{"id":66629,"date":"2025-05-01T19:28:17","date_gmt":"2025-05-01T11:28:17","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=66629"},"modified":"2025-05-02T10:53:47","modified_gmt":"2025-05-02T02:53:47","slug":"kgi-daily-trading-ideas-02-may-2025-zh","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-02-may-2025-zh\/","title":{"rendered":"2025\u5e745\u67082\u65e5: \u534e\u8054\u5546\u4e1a\u4fe1\u6258 (OUEREIT SP), \u5c0f\u7c73\u96c6\u56e2 (1810 HK), SAP SE (SAP 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-66629-_tiry8p5xvcqk\"><\/a>\u7f8e\u56fd<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"941\" height=\"473\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/image-3.png\" alt=\"\" class=\"wp-image-66767\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/image-3.png 941w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/image-3-300x151.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/image-3-768x386.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\/05\/image-4.png\" alt=\"\" class=\"wp-image-66768\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/image-4.png 939w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/image-4-300x77.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/image-4-768x197.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\/05\/image-5.png\" alt=\"\" class=\"wp-image-66769\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/image-5.png 939w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/image-5-300x92.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/image-5-768x236.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\/05\/word-image-66629-4.png\" alt=\"\" class=\"wp-image-66666\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-4.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-4-300x64.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-66629-_qqv3rtx8nazp\"><\/a><a id=\"post-66629-_ylayyh7qqd99\"><\/a>\u9999\u6e2f<\/h3>\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=\"1916\" height=\"803\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-5.png\" alt=\"\" class=\"wp-image-66667\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-5.png 1916w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-5-300x126.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-5-1024x429.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-5-768x322.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-5-1536x644.png 1536w\" sizes=\"(max-width: 1916px) 100vw, 1916px\" \/><\/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\/05\/word-image-66629-6.png\" alt=\"\" class=\"wp-image-66668\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-6.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-6-300x64.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-66629-_7c2gwybbbr90\"><\/a><\/h1>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"sg\"><a id=\"post-66629-_9i0c554gtu0u\"><\/a><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-7.png\" class=\"wp-image-66669\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-7.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-7-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure><\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><a id=\"post-66629-_34eo5yf8y7pj\"><\/a><strong><strong><strong>\u534e\u8054\u5546\u4e1a\u4fe1\u6258 (OUEREIT SP)\uff1a\u91cd\u65b0\u805a\u7126\u3001\u5177\u6709\u97e7\u6027\u5e76\u51c6\u5907\u597d\u589e\u957f<\/strong><\/strong><\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.28\uff0c\u76ee\u6807\u4ef7\uff1a0.30\uff0c\u6b62\u635f\u4ef7\uff1a0.27<\/strong><br>  <\/li>\n\n\n\n<li>\u534e\u8054\u5546\u4e1a\u4fe1\u6258\u63d0\u4f9b\u623f\u5730\u4ea7\u6295\u8d44\u670d\u52a1\u3002\u8be5\u516c\u53f8\u6295\u8d44\u4e8e\u521b\u6536\u623f\u5730\u4ea7\uff0c\u4e3b\u8981\u7528\u4e8e\u91d1\u878d\u548c\u5546\u4e1a\u4e2d\u5fc3\u7684\u96f6\u552e\uff0c\u9152\u5e97\u548c\u529e\u516c\u7528\u9014\uff0c\u4ee5\u53ca\u623f\u5730\u4ea7\u76f8\u5173\u8d44\u4ea7\u3002\u534e\u8054\u5546\u4e1a\u4fe1\u6258\u4e3a\u65b0\u52a0\u5761\u548c\u4e2d\u56fd\u7684\u5ba2\u6237\u63d0\u4f9b\u670d\u52a1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u7531\u4e8e\u8d44\u4ea7\u5265\u79bb\u548c\u9152\u5e97\u4e1a\u56de\u8c03\u5bfc\u81f4\u5b63\u5ea6\u8868\u73b0\u75b2\u8f6f\u3002 <\/strong>\u534e\u8054\u5546\u4e1a\u4fe1\u6258\u62a5\u544a\u79f0\uff0c25\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u6536\u5165\u548c\u51c0\u7269\u4e1a\u6536\u5165 (NPI) \u5206\u522b\u540c\u6bd4\u4e0b\u964d 11.9% \u548c 12.1%\u3002\u8f83\u4f4e\u7684\u6570\u5b57\u53cd\u6620\u4e86 2024 \u5e74 12 \u6708\u5265\u79bb\u529b\u5b9d\u5e7f\u573a\u540e\uff0c\u8be5\u5e7f\u573a\u4e0d\u518d\u8d21\u732e\u6536\u5165\uff0c\u4ee5\u53ca\u4e0e\u53bb\u5e74\u76f8\u6bd4\uff0c\u4ea4\u6613\u73af\u5883\u8f83\u4e3a\u4f4e\u8ff7\u7684\u9152\u5e97\u4e1a\u8868\u73b0\u75b2\u8f6f\u3002<br>  <\/li>\n\n\n\n<li><strong>\u6218\u7565\u6027\u8d44\u4ea7\u5265\u79bb\u3002 <\/strong>\u622a\u81f3 2024 \u5e74 12 \u6708 27 \u65e5\uff0c\u534e\u8054\u5546\u4e1a\u4fe1\u6258\u6210\u529f\u5b8c\u6210\u4e86\u4e0a\u6d77\u529b\u5b9d\u5e7f\u573a\u7684\u5265\u79bb\uff0c\u51fa\u552e\u5bf9\u4ef7\u4e3a\u4eba\u6c11\u5e01 1,917.0 \u767e\u4e07\u5143\uff083.574 \u4ebf\u65b0\u5143\uff09\u3002\u6b64\u6b21\u8d44\u4ea7\u5265\u79bb\u5c06\u589e\u5f3a\u6295\u8d44\u7ec4\u5408\u7684\u97e7\u6027\uff0c\u5e76\u4e3a\u672a\u6765\u7684\u589e\u957f\u63d0\u4f9b\u8d22\u52a1\u7075\u6d3b\u6027\u3002<br>  <\/li>\n\n\n\n<li><strong>\u65c5\u6e38\u4e1a\u5e26\u6765\u7684\u987a\u98ce\u3002 <\/strong>\u65b0\u52a0\u5761\u65c5\u6e38\u5c40\u9884\u8ba1 2025 \u5e74\u56fd\u9645\u6e38\u5ba2\u4eba\u6570\u5c06\u8fbe\u5230 1700 \u4e07\u81f3 1850 \u4e07\u4eba\u6b21\uff0c\u65c5\u6e38\u6536\u5165\u9884\u8ba1\u4e3a 290 \u4ebf\u65b0\u5143\u81f3 305 \u4ebf\u65b0\u5143\u3002\u4e00\u7cfb\u5217\u5f3a\u5927\u7684\u4f11\u95f2\u6d3b\u52a8\uff0c\u5305\u62ec Lady Gaga \u5728 5 \u6708\u4e3e\u884c\u7684\u56db\u665a\u97f3\u4e50\u4f1a\u548c\u4e00\u7ea7\u65b9\u7a0b\u5f0f\u5927\u5956\u8d5b\uff0c\u4ee5\u53ca\u5176\u4ed6\u8868\u6f14\uff0c\u9884\u8ba1\u5c06\u4fc3\u8fdb\u5165\u5883\u65c5\u6e38\uff0c\u4ece\u800c\u652f\u6301\u5bf9\u534e\u8054\u5546\u4e1a\u4fe1\u6258\u4f4d\u4e8e\u5e02\u4e2d\u5fc3\u7684\u9152\u5e97\u548c\u96f6\u552e\u8d44\u4ea7\u7684\u9700\u6c42\u3002<br>  <\/li>\n\n\n\n<li><strong>\u79ef\u6781\u7684\u503a\u52a1\u7ba1\u7406\u3002 <\/strong>\u5728\u79ef\u6781\u7684\u518d\u878d\u8d44\u548c\u5229\u7387\u5bf9\u51b2\u7684\u652f\u6301\u4e0b\uff0c25\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u878d\u8d44\u6210\u672c\u540c\u6bd4\u4e0b\u964d 11.3% \u81f3 2260 \u4e07\u65b0\u5143\u3002\u503a\u52a1\u7684\u52a0\u6743\u5e73\u5747\u6210\u672c\u4ece\u4e0a\u4e00\u5b63\u5ea6\u7684 4.7% \u964d\u81f3\u6bcf\u5e74 4.2%\u3002\u5229\u7387\u4e0b\u964d 25 \u4e2a\u57fa\u70b9\u53ef\u80fd\u4f1a\u8fdb\u4e00\u6b65\u5c06 DPU \u63d0\u9ad8\u7ea6 0.03 \u65b0\u5206\uff0c\u4ece\u800c\u63d0\u4f9b\u989d\u5916\u7684\u4e0a\u6da8\u7a7a\u95f4\u3002<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002 \u6536\u5165\u548c\u51c0\u7269\u4e1a\u6536\u5165 (NPI) \u5206\u522b\u540c\u6bd4\u4e0b\u964d 11.9% \u548c 12.1% \u81f3 6600 \u4e07\u65b0\u5143\u548c 5320 \u4e07\u65b0\u5143\u3002\u8fd9\u4e9b\u4e0b\u964d\u4e3b\u8981\u662f\u7531\u4e8e\u5265\u79bb\u529b\u5b9d\u5e7f\u573a\u548c\u9152\u5e97\u4e1a\u52a1\u7684\u8d21\u732e\u51cf\u5c11\u3002\u5728\u540c\u7c7b\u57fa\u7840\u4e0a\uff0c\u6536\u5165\u548c NPI \u7684\u964d\u5e45\u8f83\u4e3a\u6e29\u548c\uff0c\u540c\u6bd4\u4e0b\u964d 3.9% \u548c 4.1%\uff0c\u7a81\u663e\u4e86\u5176\u65b0\u52a0\u5761\u6295\u8d44\u7ec4\u5408\u7684\u97e7\u6027\u3002<\/strong><br>  <\/li>\n\n\n\n<li>\u6211\u4eec\u5bf9\u57fa\u672c\u9762\u7684\u8bc4\u7ea7\u4e3a\u4e70\u5165\uff0c\u76ee\u6807\u4ef7\u4e3a 0.318 \u65b0\u5143\u3002\u8bf7\u5728<a href=\"https:\/\/www.kgieworld.sg\/research\/company-update-oue-reit-ouereit-sp-tsou-si\/\" title=\"\">\u8fd9\u91cc<\/a>\u9605\u8bfb\u62a5\u544a\u5168\u6587\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-66670\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-8.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-8.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-8-300x64.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=\"1149\" height=\"575\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-9.jpeg\" alt=\"\" class=\"wp-image-66671\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-9.jpeg 1149w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-9-300x150.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-9-1024x512.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-9-768x384.jpeg 768w\" sizes=\"(max-width: 1149px) 100vw, 1149px\" \/><\/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\/05\/a-long-line-of-a-white-background-description-aut-1.png\" class=\"wp-image-66672\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-long-line-of-a-white-background-description-aut-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-long-line-of-a-white-background-description-aut-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure> <\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><a id=\"post-66629-_34eo5yf8y7pj\"><\/a><strong><strong>\u80dc\u6377\u4f01\u4e1a (CENT SP)\uff1a\u63d0\u632f\u964d\u606f\u9884\u671f<\/strong><\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a1.20\uff0c\u76ee\u6807\u4ef7\uff1a1.32\uff0c\u6b62\u635f\u4ef7\uff1a1.14<\/strong><br>  <\/li>\n\n\n\n<li>\u80dc\u6377\u4f01\u4e1a\u4e13\u6ce8\u4e8e\u62e5\u6709\u548c\u7ecf\u8425\u5de5\u4eba\u548c\u5b66\u751f\u4f4f\u5bbf\u8d44\u4ea7\u3002\u5728\u65b0\u52a0\u5761\u548c\u9a6c\u6765\u897f\u4e9a\uff0c\u5b83\u662f\u65b0\u52a0\u5761\u6700\u5927\u7684\u9ad8\u54c1\u8d28\u5458\u5de5\u4f4f\u5bbf\u4e1a\u4e3b\u548c\u7ecf\u8425\u8005\u4e4b\u4e00\u3002\u6b64\u5916\uff0c\u8be5\u516c\u53f8\u8fd8\u7ba1\u7406\u7740\u65b0\u52a0\u5761\u3001\u6fb3\u5927\u5229\u4e9a\u3001\u82f1\u56fd\u548c\u7f8e\u56fd\u7684\u5b66\u751f\u4f4f\u5bbf\u7269\u4e1a\u3002<br>  <\/li>\n\n\n\n<li><strong>\u964d\u606f\u9884\u671f\u4e0a\u5347\u3002 \u7f8e\u56fd\u6bcf\u5468\u5931\u4e1a\u6551\u6d4e\u7533\u8bf7\u4eba\u6570\u589e\u52a0\u4e866,000\u4eba\uff0c\u8fbe\u5230222,000\u4eba\uff0c\u8fd9\u8868\u660e\u7531\u4e8e\u7279\u6717\u666e\u603b\u7edf\u6ce2\u52a8\u7684\u5173\u7a0e\u653f\u7b56\uff0c\u7ecf\u6d4e\u98ce\u9669\u52a0\u5267\u3002\u7ecf\u6d4e\u5b66\u5bb6\u9884\u8ba1\uff0c\u4eca\u5e74\u665a\u4e9b\u65f6\u5019\u5728\u96f6\u552e\u548c\u5236\u9020\u7b49\u5bf9\u5173\u7a0e\u654f\u611f\u7684\u884c\u4e1a\uff0c\u5931\u4e1a\u4eba\u6570\u5c06\u52a0\u901f\u589e\u52a0\uff0c\u4f01\u4e1a\u6295\u8d44\u51cf\u5f31\u548c\u96c7\u4e3b\u8c28\u614e\u60c5\u7eea\u52a0\u91cd\u3002\u66f4\u5e7f\u6cdb\u7684\u7ecf\u6d4e\u52a8\u80fd\u4e5f\u5728\u51cf\u7f13\uff0c\u623f\u5c4b\u9500\u552e\u6025\u5267\u4e0b\u964d\uff0c\u53cd\u6620\u51fa\u4eba\u4eec\u5bf9\u901a\u8d27\u81a8\u80c0\u3001\u5c31\u4e1a\u524d\u666f\u548c\u9ad8\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u7684\u62c5\u5fe7\u52a0\u5267\u3002\u8fd9\u4e9b\u7ecf\u6d4e\u538b\u529b\u7684\u8ff9\u8c61\u52a0\u5f3a\u4e86\u5e02\u573a\u5bf9\u7f8e\u8054\u50a8\u653e\u677e\u653f\u7b56\u7684\u9884\u671f\uff0cCME FedWatch\u5de5\u5177\u76ee\u524d\u9884\u8ba1\u52306\u6708\u964d\u606f\u7684\u6982\u7387\u4e3a61.3%\u3002\u6f5c\u5728\u7684\u964d\u606f\u5c06\u6709\u5229\u4e8e\u4e2d\u592e\u96c6\u56e2\uff0c\u964d\u4f4e\u5176\u6269\u5c55\u8ba1\u5212\u7684\u878d\u8d44\u6210\u672c\uff0c\u6539\u5584\u672a\u6765\u5f00\u53d1\u7684\u878d\u8d44\u6761\u4ef6\uff0c\u5e76\u63d0\u5347\u7269\u4e1a\u4f30\u503c\u3002<\/strong><br>  <\/li>\n\n\n\n<li><strong>\u63a2\u7d22\u623f\u5730\u4ea7\u4fe1\u6258\u4e0a\u5e02\u3002<\/strong>\u767e\u5229\u4f1f\u6b63\u63a2\u7d22\u6f5c\u5728\u7684\u623f\u5730\u4ea7\u4fe1\u6258\u67b6\u6784\uff0c\u5305\u542b\u5728\u65b0\u52a0\u5761\u3001\u9a6c\u6765\u897f\u4e9a\u53ca\u82f1\u56fd\u7b49\u6210\u719f\u5e02\u573a\u7684\u5df2\u7a33\u5b9a\u8fd0\u8425\u7684\u4e13\u7528\u5de5\u4eba\u4f4f\u5bbf\uff08PBWA\uff09\u53ca\u4e13\u7528\u5b66\u751f\u4f4f\u5bbf\uff08PBSA\uff09\u8d44\u4ea7\u3002\u6b64\u4e3e\u6709\u671b\u91ca\u653e\u8d44\u4ea7\u4ef7\u503c\u3001\u52a0\u5f3a\u8d44\u672c\u5faa\u73af\uff0c\u5e76\u901a\u8fc7\u6f5c\u5728\u7684\u5b9e\u7269\u5206\u6d3e\u65b9\u5f0f\u4e3a\u80a1\u4e1c\u5e26\u6765\u7a33\u5b9a\u7684\u6536\u5165\u3002<br>  <\/li>\n\n\n\n<li><strong>\u8d85\u51fa\u9884\u671f\u7684\u5f3a\u52b2\u8425\u6536\u589e\u957f\u3002<\/strong>\u603b\u8425\u6536\u540c\u6bd4\u589e\u957f 22% \u81f3 2.536 \u4ebf\u65b0\u5143\uff0c\u800c\u7a0e\u540e\u51c0\u5229\u6da6\u98d9\u5347 118% \u81f3 3.826 \u4ebf\u65b0\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u6240\u6709\u4e3b\u8981\u5e02\u573a\u7684\u9ad8\u5165\u4f4f\u7387\u53ca\u79df\u91d1\u4e0a\u8c03\u3002<br>  <\/li>\n\n\n\n<li><strong>\u6269\u5927\u5168\u7403\u5e03\u5c40\u3002<\/strong>\u622a\u81f3 2024 \u5e74 12 \u6708 31 \u65e5\uff0c\u767e\u5229\u4f1f\u5728 37 \u9879\u8d44\u4ea7\u4e2d\u8fd0\u8425 69,929 \u4e2a\u5e8a\u4f4d\uff0c\u8d44\u4ea7\u7ba1\u7406\u89c4\u6a21\u8fbe 25 \u4ebf\u65b0\u5143\u3002\u516c\u53f8\u65b0\u589e 2,552 \u4e2a\u5e8a\u4f4d\uff0c\u5e76\u6709 7,662 \u4e2a\u5e8a\u4f4d\u6b63\u5728\u5f00\u53d1\u4e2d\uff0c\u9884\u8ba1\u4e8e 2025-2026 \u5e74\u5b8c\u5de5\uff0c\u5305\u62ec\u4f4d\u4e8e\u6fb3\u6d32\u9ea6\u8003\u745e\u516c\u56ed\u7684\u65b0 PBSA \u9879\u76ee\u3002<br>  <\/li>\n\n\n\n<li><strong>2024\u5e74\u4e0b\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>\u00a0\u8425\u6536\u540c\u6bd4\u589e\u957f 18% \u81f3 1.292 \u4ebf\u65b0\u5143\uff0c\u9ad8\u4e8e 2023 \u5e74\u4e0b\u534a\u5e74\u7684 1.093 \u4ebf\u65b0\u5143\uff0c\u800c\u6bdb\u5229\u6da6\u589e\u957f 27% \u81f3 1.015 \u4ebf\u65b0\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u6301\u7eed\u7684\u9ad8\u5165\u4f4f\u7387\u53ca\u79ef\u6781\u7684\u79df\u91d1\u8c03\u6574\u3002\u5c3d\u7ba1\u9a6c\u6765\u897f\u4e9a\u7684 PBWA \u5165\u4f4f\u7387\u56e0\u77ed\u671f\u5916\u7c4d\u52b3\u5de5\u4e0a\u9650\u800c\u7565\u6709\u4e0b\u964d\uff0c\u4f46\u65b0\u52a0\u5761\u3001\u82f1\u56fd\u53ca\u6fb3\u6d32\u7b49\u4e3b\u8981\u5e02\u573a\u7684\u5f3a\u52b2\u79df\u91d1\u8868\u73b0\u53ca\u9ad8\u5165\u4f4f\u7387\u62b5\u6d88\u4e86\u8fd9\u4e00\u6682\u65f6\u6027\u7684\u75b2\u8f6f\u3002\u767e\u5229\u4f1f\u5ba3\u5e03 2024 \u8d22\u5e74\u7684\u672b\u671f\u80a1\u606f\u4e3a\u6bcf\u80a1 3.5 \u65b0\u52a0\u5761\u5206\uff0c\u8f83 2023 \u8d22\u5e74\u5206\u6d3e\u7684 2.5 \u65b0\u52a0\u5761\u5206\u589e\u957f 28.6%\u3002<br>  <\/li>\n\n\n\n<li>\u6211\u4eec\u5bf9\u57fa\u672c\u9762\u7684\u8bc4\u7ea7\u4e3a\u4e70\u5165\uff0c\u76ee\u6807\u4ef7\u4e3a 1.38 \u65b0\u5143\u3002\u8bf7\u5728<a href=\"https:\/\/www.kgieworld.sg\/research\/company-update-centurion-corp-ltd-cent-sp-ou8-si-4\/\">\u8fd9\u91cc<\/a>\u9605\u8bfb\u62a5\u544a\u5168\u6587\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-66673\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-11.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-11.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-11-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1193\" height=\"575\" class=\"wp-image-66674\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-12.jpeg\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-12.jpeg 1193w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-12-300x145.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-12-1024x494.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-12-768x370.jpeg 768w\" sizes=\"(max-width: 1193px) 100vw, 1193px\" \/><\/figure><\/h2>\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\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-13.png\" class=\"wp-image-66675\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-13.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-13-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"hk\"><a id=\"post-66629-_f3bvj0c8rd86\"><\/a><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-14.png\" class=\"wp-image-66676\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-14.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-14-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure><\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><a id=\"post-66629-_34eo5yf8y7pj\"><\/a><strong>\u5c0f\u7c73\u96c6\u56e2 (1810 HK): \u8fdb\u4e00\u6b65\u8fdb\u519b\u4eba\u5de5\u667a\u80fd<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a49\uff0c\u76ee\u6807\u4ef7\uff1a55\uff0c\u6b62\u635f\u4ef7\uff1a46<\/strong><br><\/li>\n\n\n\n<li>\u5c0f\u7c73\u96c6\u56e2\u662f\u4e00\u5bb6\u4e3b\u8981\u4ece\u4e8b\u667a\u80fd\u624b\u673a\u3001\u7269\u8054\u7f51\uff08IoT\uff09\u548c\u751f\u6d3b\u6d88\u8d39\u4ea7\u54c1\u7814\u53d1\u548c\u9500\u552e\u4e1a\u52a1\u7684\u6295\u8d44\u63a7\u80a1\u516c\u53f8\u3002\u8be5\u516c\u53f8\u4e3b\u8981\u901a\u8fc7\u56db\u4e2a\u5206\u90e8\u5f00\u5c55\u4e1a\u52a1\u3002\u667a\u80fd\u624b\u673a\u5206\u90e8\u4e3b\u8981\u4ece\u4e8b\u667a\u80fd\u624b\u673a\u9500\u552e\u4e1a\u52a1\u3002IoT\u548c\u751f\u6d3b\u6d88\u8d39\u4ea7\u54c1\u5206\u90e8\u4e3b\u8981\u9500\u552e\u5176\u4ed6\u81ea\u5bb6\u4ea7\u54c1\uff08\u5305\u62ec\u667a\u80fd\u7535\u89c6\u673a\u3001\u7b14\u8bb0\u672c\u7535\u8111\u3001\u4eba\u5de5\u667a\u80fd\uff08AI\uff09\u97f3\u7bb1\u548c\u667a\u80fd\u8def\u7531\u5668\uff09\u3001\u751f\u6001\u94fe\u4ea7\u54c1\uff08\u5305\u62ecIoT\u548c\u5176\u4ed6\u667a\u80fd\u786c\u4ef6\u4ea7\u54c1\uff09\u4ee5\u53ca\u90e8\u5206\u751f\u6d3b\u6d88\u8d39\u4ea7\u54c1\u3002\u4e92\u8054\u7f51\u670d\u52a1\u5206\u90e8\u63d0\u4f9b\u5e7f\u544a\u670d\u52a1\u53ca\u7f51\u7edc\u6e38\u620f\u4e0e\u91d1\u878d\u79d1\u6280\u4e1a\u52a1\u7b49\u4e92\u8054\u7f51\u589e\u503c\u670d\u52a1\u3002\u5176\u4ed6\u5206\u90e8\u63d0\u4f9b\u786c\u4ef6\u4ea7\u54c1\u7ef4\u4fee\u670d\u52a1\u7b49\u3002\u8be5\u516c\u53f8\u8fd8\u4ece\u4e8b\u667a\u80fd\u7535\u52a8\u6c7d\u8f66\u53ca\u5176\u4ed6\u76f8\u5173\u4e1a\u52a1\u3002\u8be5\u516c\u53f8\u5728\u56fd\u5185\u5e02\u573a\u548c\u6d77\u5916\u5e02\u573a\u9500\u552e\u4ea7\u54c1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5c0f\u7c73\u9996\u4e2a\u5f00\u6e90\u5927\u8bed\u8a00\u6a21\u578b MiMo \u7684\u63a8\u51fa\u3002 <\/strong>\u5c0f\u7c73\u53d1\u5e03\u4e86\u5176\u9996\u4e2a\u5f00\u6e90\u5927\u578b\u8bed\u8a00\u6a21\u578b (LLM) MiMo\uff0c\u8be5\u6a21\u578b\u4e13\u4e3a\u590d\u6742\u7684\u63a8\u7406\u4efb\u52a1\u8bbe\u8ba1\u3002\u5c3d\u7ba1\u5176\u53c2\u6570\u89c4\u6a21\u76f8\u5bf9\u8f83\u5c0f\uff0c\u4ec5\u6709 70 \u4ebf\uff0c\u4f46\u5728 AIME24-25\uff08\u6570\u5b66\u63a8\u7406\uff09\u548c LiveCodeBench v5\uff08\u4ee3\u7801\u751f\u6210\uff09\u7b49\u5173\u952e\u516c\u5f00\u57fa\u51c6\u6d4b\u8bd5\u4e2d\uff0cMiMo \u7684\u8868\u73b0\u4f18\u4e8e\u53c2\u6570\u89c4\u6a21\u660e\u663e\u66f4\u5927\u7684\u6a21\u578b\uff0c\u4f8b\u5982 OpenAI \u7684 o1-mini \u548c\u963f\u91cc\u5df4\u5df4\u7684 Qwen-32B-Preview\u3002\u8be5\u6a21\u578b\u7531\u5c0f\u7c73\u4e13\u95e8\u7684\u4eba\u5de5\u667a\u80fd\u90e8\u95e8 Core \u5f00\u53d1\uff0c\u5229\u7528\u4e86\u5148\u8fdb\u7684\u9884\u8bad\u7ec3\u548c\u540e\u8bad\u7ec3\u6280\u672f\u6765\u589e\u5f3a\u5176\u63a8\u7406\u80fd\u529b\u3002MiMo \u7684\u53d1\u5e03\u6807\u5fd7\u7740\u5c0f\u7c73\u5c06\u751f\u6210\u5f0f\u4eba\u5de5\u667a\u80fd\u66f4\u6df1\u5165\u5730\u5d4c\u5165\u5176\u786c\u4ef6\u751f\u6001\u7cfb\u7edf\uff08\u5305\u62ec\u667a\u80fd\u624b\u673a\u548c\u4e0d\u65ad\u589e\u957f\u7684\u7535\u52a8\u6c7d\u8f66 (EV) \u4ea7\u54c1\u7ec4\u5408\uff09\u7684\u6218\u7565\u4e3e\u63aa\uff0c\u8fd9\u6709\u671b\u5e26\u6765\u66f4\u6d41\u7545\u7684\u7528\u6237\u4f53\u9a8c\u5e76\u589e\u5f3a\u5176\u7ade\u4e89\u4f18\u52bf\u3002<br>  <\/li>\n\n\n\n<li><strong>\u91cd\u593a\u4e2d\u56fd\u667a\u80fd\u624b\u673a\u5e02\u573a\u9886\u5bfc\u5730\u4f4d\u3002 <\/strong>2025 \u5e74\u7b2c\u4e00\u5b63\u5ea6\uff0c\u5c0f\u7c73\u5341\u5e74\u6765\u9996\u6b21\u91cd\u593a\u4e2d\u56fd\u667a\u80fd\u624b\u673a\u5e02\u573a\u7b2c\u4e00\u7684\u4f4d\u7f6e\u3002\u8be5\u516c\u53f8\u51fa\u8d27\u91cf\u8fbe\u5230 1330 \u4e07\u90e8\uff0c\u9ad8\u4e8e 2024 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684 950 \u4e07\u90e8\uff0c\u5e02\u573a\u4efd\u989d\u4ece 14% \u63d0\u5347\u81f3 19%\u3002\u8fd9\u4e00\u589e\u957f\u53cd\u6620\u4e86\u5176\u667a\u80fd\u624b\u673a\u3001AIoT \u548c\u51fa\u884c\u5e73\u53f0\u4e4b\u95f4\u5f3a\u5927\u7684\u751f\u6001\u534f\u540c\u6548\u5e94\uff0c\u4ee5\u53ca\u5728\u4e2d\u56fd\u56fd\u5bb6\u8865\u8d34\u8ba1\u5212\u4e0b\u7684\u6709\u6548\u6267\u884c\u3002\u6838\u5fc3\u786c\u4ef6\u7684\u91cd\u65b0\u53d1\u529b\u548c\u4eba\u5de5\u667a\u80fd\u9886\u57df\u7684\u521b\u65b0\u76f8\u7ed3\u5408\uff0c\u4e3a\u5c0f\u7c73\u7684\u6301\u7eed\u589e\u957f\u5960\u5b9a\u4e86\u57fa\u7840\u3002<br>  <\/li>\n\n\n\n<li><strong>\u6269\u5927\u7535\u52a8\u6c7d\u8f66\u751f\u4ea7\u4ee5\u6ee1\u8db3\u9700\u6c42\u3002 <\/strong>\u7ee7\u5176 SU7 \u7535\u52a8\u8f7f\u8f66\u548c Ultra \u9ad8\u6027\u80fd\u7248\u6210\u529f\u4e0a\u5e02\uff08\u4e0d\u5230\u4e00\u5e74\u5185\u51fa\u8d27\u91cf\u8d85\u8fc7 20 \u4e07\u8f86\uff09\u4e4b\u540e\uff0c\u5c0f\u7c73\u6b63\u6269\u5927\u5728\u5317\u4eac\u5efa\u8bbe\u7b2c\u4e8c\u5bb6\u7535\u52a8\u6c7d\u8f66\u5de5\u5382\u7684\u8ba1\u5212\u3002\u6b64\u6b21\u6269\u5efa\u5c06\u65b0\u589e 52 \u516c\u9877\u571f\u5730\uff0c\u4ee5\u6ee1\u8db3\u4e0d\u65ad\u589e\u957f\u7684\u9700\u6c42\u3002\u8054\u5408\u521b\u59cb\u4eba\u96f7\u519b\u8fd8\u5c06\u5c0f\u7c73 2025 \u5e74\u7684\u9500\u91cf\u76ee\u6807\u63d0\u9ad8\u81f3 35 \u4e07\u8f86\u3002\u8ba1\u5212\u4e8e\u4eca\u5e74\u590f\u5b63\u63a8\u51fa\u7684 YU7 SUV \u65e8\u5728\u8fdb\u4e00\u6b65\u4e30\u5bcc\u516c\u53f8\u7684\u4ea7\u54c1\u7ebf\uff0c\u5e76\u76f4\u63a5\u4e0e\u7279\u65af\u62c9 Model Y \u548c\u4e2d\u56fd\u7ade\u4e89\u6fc0\u70c8\u7684\u7535\u52a8\u6c7d\u8f66\u5e02\u573a\u7684\u5176\u4ed6\u53c2\u4e0e\u8005\u7ade\u4e89\u3002<br>  <\/li>\n\n\n\n<li><strong>2024 \u8d22\u5e74\u4e1a\u7ee9\u56de\u987e\u3002 <\/strong>2024 \u8d22\u5e74\u6536\u5165\u540c\u6bd4\u589e\u957f 35.0% \u81f3\u4eba\u6c11\u5e01 3659 \u4ebf\u5143\uff0c\u800c 2023 \u8d22\u5e74\u4e3a\u4eba\u6c11\u5e01 2710 \u4ebf\u5143\u30022024 \u8d22\u5e74\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f 34.9% \u81f3\u4eba\u6c11\u5e01 236 \u4ebf\u5143\uff0c\u800c 2023 \u8d22\u5e74\u4e3a\u4eba\u6c11\u5e01 175 \u4ebf\u5143\u30022024 \u8d22\u5e74\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u589e\u81f3\u4eba\u6c11\u5e01 0.95 \u5143\uff0c\u800c 2023 \u8d22\u5e74\u4e3a\u4eba\u6c11\u5e01 0.70 \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-66677\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-15.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-15.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-15-300x64.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=\"1149\" height=\"575\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-16.jpeg\" alt=\"\" class=\"wp-image-66678\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-16.jpeg 1149w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-16-300x150.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-16-1024x512.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-16-768x384.jpeg 768w\" sizes=\"(max-width: 1149px) 100vw, 1149px\" \/><\/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\/05\/word-image-66629-17.png\" class=\"wp-image-66680\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-17.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-17-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u643a\u7a0b\u96c6\u56e2 (9961 HK)\uff1a\u5373\u5c06\u5230\u6765\u7684\u5b63\u8282\u6027\u6d3b\u52a8<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a460\uff0c\u76ee\u6807\u4ef7\uff1a520\uff0c\u6b62\u635f\u4ef7\uff1a430<\/strong><br>  <\/li>\n\n\n\n<li>\u643a\u7a0b\u96c6\u56e2\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u4e3b\u8981\u4ece\u4e8b\u4e00\u7ad9\u5f0f\u65c5\u6e38\u5e73\u53f0\u8fd0\u8425\u7684\u4e2d\u56fd\u516c\u53f8\u3002\u8be5\u516c\u53f8\u7684\u5e73\u53f0\u6574\u5408\u4e86\u4e00\u6574\u5957\u65c5\u6e38\u4ea7\u54c1\u548c\u670d\u52a1\u4ee5\u53ca\u5dee\u5f02\u5316\u7684\u65c5\u6e38\u5185\u5bb9\u3002\u5176\u5e73\u53f0\u805a\u5408\u4e86\u7528\u6237\u57fa\u4e8e\u771f\u5b9e\u65c5\u884c\u4f53\u9a8c\u5206\u4eab\u7684\u4ea7\u54c1\u548c\u670d\u52a1\u3001\u8bc4\u8bba\u548c\u5176\u4ed6\u5185\u5bb9\uff0c\u4ee5\u53ca\u6765\u81ea\u751f\u6001\u7cfb\u7edf\u5408\u4f5c\u4f19\u4f34\u7684\u539f\u521b\u5185\u5bb9\uff0c\u4f7f\u4f11\u95f2\u548c\u5546\u52a1\u65c5\u5ba2\u80fd\u591f\u83b7\u5f97\u65c5\u884c\u4f53\u9a8c\uff0c\u5e76\u83b7\u5f97\u5168\u9762\u7684\u4fe1\u606f\u548c\u5408\u7b97\u7684\u7684\u9884\u8ba2\u3002\u7528\u6237\u6765\u5230\u5176\u5e73\u53f0\u53ef\u9009\u62e9\u8fdb\u884c\u4efb\u4f55\u7c7b\u578b\u7684\u65c5\u884c\uff0c\u5305\u62ec\u76ee\u7684\u5730\u6d3b\u52a8\u3001\u5468\u672b\u5ea6\u5047\u548c\u77ed\u9014\u65c5\u884c\uff0c\u4ee5\u53ca\u8de8\u5883\u5ea6\u5047\u548c\u5546\u52a1\u65c5\u884c\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5373\u5c06\u5230\u6765\u7684\u4e94\u4e00\u5047\u671f\u3002 <\/strong>\u4e2d\u56fd\u7684\u4e94\u4e00\u5047\u671f\uff0c\u5b98\u65b9\u653e\u5047\u65e5\u4e3a5\u67081\u65e5\u81f35\u67085\u65e5\uff0c\u9884\u8ba1\u5c06\u5927\u5e45\u63a8\u52a8\u65c5\u6e38\u51fa\u884c\u3002\u5047\u65e5\u51fa\u884c\u9ad8\u5cf0\u9884\u8ba1\u5c06\u4ece4\u670829\u65e5\u6301\u7eed\u81f35\u67086\u65e5\uff0c\u5ba2\u6d41\u9ad8\u5cf0\u9884\u8ba1\u51fa\u73b0\u57285\u67081\u65e5\u3002\u77ed\u9014\u51fa\u5883\u6e38\u5448\u73b0\u5f3a\u52b2\u52bf\u5934\uff0c\u56e2\u961f\u6e38\u548c\u81ea\u7531\u884c\u7684\u9700\u6c42\u90fd\u5728\u4e0a\u5347\u3002\u5e02\u573a\u6570\u636e\u663e\u793a\uff0c\u4e2d\u56fd\u5185\u5730\u6e38\u5ba2\u7684\u56e2\u961f\u6e38\u9884\u8ba2\u91cf\u540c\u6bd4\u589e\u957f60%\uff0c\u81ea\u7531\u884c\u589e\u957f29%\u3002\u6b64\u5916\uff0c\u5047\u671f\u671f\u95f4\u7684\u51fa\u5165\u5883\u822a\u73ed\u9884\u8ba2\u91cf\u5df2\u8d85\u8fc775\u4e07\u3002\u65c5\u6e38\u9700\u6c42\u7684\u6fc0\u589e\u53ef\u80fd\u4f1a\u5bf9\u643a\u7a0b\u96c6\u56e2\u6709\u9650\u516c\u53f8\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\u3002<br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u643a\u7a0b\u96c6\u56e2\u80a1\u4ef7\u5b63\u8282\u6027\u56fe\u8868<\/strong>\n<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img loading=\"lazy\" decoding=\"async\" width=\"1256\" height=\"537\" class=\"wp-image-66681\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-18.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-18.png 1256w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-18-300x128.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-18-1024x438.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-18-768x328.png 768w\" sizes=\"(max-width: 1256px) 100vw, 1256px\" \/> <\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5438\u5f15\u6d88\u8d39\u8005\u7684\u5168\u65b0\u4e3e\u63aa\u3002 <\/strong>\u643a\u7a0b\u96c6\u56e2\u8fd1\u671f\u63a8\u51fa\u4e862025\u53e3\u7891\u65c5\u884c\u699c\uff0c\u4e3a\u7528\u6237\u63d0\u4f9b\u4e86\u4e00\u79cd\u5168\u65b0\u7684\u65b9\u5f0f\u5728\u5176\u5e73\u53f0\u4e0a\u63a2\u7d22\u5168\u7403\u76ee\u7684\u5730\u3002\u8be5\u699c\u5355\u5305\u542b16\u4e2a\u4e3b\u9898\u5168\u7403\u699c\u5355\u548c\u201c\u63a8\u8350\u884c\u7a0b\u201d\uff0c\u7ed3\u5408\u4e86\u7528\u6237\u8bc4\u8bba\u3001\u4eba\u5de5\u667a\u80fd\u9a71\u52a8\u7684\u6d1e\u5bdf\u548c\u7cbe\u9009\u5185\u5bb9\uff0c\u4ee5\u7b80\u5316\u4ece\u7075\u611f\u5230\u9884\u8ba2\u7684\u65c5\u884c\u89c4\u5212\u8fc7\u7a0b\u3002\u8fd9\u4e9b\u884c\u7a0b\u4e32\u8054\u4e86\u8bc4\u5206\u6700\u9ad8\u7684\u9152\u5e97\u3001\u666f\u70b9\u3001\u9910\u5385\u548c\u591c\u751f\u6d3b\u4f53\u9a8c\uff0c\u53cd\u6620\u4e86\u771f\u5b9e\u7684\u65c5\u884c\u8005\u4f53\u9a8c\uff0c\u5e76\u901a\u8fc7\u643a\u7a0b\u7684\u667a\u80fd\u63a8\u8350\u7cfb\u7edf\u5b9e\u73b0\u4e2a\u6027\u5316\u89c4\u5212\u3002\u65c5\u884c\u8005\u53ef\u4ee5\u63a2\u7d22\u5b63\u8282\u6027\u4eae\u70b9\uff0c\u4fdd\u5b58\u5b9a\u5236\u8def\u7ebf\uff0c\u5e76\u6839\u636e\u5176\u504f\u597d\u548c\u65c5\u884c\u65e5\u671f\u63a5\u6536\u4e2a\u6027\u5316\u5efa\u8bae\u3002\u8be5\u699c\u5355\u8986\u76d6291\u4e2a\u76ee\u7684\u5730\u3001\u8d85\u8fc71500\u5bb6\u9152\u5e97\u3001800\u4e2a\u666f\u70b9\u3001800\u5bb6\u9910\u5385\u548c\u8fd1400\u4e2a\u591c\u6e38\u9009\u9879\uff0c\u4ece\u800c\u63d0\u5347\u5e73\u53f0\u4e0a\u7684\u6574\u4f53\u7528\u6237\u4f53\u9a8c\u548c\u53c2\u4e0e\u5ea6\u3002<br>  <\/li>\n\n\n\n<li><strong>\u62d3\u5c55\u6218\u7565\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u3002 <\/strong>\u643a\u7a0b\u8fd8\u6df1\u5316\u4e86\u4e0e\u963f\u8054\u914b\u822a\u7a7a\u7684\u5408\u4f5c\u5173\u7cfb\uff0c\u8fdb\u4e00\u6b65\u6574\u5408\u4e86\u822a\u73ed\u3001\u9152\u5e97\u548c\u5e38\u65c5\u5ba2\u8ba1\u5212\uff0c\u4ee5\u4e30\u5bcc\u4e3b\u8981\u5168\u7403\u5e02\u573a\u7684\u65c5\u884c\u4ea7\u54c1\u3002\u4e0b\u4e00\u9636\u6bb5\u7684\u5408\u4f5c\u5c06\u4fa7\u91cd\u4e8e\u5728\u65b0\u5e02\u573a\u548c\u5ba2\u6237\u7fa4\u4f53\u4e2d\u91ca\u653e\u589e\u957f\u673a\u4f1a\u3002\u4e24\u5bb6\u516c\u53f8\u8ba1\u5212\u901a\u8fc7\u5229\u7528\u963f\u8054\u914b\u822a\u7a7a\u5e7f\u6cdb\u7684\u56fd\u9645\u7f51\u7edc\u5e76\u534f\u8c03\u8054\u5408\u4fc3\u9500\u6d3b\u52a8\uff08\u5c24\u5176\u662f\u5728\u4e9a\u6d32\u548c\u6b27\u6d32\u8fd9\u4e24\u4e2a\u5408\u4f5c\u4f19\u4f34\u7684\u6218\u7565\u533a\u57df\uff09\u6765\u6269\u5927\u643a\u7a0b\u7684\u5168\u7403\u4e1a\u52a1\u8303\u56f4\u3002<br>  <\/li>\n\n\n\n<li><strong>2024\u8d22\u5e74\u4e1a\u7ee9\u3002 <\/strong>2024\u8d22\u5e74\u8425\u6536\u540c\u6bd4\u589e\u957f19.8%\u81f3\u4eba\u6c11\u5e01534\u4ebf\u5143\uff0c\u800c2023\u8d22\u5e74\u4e3a\u4eba\u6c11\u5e01446\u4ebf\u5143\u30022024\u8d22\u5e74\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f72.2%\u81f3\u4eba\u6c11\u5e01172\u4ebf\u5143\uff0c\u800c2023\u8d22\u5e74\u4e3a\u4eba\u6c11\u5e01100\u4ebf\u5143\u30022024\u8d22\u5e74\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u4e3a\u4eba\u6c11\u5e0126.1\u5143\uff0c\u800c2023\u8d22\u5e74\u7684\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u4e3a\u4eba\u6c11\u5e0124.8\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-66682\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-19.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-19.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-19-300x64.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=\"1193\" height=\"575\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-20.jpeg\" alt=\"\" class=\"wp-image-66683\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-20.jpeg 1193w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-20-300x145.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-20-1024x494.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-20-768x370.jpeg 768w\" sizes=\"(max-width: 1193px) 100vw, 1193px\" \/><\/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\/05\/word-image-66629-21.png\" alt=\"\" class=\"wp-image-66684\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-21.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-21-300x64.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-66629-_6xzuwbi3dcr\"><\/a><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"827\" height=\"105\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-22.png\" class=\"wp-image-66685\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-22.png 827w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-22-300x38.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-22-768x98.png 768w\" sizes=\"(max-width: 827px) 100vw, 827px\" \/><\/figure><\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>SAP SE (SAP US): \u8f6f\u4ef6\u670d\u52a1\u7684\u97e7\u6027<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a290\u76ee\u6807\u4ef7\uff1a320 \u6b62\u635f\u4ef7\uff1a275<\/strong><br>  <\/li>\n\n\n\n<li>SAP SE \u662f\u4e00\u5bb6\u8de8\u56fd\u8f6f\u4ef6\u516c\u53f8\u3002\u8be5\u516c\u53f8\u5f00\u53d1\u5546\u4e1a\u8f6f\u4ef6\uff0c\u5305\u62ec\u7535\u5b50\u5546\u52a1\u548c\u4f01\u4e1a\u7ba1\u7406\u8f6f\u4ef6\uff0c\u5c31\u5176\u5e94\u7528\u8f6f\u4ef6\u7684\u7ec4\u7ec7\u4f7f\u7528\u63d0\u4f9b\u54a8\u8be2\uff0c\u5e76\u63d0\u4f9b\u57f9\u8bad\u670d\u52a1\u3002SAP \u5728\u5168\u7403\u8303\u56f4\u5185\u9500\u552e\u5176\u4ea7\u54c1\u548c\u670d\u52a1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u8d44\u672c\u6d41\u5165\u5fb7\u56fd\u3002<\/strong> \u7531\u4e8e\u7f8e\u56fd\u653f\u7b56\u4e0d\u7a33\u5b9a\u548c\u8d38\u6613\u7d27\u5f20\u5c40\u52bf\u52a0\u5267\uff0c\u7f8e\u5143\u6301\u7eed\u8d2c\u503c\uff0c\u4fc3\u4f7f\u6295\u8d44\u8005\u51cf\u5c11\u5bf9\u7f8e\u56fd\u5e02\u573a\u7684\u6295\u8d44\u3002\u8fd9\u79cd\u5bf9\u7f8e\u5143\u4fe1\u5fc3\u7684\u4e27\u5931\u589e\u52a0\u4e86\u5bf9\u65b0\u5174\u5e02\u573a\u7684\u6295\u8d44\u3002\u81ea 2 \u6708\u4efd\u4ee5\u6765\uff0c\u5fb7\u56fd\u7684\u51c0\u6d41\u5165\u6301\u7eed\u589e\u52a0\uff0c\u5c24\u5176\u662f\u5728\u5176\u80a1\u7968\u5e02\u573a\uff0c\u8fd9\u8868\u660e\u6295\u8d44\u8005\u4fe1\u5fc3\u589e\u5f3a\u3002\u968f\u7740\u6b27\u6d32\u7ecf\u6d4e\u7684\u8d70\u5f3a\uff0c\u4f01\u4e1a\u5c06\u52a0\u901f\u6570\u5b57\u5316\u8f6c\u578b\u3002SAP \u4f5c\u4e3a\u8be5\u5730\u533a\u9886\u5148\u7684\u4f01\u4e1a\u8f6f\u4ef6\u63d0\u4f9b\u5546\uff0c\u5df2\u505a\u597d\u5145\u5206\u51c6\u5907\uff0c\u53ef\u4ee5\u5229\u7528\u4f01\u4e1a\u5bf9\u6280\u672f\u548c\u57fa\u4e8e\u4e91\u7684\u89e3\u51b3\u65b9\u6848\u7684\u6295\u8d44\u589e\u52a0\u3002<br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u8d44\u91d1\u6d41\u52a8 \u2013 \u5fb7\u56fd<\/strong>\n<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1260\" height=\"363\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-23.png\" alt=\"\" class=\"wp-image-66686\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-23.png 1260w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-23-300x86.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-23-1024x295.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-23-768x221.png 768w\" sizes=\"(max-width: 1260px) 100vw, 1260px\" \/><\/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  (\u6765\u6e90\uff1a\u5f6d\u535a\u793e)\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5bf9\u5173\u7a0e\u5177\u6709\u97e7\u6027\u3002<\/strong> SAP \u516c\u5e03\u4e86\u5f3a\u52b2\u7684\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\uff0c\u8425\u4e1a\u5229\u6da6\u540c\u6bd4\u589e\u957f 58% \u81f3 25 \u4ebf\u6b27\u5143\uff0c\u8d85\u51fa\u9884\u671f\u3002\u6536\u5165\u589e\u957f 11% \u81f3 90 \u4ebf\u6b27\u5143\uff0c\u6bcf\u80a1\u6536\u76ca\u589e\u957f 79% \u81f3 1.44 \u6b27\u5143\u3002\u4e91\u79ef\u538b\u589e\u957f 29%\uff0cSAP \u91cd\u7533\u5176\u5168\u5e74\u4e91\u6536\u5165\u9884\u6d4b\u4e3a 216 \u4ebf\u6b27\u5143\u81f3 219 \u4ebf\u6b27\u5143\u3002SAP \u5728\u5e2e\u52a9\u4f01\u4e1a\u5e94\u5bf9\u5168\u7403\u5173\u7a0e\u4e0d\u786e\u5b9a\u6027\u65b9\u9762\u4ecd\u7136\u81f3\u5173\u91cd\u8981\uff0c\u5176 86% \u7684\u7ecf\u5e38\u6027\u6536\u5165\u4f7f SAP \u5728\u5f53\u524d\u52a8\u8361\u7684\u73af\u5883\u4e2d\u5177\u6709\u53ef\u9884\u6d4b\u6027\u548c\u97e7\u6027\u3002\u3002<br>  <\/li>\n\n\n\n<li><strong>25 \u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\u3002 <\/strong>SAP SE \u7684\u6536\u5165\u589e\u957f 12.1% \u81f3 90.1 \u4ebf\u6b27\u5143\u3002\u6bcf\u80a1\u6536\u76ca\u4e3a 1.44 \u6b27\u5143\u3002\u4e91\u6536\u5165\u589e\u957f 27% \u81f3 49.9 \u4ebf\u6b27\u5143\uff0c\u4e91 ERP \u5957\u4ef6\u6536\u5165\u589e\u957f 34% \u81f3 42.5 \u4ebf\u6b27\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\/05\/word-image-66629-24.png\" alt=\"\" class=\"wp-image-66688\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-24.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-24-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"921\" height=\"575\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-25.jpeg\" alt=\"\" class=\"wp-image-66690\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-25.jpeg 921w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-25-300x187.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-25-768x479.jpeg 768w\" sizes=\"(max-width: 921px) 100vw, 921px\" \/><\/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\/05\/a-long-line-of-a-flag-description-automatically-g-1.png\" class=\"wp-image-66692\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-long-line-of-a-flag-description-automatically-g-1.png 940w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-long-line-of-a-flag-description-automatically-g-1-300x64.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-long-line-of-a-flag-description-automatically-g-1-768x163.png 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/><\/figure><strong> <\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5370\u5ea6\u5de5\u4e1a\u4fe1\u8d37\u6295\u8d44\u94f6\u884c\uff08IBN US): \u589e\u957f\u9884\u671f\u4f9d\u7136\u5f3a\u52b2<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a33 \u76ee\u6807\u4ef7\uff1a37 \u6b62\u635f\u4ef7\uff1a31<\/strong><br>  <\/li>\n\n\n\n<li>\u5370\u5ea6\u5de5\u4e1a\u4fe1\u8d37\u6295\u8d44\u94f6\u884c\u4e0e\u5176\u5b50\u516c\u53f8\u4e00\u8d77\uff0c\u4e3a\u5370\u5ea6\u53ca\u56fd\u9645\u5e02\u573a\u7684\u96f6\u552e\u548c\u4f01\u4e1a\u5ba2\u6237\u63d0\u4f9b\u5404\u79cd\u94f6\u884c\u548c\u91d1\u878d\u670d\u52a1\u3002\u8be5\u516c\u53f8\u901a\u8fc7\u591a\u4e2a\u90e8\u95e8\u8fd0\u8425\uff0c\u5305\u62ec\u96f6\u552e\u94f6\u884c\u4e1a\u52a1\u3001\u6279\u53d1\u94f6\u884c\u4e1a\u52a1\u3001\u8d22\u52a1\u7ba1\u7406\u3001\u5176\u4ed6\u94f6\u884c\u670d\u52a1\u3001\u4eba\u5bff\u4fdd\u9669\u548c\u5176\u4ed6\u4e1a\u52a1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5370\u5ea6\u7ecf\u6d4e\u589e\u901f\u4e0d\u4fd7\u3002<\/strong>\u5c3d\u7ba1IMF\u4e0e\u5370\u5ea6\u592e\u884c\uff08RBI\uff09\u5206\u522b\u5c062025\u5e74\u5370\u5ea6GDP\u589e\u957f\u9884\u6d4b\u7565\u5fae\u4e0b\u8c03\uff08IMF\u75316.5%\u4e0b\u4fee\u81f36.2%\uff1bRBI\u75316.7%\u964d\u81f36.5%\uff09\uff0c\u4f46\u5f3a\u52b2\u7684\u5185\u9700\u3001\u901a\u80c0\u6539\u5584\uff083\u6708\u96f6\u552e\u901a\u80c0\u964d\u81f33.34%\uff09\u4e0e\u6301\u7eed\u7684\u653f\u7b56\u652f\u6301\uff0c\u663e\u793a\u5370\u5ea6\u91d1\u878d\u4f53\u7cfb\u5177\u5907\u826f\u597d\u97e7\u6027\uff0c\u5370\u5ea6\u5de5\u4e1a\u4fe1\u8d37\u6295\u8d44\u94f6\u884c\u4ea6\u6709\u671b\u53d7\u76ca\u4e8e\u5370\u5ea6\u957f\u671f\u7ecf\u6d4e\u589e\u957f\u8d8b\u52bf\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5370\u5ea6\u592e\u884c\u653e\u677e\u6d41\u52a8\u6027\u3002<\/strong>\u5370\u5ea6\u592e\u884c\u8fd1\u671f\u653e\u677e\u5bf9\u6d41\u52a8\u6027\u8986\u76d6\u7387\uff08LCR\uff09\u7684\u76d1\u7ba1\u8981\u6c42\uff0c\u9884\u8ba1\u5c06\u4f7fLCR\u4e0a\u5347\u7ea6600\u4e2a\u57fa\u70b9\uff0c\u91ca\u653e\u51fa\u66f4\u591a\u53ef\u7528\u8d44\u672c\uff0c\u8fdb\u4e00\u6b65\u589e\u5f3a\u8be5\u94f6\u884c\u7684\u653e\u8d37\u80fd\u529b\uff0c\u5e76\u6709\u52a9\u5176\u628a\u63e1\u5229\u7387\u4e0b\u8c03\u540e\u7684\u4fe1\u8d37\u590d\u82cf\u673a\u4f1a\u3002<br>  <\/li>\n\n\n\n<li><strong>\u8d22\u52a1\u72b6\u51b5\u826f\u597d\u3002<\/strong>\u8be5\u884c\u572825\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\uff08\u622a\u6b6224\u5e743\u6708\uff09\u5b58\u6b3e\u89c4\u6a21\u540c\u6bd4\u589e\u957f11.4%\u81f31,739\u4ebf\u7f8e\u5143\u3002\u56fd\u5185\u8d37\u6b3e\u89c4\u6a21\u540c\u6bd4\u589e\u957f13.9%\u81f31,534\u4ebf\u7f8e\u5143\u3002\u51c0\u4e0d\u826f\u8d44\u4ea7\u7387\u4e3a0.39%\u3002\u603b\u8d44\u672c\u5145\u8db3\u7387\u4e3a16.55%\uff0cCET-1\u6bd4\u7387\u4e3a15.94%\u3002<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u4e1a\u7ee9\u3002<\/strong>\u5370\u5ea6\u5de5\u4e1a\u4fe1\u8d37\u6295\u8d44\u94f6\u884c\u7684\u6536\u5165\u589e\u957f\u81f332.7\u4ebf\u7f8e\u5143\uff0c\u8d85\u51fa\u5e02\u573a\u9884\u671f\u768432.4\u4ebf\u7f8e\u5143\u3002\u6bcf\u80a1\u6536\u76ca\u4e3a0.40\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.02\u7f8e\u5143\u3002\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f14.8%\uff0c\u572825\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8fbe\u523014\u4ebf\u7f8e\u5143\uff08\u20b911,792\u4ebf\uff09\u3002\u51c0\u5229\u606f\u6536\u5165\uff08NII\uff09\u589e\u81f324\u4ebf\u7f8e\u5143\uff08\u20b920,371\u4ebf\uff09\uff0c\u540c\u6bd4\u589e\u957f9.1%\u3002\u7b2c\u4e09\u5b63\u5ea6\u7684\u51c0\u5229\u606f margin \u4e3a4.25%\uff0c\u76f8\u6bd4\u4e8e25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u76844.27%\u548c24\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u76844.43%\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\/05\/word-image-66629-27.png\" alt=\"\" class=\"wp-image-66694\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-27.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-27-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1193\" height=\"575\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-28.jpeg\" alt=\"\" class=\"wp-image-66695\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-28.jpeg 1193w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-28-300x145.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-28-1024x494.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-28-768x370.jpeg 768w\" sizes=\"(max-width: 1193px) 100vw, 1193px\" \/><\/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-66629-_Hlt181111973\"><\/a><a id=\"post-66629-_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-66629-_va9jaog5jnw3\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-29.png\" class=\"wp-image-66696\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-29.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-29-300x64.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\/05\/word-image-66629-30.png\" alt=\"\" class=\"wp-image-66697\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-30.png 618w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-30-300x62.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 Merchant Banks Co Ltd. (3968 HK) at HK$42.5, Trip.com Group Ltd. (9961 HK) at HK$460 and Makemytrip Ltd (MMYT US) at US$102.\n<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"943\" height=\"443\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-31.png\" alt=\"\" class=\"wp-image-66698\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-31.png 943w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-31-300x141.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66629-31-768x361.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 \u534e\u8054\u5546\u4e1a\u4fe1\u6258 (OUEREIT SP)\uff1a\u91cd\u65b0\u805a\u7126\u3001\u5177\u6709\u97e7\u6027\u5e76\u51c6\u5907\u597d\u589e\u957f (Source: Bloomberg) \u80dc\u6377\u4f01\u4e1a (CENT SP)\uff1a\u63d0\u632f\u964d\u606f\u9884\u671f (Source: Bloomberg) \u5c0f\u7c73\u96c6\u56e2 (1810 HK): \u8fdb\u4e00\u6b65\u8fdb\u519b\u4eba\u5de5\u667a\u80fd (Source: Bloomberg) \u643a\u7a0b\u96c6\u56e2 (9961 HK)\uff1a\u5373\u5c06\u5230\u6765\u7684\u5b63\u8282\u6027\u6d3b\u52a8 \u643a\u7a0b\u96c6\u56e2\u80a1\u4ef7\u5b63\u8282\u6027\u56fe\u8868 (Source: Bloomberg) (Source: Bloomberg) SAP SE (SAP US): \u8f6f\u4ef6\u670d\u52a1\u7684\u97e7\u6027 \u8d44\u91d1\u6d41\u52a8 \u2013 \u5fb7\u56fd (\u6765\u6e90\uff1a\u5f6d\u535a\u793e) (Source: Bloomberg) \u5370\u5ea6\u5de5\u4e1a\u4fe1\u8d37\u6295\u8d44\u94f6\u884c\uff08IBN US): \u589e\u957f\u9884\u671f\u4f9d\u7136\u5f3a\u52b2 (Source: Bloomberg) [&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-66629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kgi-daily-trading-ideas-chinese"],"aioseo_notices":[],"uagb_featured_image_src":{"full":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/01\/2.png?wsr",652,385,false],"thumbnail":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/01\/2-150x150.png?wsr",150,150,true],"medium":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/01\/2-300x177.png?wsr",300,177,true],"medium_large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/01\/2.png?wsr",652,385,false],"large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/01\/2.png?wsr",652,385,false],"1536x1536":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/01\/2.png?wsr",652,385,false],"2048x2048":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/01\/2.png?wsr",652,385,false]},"uagb_author_info":{"display_name":"Jiong Han Lee","author_link":"https:\/\/www.kgieworld.sg\/research\/author\/jionghan-leekgi-com\/"},"uagb_comment_info":0,"uagb_excerpt":"\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 \u534e\u8054\u5546\u4e1a\u4fe1\u6258 (OUEREIT SP)\uff1a\u91cd\u65b0\u805a\u7126\u3001\u5177\u6709\u97e7\u6027\u5e76\u51c6\u5907\u597d\u589e\u957f (Source: Bloomberg) \u80dc\u6377\u4f01\u4e1a (CENT SP)\uff1a\u63d0\u632f\u964d\u606f\u9884\u671f (Source: Bloomberg) \u5c0f\u7c73\u96c6\u56e2 (1810 HK): \u8fdb\u4e00\u6b65\u8fdb\u519b\u4eba\u5de5\u667a\u80fd (Source: Bloomberg) \u643a\u7a0b\u96c6\u56e2 (9961 HK)\uff1a\u5373\u5c06\u5230\u6765\u7684\u5b63\u8282\u6027\u6d3b\u52a8 \u643a\u7a0b\u96c6\u56e2\u80a1\u4ef7\u5b63\u8282\u6027\u56fe\u8868 (Source: Bloomberg) (Source: Bloomberg) SAP SE (SAP US): \u8f6f\u4ef6\u670d\u52a1\u7684\u97e7\u6027 \u8d44\u91d1\u6d41\u52a8 \u2013 \u5fb7\u56fd (\u6765\u6e90\uff1a\u5f6d\u535a\u793e) (Source: Bloomberg) \u5370\u5ea6\u5de5\u4e1a\u4fe1\u8d37\u6295\u8d44\u94f6\u884c\uff08IBN US): \u589e\u957f\u9884\u671f\u4f9d\u7136\u5f3a\u52b2 (Source: Bloomberg)&hellip;","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/66629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/comments?post=66629"}],"version-history":[{"count":4,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/66629\/revisions"}],"predecessor-version":[{"id":66770,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/66629\/revisions\/66770"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media\/38071"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media?parent=66629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/categories?post=66629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/tags?post=66629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}