\u65bd\u3002\u9884\u8ba1\u4eba\u5de5\u667a\u80fd\u7684\u53d1\u5c55\u5c06\u63a8\u52a8\u751f\u4ea7\u529b\u63d0\u5347\uff0c\u589e\u5f3a\u6d88\u8d39\u548c\u6295\u8d44\u4fe1\u5fc3\uff0c\u4ece\u800c\u7a33\u5b9a\u7164\u70ad\u9700\u6c42\u5e76\u652f\u6301\u4ef7\u683c\u3002 24\u8d22\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u7531\u4e8e\u9500\u91cf\u548c\u5e73\u5747\u552e\u4ef7\uff08ASP\uff09\u4e0b\u964d\uff0c\u6536\u5165\u540c\u6bd4\u4e0b\u964d18%\uff0c\u964d\u81f34.019\u4ebf\u7f8e\u5143\u3002\u51c0\u5229\u6da6\u4e0b\u964d41%\uff0c\u4e3a3,730\u4e07\u7f8e\u5143\u3002 (Source: Bloomberg) \u7f8e\u56fd\u6c49\u666e\u90e1\u8054\u5408\u623f\u5730\u4ea7\u4fe1\u6258 (UHU SP)\uff1a\u6301\u7eed\u589e\u957f\u4e0e\u6269\u5f20 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.48\uff0c\u76ee\u6807\u4ef7\uff1a0.52\uff0c\u6b62\u635f\u4ef7\uff1a0.46 \u7f8e\u56fd\u6c49\u666e\u90e1\u8054\u5408\u623f\u5730\u4ea7\u4fe1\u6258\u662f\u4e00\u5bb6\u623f\u5730\u4ea7\u6295\u8d44\u4fe1\u6258\u516c\u53f8\u3002\u8be5\u516c\u53f8\u62e5\u6709\u5e76\u7ecf\u8425\u8d2d\u7269\u3001\u4ed3\u50a8\u3001\u6742\u8d27\u548c\u5fc5\u9700\u54c1\u96f6\u552e\u7269\u4e1a\u3002 \u6709\u5229\u7684\u5229\u7387\u73af\u5883\u3002\u7f8e\u8054\u50a8\u5728 2024 \u5e74 12 \u6708\u5c06\u5229\u7387\u4e0b\u8c03 25 \u4e2a\u57fa\u70b9\uff0c\u5c06\u76ee\u6807\u533a\u95f4\u964d\u81f3 4.25% \u81f3 4.50%\u3002\u9884\u8ba1\u8f83\u4f4e\u7684\u501f\u8d37\u6210\u672c\u5c06\u589e\u5f3a\u8054\u5408\u6c49\u666e\u90e1\u7f8e\u56fd\u623f\u5730\u4ea7\u4fe1\u6258\u7684\u8d22\u52a1\u7075\u6d3b\u6027\u5e76\u652f\u6301\u589e\u957f\u3002\u5bf9\u8054\u90a6\u57fa\u91d1\u5229\u7387\u7684\u9884\u6d4b\u663e\u793a\uff0c\u5230 2025 \u5e74\u5e95\u5c06\u8fbe\u5230 3.50% \u81f3 3.75% \u7684\u533a\u95f4\uff0c\u5230 2026 \u5e74\u5e95\u5c06\u8fbe\u5230 3.25% \u81f3 3.50% \u7684\u533a\u95f4\u3002 \u6218\u7565\u6027\u8d44\u4ea7\u5265\u79bb\u3002\u8054\u5408\u6c49\u666e\u90e1\u7f8e\u56fd\u623f\u5730\u4ea7\u4fe1\u6258\u6210\u529f\u5265\u79bb\u4e86\u8d44\u4ea7\uff0c\u5305\u62ec 2024 \u5e74\u4e0b\u534a\u5e74\u7684\" \/>\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-12-mar-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\u5e743\u670812\u65e5: \u5929\u7136\u7164\u77ff\u96c6\u56e2(GERL SP), Prada SpA (1913 HK), \u9ea5\u7576\u52de (MCD 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 \u5929\u7136\u7164\u77ff\u96c6\u56e2(GERL SP)\uff1a\u6f5c\u5728\u5229\u597d\u56e0\u7d20 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.32\uff0c\u76ee\u6807\u4ef7\uff1a0.36\uff0c\u6b62\u635f\u4ef7\uff1a0.30 \u5929\u7136\u7164\u77ff\u96c6\u56e2\u662f\u4e00\u5bb6\u7efc\u5408\u7164\u77ff\u5f00\u91c7\u4e13\u5bb6\u3002\u516c\u53f8\u62e5\u6709\u5e76\u8fd0\u8425\u7164\u77ff\uff0c\u540c\u65f6\u4e3a\u7b2c\u4e09\u65b9\u77ff\u4e3b\u63d0\u4f9b\u77ff\u4e1a\u627f\u5305\u670d\u52a1\uff0c\u5e76\u5411\u7164\u70ad\u8d38\u6613\u5546\u548c\u7164\u70ad\u51fa\u53e3\u516c\u53f8\u9500\u552e\u7164\u70ad\u3002 \u6210\u672c\u4f18\u5316\u548c\u989d\u5916\u6536\u5165\u3002\u8fd9\u9879\u4ef7\u503c1.5\u4ebf\u7f8e\u5143\u7684\u7efc\u5408\u57fa\u7840\u8bbe\u65bd\u9879\u76ee\uff0c\u5305\u62ec\u4e00\u676192\u516c\u91cc\u7684\u8fd0\u8f93\u9053\u8def\u548c\u4e00\u5ea7\u603b\u5bb9\u91cf\u4e3a4000\u4e07\u81f35000\u4e07\u5428\u7684\u7801\u5934\uff0c\u9884\u8ba1\u5c06\u6210\u4e3a\u516c\u53f8\u589e\u957f\u6218\u7565\u7684\u57fa\u77f3\u3002\u8be5\u9879\u76ee\u4e0d\u4ec5\u63d0\u5347\u4e86\u6210\u672c\u6548\u7387\uff0c\u9884\u8ba1\u5728TRA\u77ff\u573a\u6269\u5927\u7684\u60c5\u51b5\u4e0b\uff0c\u80fd\u591f\u4ea7\u751f4\u4ebf\u81f35\u4ebf\u7f8e\u5143\u7684EBITDA\uff08\u5047\u8bbe\u7164\u70ad\u4ef7\u683c\u7ef4\u6301\u572850\u7f8e\u5143\u5de6\u53f3\uff09\uff0c\u8fd8\u901a\u8fc7\u5411\u7b2c\u4e09\u65b9\u7528\u6237\u79df\u8d411500\u4e07\u5428\u7684\u516c\u8def\u8fd0\u8f93\u80fd\u529b\uff0c\u521b\u9020\u4e861.2\u4ebf\u81f31.5\u4ebf\u7f8e\u5143\u7684\u989d\u5916\u6536\u5165\u6765\u6e90\u3002 \u79ef\u6781\u7684\u751f\u4ea7\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u8bbe\u5b9a\u4e862025\u5e74\u751f\u4ea7\u76ee\u6807\uff0c\u9884\u8ba1\u4e3a1050\u4e07\u52301150\u4e07\u5428\uff0c\u540c\u6bd4\u589e\u957f32.9%\u81f345.6%\u3002\u622a\u81f32\u6708\uff0c\u516c\u53f8\u5df2\u5b9e\u73b0240\u4e07\u5428\u7684\u4ea7\u91cf\u3002 \u7164\u70ad\u4ef7\u683c\u7684\u7a33\u5b9a\u5c55\u671b\u3002\u7164\u70ad\u4ef7\u683c\u5c55\u671b\u4fdd\u6301\u7a33\u5b9a\uff0c\u5f97\u76ca\u4e8e\u4e2d\u56fd2025\u5e74\u7ea65%\u7684GDP\u589e\u957f\u76ee\u6807\u548c\u79ef\u6781\u7684\u5b8f\u89c2\u653f\u7b56\u5b9e\u65bd\u3002\u9884\u8ba1\u4eba\u5de5\u667a\u80fd\u7684\u53d1\u5c55\u5c06\u63a8\u52a8\u751f\u4ea7\u529b\u63d0\u5347\uff0c\u589e\u5f3a\u6d88\u8d39\u548c\u6295\u8d44\u4fe1\u5fc3\uff0c\u4ece\u800c\u7a33\u5b9a\u7164\u70ad\u9700\u6c42\u5e76\u652f\u6301\u4ef7\u683c\u3002 24\u8d22\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u7531\u4e8e\u9500\u91cf\u548c\u5e73\u5747\u552e\u4ef7\uff08ASP\uff09\u4e0b\u964d\uff0c\u6536\u5165\u540c\u6bd4\u4e0b\u964d18%\uff0c\u964d\u81f34.019\u4ebf\u7f8e\u5143\u3002\u51c0\u5229\u6da6\u4e0b\u964d41%\uff0c\u4e3a3,730\u4e07\u7f8e\u5143\u3002 (Source: Bloomberg) \u7f8e\u56fd\u6c49\u666e\u90e1\u8054\u5408\u623f\u5730\u4ea7\u4fe1\u6258 (UHU SP)\uff1a\u6301\u7eed\u589e\u957f\u4e0e\u6269\u5f20 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.48\uff0c\u76ee\u6807\u4ef7\uff1a0.52\uff0c\u6b62\u635f\u4ef7\uff1a0.46 \u7f8e\u56fd\u6c49\u666e\u90e1\u8054\u5408\u623f\u5730\u4ea7\u4fe1\u6258\u662f\u4e00\u5bb6\u623f\u5730\u4ea7\u6295\u8d44\u4fe1\u6258\u516c\u53f8\u3002\u8be5\u516c\u53f8\u62e5\u6709\u5e76\u7ecf\u8425\u8d2d\u7269\u3001\u4ed3\u50a8\u3001\u6742\u8d27\u548c\u5fc5\u9700\u54c1\u96f6\u552e\u7269\u4e1a\u3002 \u6709\u5229\u7684\u5229\u7387\u73af\u5883\u3002\u7f8e\u8054\u50a8\u5728 2024 \u5e74 12 \u6708\u5c06\u5229\u7387\u4e0b\u8c03 25 \u4e2a\u57fa\u70b9\uff0c\u5c06\u76ee\u6807\u533a\u95f4\u964d\u81f3 4.25% \u81f3 4.50%\u3002\u9884\u8ba1\u8f83\u4f4e\u7684\u501f\u8d37\u6210\u672c\u5c06\u589e\u5f3a\u8054\u5408\u6c49\u666e\u90e1\u7f8e\u56fd\u623f\u5730\u4ea7\u4fe1\u6258\u7684\u8d22\u52a1\u7075\u6d3b\u6027\u5e76\u652f\u6301\u589e\u957f\u3002\u5bf9\u8054\u90a6\u57fa\u91d1\u5229\u7387\u7684\u9884\u6d4b\u663e\u793a\uff0c\u5230 2025 \u5e74\u5e95\u5c06\u8fbe\u5230 3.50% \u81f3 3.75% \u7684\u533a\u95f4\uff0c\u5230 2026 \u5e74\u5e95\u5c06\u8fbe\u5230 3.25% \u81f3 3.50% \u7684\u533a\u95f4\u3002 \u6218\u7565\u6027\u8d44\u4ea7\u5265\u79bb\u3002\u8054\u5408\u6c49\u666e\u90e1\u7f8e\u56fd\u623f\u5730\u4ea7\u4fe1\u6258\u6210\u529f\u5265\u79bb\u4e86\u8d44\u4ea7\uff0c\u5305\u62ec 2024 \u5e74\u4e0b\u534a\u5e74\u7684\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-12-mar-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=\"2025-03-11T12:21:24+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2025-03-12T02:26:12+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary\" \/>\n\t\t<meta name=\"twitter:title\" content=\"2025\u5e743\u670812\u65e5: \u5929\u7136\u7164\u77ff\u96c6\u56e2(GERL SP), Prada SpA (1913 HK), \u9ea5\u7576\u52de (MCD 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 \u5929\u7136\u7164\u77ff\u96c6\u56e2(GERL SP)\uff1a\u6f5c\u5728\u5229\u597d\u56e0\u7d20 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.32\uff0c\u76ee\u6807\u4ef7\uff1a0.36\uff0c\u6b62\u635f\u4ef7\uff1a0.30 \u5929\u7136\u7164\u77ff\u96c6\u56e2\u662f\u4e00\u5bb6\u7efc\u5408\u7164\u77ff\u5f00\u91c7\u4e13\u5bb6\u3002\u516c\u53f8\u62e5\u6709\u5e76\u8fd0\u8425\u7164\u77ff\uff0c\u540c\u65f6\u4e3a\u7b2c\u4e09\u65b9\u77ff\u4e3b\u63d0\u4f9b\u77ff\u4e1a\u627f\u5305\u670d\u52a1\uff0c\u5e76\u5411\u7164\u70ad\u8d38\u6613\u5546\u548c\u7164\u70ad\u51fa\u53e3\u516c\u53f8\u9500\u552e\u7164\u70ad\u3002 \u6210\u672c\u4f18\u5316\u548c\u989d\u5916\u6536\u5165\u3002\u8fd9\u9879\u4ef7\u503c1.5\u4ebf\u7f8e\u5143\u7684\u7efc\u5408\u57fa\u7840\u8bbe\u65bd\u9879\u76ee\uff0c\u5305\u62ec\u4e00\u676192\u516c\u91cc\u7684\u8fd0\u8f93\u9053\u8def\u548c\u4e00\u5ea7\u603b\u5bb9\u91cf\u4e3a4000\u4e07\u81f35000\u4e07\u5428\u7684\u7801\u5934\uff0c\u9884\u8ba1\u5c06\u6210\u4e3a\u516c\u53f8\u589e\u957f\u6218\u7565\u7684\u57fa\u77f3\u3002\u8be5\u9879\u76ee\u4e0d\u4ec5\u63d0\u5347\u4e86\u6210\u672c\u6548\u7387\uff0c\u9884\u8ba1\u5728TRA\u77ff\u573a\u6269\u5927\u7684\u60c5\u51b5\u4e0b\uff0c\u80fd\u591f\u4ea7\u751f4\u4ebf\u81f35\u4ebf\u7f8e\u5143\u7684EBITDA\uff08\u5047\u8bbe\u7164\u70ad\u4ef7\u683c\u7ef4\u6301\u572850\u7f8e\u5143\u5de6\u53f3\uff09\uff0c\u8fd8\u901a\u8fc7\u5411\u7b2c\u4e09\u65b9\u7528\u6237\u79df\u8d411500\u4e07\u5428\u7684\u516c\u8def\u8fd0\u8f93\u80fd\u529b\uff0c\u521b\u9020\u4e861.2\u4ebf\u81f31.5\u4ebf\u7f8e\u5143\u7684\u989d\u5916\u6536\u5165\u6765\u6e90\u3002 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\u4e2a\u57fa\u70b9\uff0c\u5c06\u76ee\u6807\u533a\u95f4\u964d\u81f3 4.25% \u81f3 4.50%\u3002\u9884\u8ba1\u8f83\u4f4e\u7684\u501f\u8d37\u6210\u672c\u5c06\u589e\u5f3a\u8054\u5408\u6c49\u666e\u90e1\u7f8e\u56fd\u623f\u5730\u4ea7\u4fe1\u6258\u7684\u8d22\u52a1\u7075\u6d3b\u6027\u5e76\u652f\u6301\u589e\u957f\u3002\u5bf9\u8054\u90a6\u57fa\u91d1\u5229\u7387\u7684\u9884\u6d4b\u663e\u793a\uff0c\u5230 2025 \u5e74\u5e95\u5c06\u8fbe\u5230 3.50% \u81f3 3.75% \u7684\u533a\u95f4\uff0c\u5230 2026 \u5e74\u5e95\u5c06\u8fbe\u5230 3.25% \u81f3 3.50% \u7684\u533a\u95f4\u3002 \u6218\u7565\u6027\u8d44\u4ea7\u5265\u79bb\u3002\u8054\u5408\u6c49\u666e\u90e1\u7f8e\u56fd\u623f\u5730\u4ea7\u4fe1\u6258\u6210\u529f\u5265\u79bb\u4e86\u8d44\u4ea7\uff0c\u5305\u62ec 2024 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\u79ef\u6781\u7684\u751f\u4ea7\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u8bbe\u5b9a\u4e862025\u5e74\u751f\u4ea7\u76ee\u6807\uff0c\u9884\u8ba1\u4e3a1050\u4e07\u52301150\u4e07\u5428\uff0c\u540c\u6bd4\u589e\u957f32.9%\u81f345.6%\u3002\u622a\u81f32\u6708\uff0c\u516c\u53f8\u5df2\u5b9e\u73b0240\u4e07\u5428\u7684\u4ea7\u91cf\u3002 \u7164\u70ad\u4ef7\u683c\u7684\u7a33\u5b9a\u5c55\u671b\u3002\u7164\u70ad\u4ef7\u683c\u5c55\u671b\u4fdd\u6301\u7a33\u5b9a\uff0c\u5f97\u76ca\u4e8e\u4e2d\u56fd2025\u5e74\u7ea65%\u7684GDP\u589e\u957f\u76ee\u6807\u548c\u79ef\u6781\u7684\u5b8f\u89c2\u653f\u7b56\u5b9e\u65bd\u3002\u9884\u8ba1\u4eba\u5de5\u667a\u80fd\u7684\u53d1\u5c55\u5c06\u63a8\u52a8\u751f\u4ea7\u529b\u63d0\u5347\uff0c\u589e\u5f3a\u6d88\u8d39\u548c\u6295\u8d44\u4fe1\u5fc3\uff0c\u4ece\u800c\u7a33\u5b9a\u7164\u70ad\u9700\u6c42\u5e76\u652f\u6301\u4ef7\u683c\u3002 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\u4e2a\u57fa\u70b9\uff0c\u5c06\u76ee\u6807\u533a\u95f4\u964d\u81f3 4.25% \u81f3 4.50%\u3002\u9884\u8ba1\u8f83\u4f4e\u7684\u501f\u8d37\u6210\u672c\u5c06\u589e\u5f3a\u8054\u5408\u6c49\u666e\u90e1\u7f8e\u56fd\u623f\u5730\u4ea7\u4fe1\u6258\u7684\u8d22\u52a1\u7075\u6d3b\u6027\u5e76\u652f\u6301\u589e\u957f\u3002\u5bf9\u8054\u90a6\u57fa\u91d1\u5229\u7387\u7684\u9884\u6d4b\u663e\u793a\uff0c\u5230 2025 \u5e74\u5e95\u5c06\u8fbe\u5230 3.50% \u81f3 3.75% \u7684\u533a\u95f4\uff0c\u5230 2026 \u5e74\u5e95\u5c06\u8fbe\u5230 3.25% \u81f3 3.50% \u7684\u533a\u95f4\u3002 \u6218\u7565\u6027\u8d44\u4ea7\u5265\u79bb\u3002\u8054\u5408\u6c49\u666e\u90e1\u7f8e\u56fd\u623f\u5730\u4ea7\u4fe1\u6258\u6210\u529f\u5265\u79bb\u4e86\u8d44\u4ea7\uff0c\u5305\u62ec 2024 \u5e74\u4e0b\u534a\u5e74\u7684","og:url":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-12-mar-2025-zh\/","og:image":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr","og:image:secure_url":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr","article:published_time":"2025-03-11T12:21:24+00:00","article:modified_time":"2025-03-12T02:26:12+00:00","twitter:card":"summary","twitter:title":"2025\u5e743\u670812\u65e5: \u5929\u7136\u7164\u77ff\u96c6\u56e2(GERL SP), Prada SpA (1913 HK), \u9ea5\u7576\u52de (MCD US) \u2022 KGI Singapore Research","twitter:description":"\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 \u5929\u7136\u7164\u77ff\u96c6\u56e2(GERL 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