{"id":70399,"date":"2025-06-24T22:51:33","date_gmt":"2025-06-24T14:51:33","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=70399"},"modified":"2025-06-25T10:22:25","modified_gmt":"2025-06-25T02:22:25","slug":"kgi-daily-trading-ideas-25-jun-2025-zh","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-25-jun-2025-zh\/","title":{"rendered":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e746\u670825\u65e5:"},"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 size-full\" id=\"sp\"><img fetchpriority=\"high\" decoding=\"async\" width=\"940\" height=\"200\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-28.png\" alt=\"\" class=\"wp-image-69977\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-28.png 940w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-28-300x64.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-28-768x163.png 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-70399-_tiry8p5xvcqk\"><\/a>\u7f8e\u56fd<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"941\" height=\"456\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-40.png\" alt=\"\" class=\"wp-image-70510\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-40.png 941w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-40-300x145.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-40-768x372.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=\"240\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-41.png\" alt=\"\" class=\"wp-image-70511\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-41.png 939w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-41-300x77.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-41-768x196.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=\"290\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-42.png\" alt=\"\" class=\"wp-image-70512\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-42.png 939w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-42-300x93.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-42-768x237.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\/06\/word-image-70399-4.png\" alt=\"\" class=\"wp-image-70439\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-4.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-4-300x64.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-70399-_qqv3rtx8nazp\"><\/a><a id=\"post-70399-_ylayyh7qqd99\"><\/a>\u9999\u6e2f<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1538\" height=\"731\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-phone-ai-generated-content-may-12.png\" alt=\"A screenshot of a phone\n\nAI-generated content may be incorrect.\" class=\"wp-image-70440\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-phone-ai-generated-content-may-12.png 1538w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-phone-ai-generated-content-may-12-300x143.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-phone-ai-generated-content-may-12-1024x487.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-phone-ai-generated-content-may-12-768x365.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-phone-ai-generated-content-may-12-1536x730.png 1536w\" sizes=\"(max-width: 1538px) 100vw, 1538px\" \/><\/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\/06\/word-image-70399-6.png\" alt=\"\" class=\"wp-image-70441\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-6.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-6-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"sg\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" class=\"wp-image-70442\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-7.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-7.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-7-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><strong><strong>\u65b0\u52a0\u5761\u822a\u7a7a\u516c\u53f8 (SIA SP)\uff1a\u590f\u5b63\u9700\u6c42<\/strong><\/strong><\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a6.70\uff0c\u76ee\u6807\u4ef7\uff1a7.30\uff0c\u6b62\u635f\u4ef7\uff1a6.40<\/strong><\/li>\n\n\n\n<li>\u65b0\u52a0\u5761\u822a\u7a7a\u516c\u53f8\u63d0\u4f9b\u822a\u7a7a\u8fd0\u8f93\u3001\u5de5\u7a0b\u3001\u98de\u884c\u5458\u57f9\u8bad\u3001\u5305\u673a\u548c\u65c5\u6e38\u6279\u53d1\u670d\u52a1\u3002\u516c\u53f8\u7684\u822a\u7a7a\u4e1a\u52a1\u8986\u76d6\u4e9a\u6d32\u3001\u6b27\u6d32\u3001\u7f8e\u6d32\u3001\u5357\u592a\u5e73\u6d0b\u548c\u975e\u6d32\u3002<\/li>\n\n\n\n<li><strong>\u9884\u8ba1\u822a\u7a7a\u71c3\u6cb9\u4ef7\u683c\u5c06\u9010\u6e10\u4e0b\u964d\u3002 \u6700\u8fd1\u4ee5\u8272\u5217\u548c\u4f0a\u6717\u4e4b\u95f4\u7684\u7d27\u5f20\u5c40\u52bf\u4f7f\u822a\u7a7a\u71c3\u6cb9\u4ef7\u683c\u8fbe\u523015\u4e2a\u6708\u6765\u7684\u6700\u9ad8\u6c34\u5e73\u3002\u7136\u800c\uff0c\u968f\u7740\u5730\u7f18\u653f\u6cbb\u98ce\u9669\u7684\u7f13\u89e3\uff0c\u8fd9\u4e00\u4e0a\u6da8\u9884\u8ba1\u5c06\u4f1a\u51cf\u8f7b\u3002\u6c99\u7279\u963f\u62c9\u4f2f\u548c\u963f\u8054\u914b\u53ef\u4ee5\u8fc5\u901f\u589e\u52a0\u4ea7\u91cf\uff0c\u5408\u8ba1\u62e5\u6709\u7ea6350\u4e07\u6876\/\u65e5\u7684\u95f2\u7f6e\u4ea7\u80fd\uff0c\u8fd9\u53ef\u4ee5\u62b5\u6d88\u4f0a\u6717\u76ee\u524d\u5927\u7ea6330\u4e07\u6876\/\u65e5\u7684\u751f\u4ea7\u548c\u8d85\u8fc7200\u4e07\u6876\/\u65e5\u7684\u51fa\u53e3\u6240\u5e26\u6765\u7684\u4efb\u4f55\u4e34\u65f6\u4f9b\u5e94\u4e2d\u65ad\u3002\u6839\u636e\u56fd\u9645\u822a\u7a7a\u8fd0\u8f93\u534f\u4f1a\uff08IATA\uff09\u7684\u9884\u6d4b\uff0c2025\u5e74\u822a\u7a7a\u71c3\u6cb9\u7684\u5e73\u5747\u4ef7\u683c\u9884\u8ba1\u4e3a\u6bcf\u687686\u7f8e\u5143\uff0c\u822a\u7a7a\u516c\u53f8\u71c3\u6cb9\u652f\u51fa\u603b\u989d\u9884\u8ba1\u5c06\u964d\u81f32360\u4ebf\u7f8e\u5143\uff0c\u6bd42024\u5e74\u51cf\u5c11\u8fd19%\u3002\u867d\u7136\u7531\u4e8e\u5730\u7f18\u653f\u6cbb\u6216\u70bc\u6cb9\u5382\u7684\u4e2d\u65ad\u53ef\u80fd\u4f1a\u51fa\u73b0\u77ed\u671f\u4ef7\u683c\u6ce2\u52a8\uff0c\u4f46\u9884\u8ba1\u6574\u4f53\u71c3\u6cb9\u4ef7\u683c\u5c06\u4fdd\u6301\u7a33\u5b9a\uff0c\u6301\u7eed\u7684\u8d38\u6613\u7d27\u5f20\u5c40\u52bf\u5f71\u54cd\u6709\u9650\u3002\u9884\u8ba1\u71c3\u6cb9\u6210\u672c\u5c06\u5360\u822a\u7a7a\u516c\u53f8\u603b\u8fd0\u8425\u8d39\u7528\u768425.8%\uff0c\u652f\u6301\u822a\u7a7a\u516c\u53f8\u76c8\u5229\u80fd\u529b\u7684\u6539\u5584\u3002\u622a\u81f32025\u5e746\u670820\u65e5\u5f53\u5468\uff0c\u5168\u7403\u5e73\u5747\u822a\u7a7a\u71c3\u6cb9\u4ef7\u683c\u4e3a\u6bcf\u687696.97\u7f8e\u5143\uff0c\u8f83\u524d\u4e00\u5468\u4e0a\u6da812.9%\u3002<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u822a\u7a7a\u71c3\u6cb9\u4ef7\u683c\u8d8b\u52bf <\/strong> <img loading=\"lazy\" decoding=\"async\" width=\"1013\" height=\"384\" class=\"wp-image-70443\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-of-a-graph-of-a-company-ai-generated-cont-1.png\" alt=\"A graph of a graph of a company\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-of-a-graph-of-a-company-ai-generated-cont-1.png 1013w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-of-a-graph-of-a-company-ai-generated-cont-1-300x114.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-of-a-graph-of-a-company-ai-generated-cont-1-768x291.png 768w\" sizes=\"(max-width: 1013px) 100vw, 1013px\" \/><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>(Source: IATA)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2025\u5e74\u822a\u7a7a\u516c\u53f8\u6536\u5165\u521b\u7eaa\u5f55\u76841\u4e07\u4ebf\u7f8e\u5143\u3002<\/strong>\u6839\u636eIATA\u7684\u9884\u6d4b\uff0c2025\u5e74\u5168\u7403\u822a\u7a7a\u516c\u53f8\u6536\u5165\u9884\u8ba1\u5c06\u8fbe\u5230\u521b\u7eaa\u5f55\u76849790\u4ebf\u7f8e\u5143\uff0c\u51c0\u5229\u6da6\u5c06\u6539\u5584\u81f3360\u4ebf\u7f8e\u5143\uff0c\u5c3d\u7ba1\u7531\u4e8e\u7f8e\u56fd\u5173\u7a0e\u3001\u8d38\u6613\u7d27\u5f20\u5c40\u52bf\u4ee5\u53ca\u65c5\u5ba2\u548c\u8d27\u8fd0\u91cf\u589e\u957f\u4f4e\u4e8e\u9884\u671f\uff0c\u6536\u5165\u672a\u80fd\u8fbe\u5230\u65e9\u671f\u9884\u6d4b\u3002\u4e9a\u592a\u5730\u533a\u9884\u8ba1\u5c06\u5f15\u9886\u884c\u4e1a\u6269\u5f20\uff0c\u53d7\u7ecf\u6d4e\u589e\u957f\u548c\u7b7e\u8bc1\u653f\u7b56\u653e\u5bbd\u7684\u63a8\u52a8\uff0c\u8d21\u732e\u5168\u7403\u822a\u7a7a\u65c5\u884c\u589e\u957f\u7684\u4e00\u534a\u4ee5\u4e0a\u3002\u8f83\u4f4e\u7684\u822a\u7a7a\u71c3\u6cb9\u4ef7\u683c\u5c06\u901a\u8fc7\u964d\u4f4e\u8fd0\u8425\u6210\u672c\u6765\u652f\u6301\u822a\u7a7a\u516c\u53f8\u76c8\u5229\u80fd\u529b\uff0c\u5c3d\u7ba1\u4f9b\u5e94\u94fe\u4e2d\u65ad\u3001\u98de\u673a\u4ea4\u4ed8\u5ef6\u8fdf\u4ee5\u53ca\u6301\u7eed\u7684\u53d1\u52a8\u673a\u548c\u96f6\u90e8\u4ef6\u77ed\u7f3a\u4ecd\u7136\u5236\u7ea6\u7740\u4ea7\u80fd\u3002\u5c3d\u7ba1\u884c\u4e1a\u4fdd\u6301\u7a33\u5b9a\u7684\u5229\u6da6\u7387\uff0c\u79ef\u6781\u7684\u53d1\u5c55\u8f68\u8ff9\uff0c\u4f46\u8584\u5f31\u7684\u76c8\u5229\u80fd\u529b\u3001\u5730\u7f18\u653f\u6cbb\u98ce\u9669\u4ee5\u53ca\u53ef\u6301\u7eed\u822a\u7a7a\u71c3\u6599\u751f\u4ea7\u8fdb\u5c55\u7f13\u6162\u7b49\u7ed3\u6784\u6027\u6311\u6218\u4e3a\u957f\u671f\u589e\u957f\u5e26\u6765\u963b\u529b\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5b63\u8282\u6027\u56fe\u8868\u2013 SIA<\/strong> <br><img loading=\"lazy\" decoding=\"async\" width=\"1590\" height=\"598\" class=\"wp-image-70444\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-video-game-ai-generated-content-1.png\" alt=\"A screenshot of a video game\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-video-game-ai-generated-content-1.png 1590w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-video-game-ai-generated-content-1-300x113.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-video-game-ai-generated-content-1-1024x385.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-video-game-ai-generated-content-1-768x289.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-video-game-ai-generated-content-1-1536x578.png 1536w\" sizes=\"(max-width: 1590px) 100vw, 1590px\" \/> <br><\/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>\u65c5\u6e38\u5b63\u8282\u6027\u4e0a\u5347\u3002<\/strong>\u57282025\u5e74\u524d\u4e94\u4e2a\u6708\uff0c\u65b0\u52a0\u5761\u5438\u5f15\u4e86\u8d85\u8fc7700\u4e07\u56fd\u9645\u6e38\u5ba2\uff0c\u4e3b\u8981\u53d7\u5230\u4e2d\u56fd\u3001\u5370\u5c3c\u548c\u5370\u5ea6\u5f3a\u52b2\u9700\u6c42\u7684\u63a8\u52a8\u3002\u968f\u7740\u590f\u5b63\u5047\u671f\u7684\u6301\u7eed\uff0c\u9884\u8ba1\u5165\u5883\u548c\u51fa\u5883\u65c5\u6e38\u9700\u6c42\u5c06\u4f1a\u4e0a\u5347\u3002\u8fd9\u4e00\u5b63\u8282\u6027\u65c5\u6e38\u6d3b\u52a8\u7684\u4e0a\u5347\u53ef\u80fd\u4f1a\u4f7f\u65b0\u52a0\u5761\u822a\u7a7a\u516c\u53f8\u53d7\u76ca\uff0c\u589e\u52a0\u4e58\u5ba2\u6d41\u91cf\uff0c\u4ece\u800c\u63a8\u52a8\u9ad8\u5cf0\u65c5\u6e38\u671f\u95f4\u7684\u822a\u73ed\u9884\u8ba2\u548c\u670d\u52a1\u9700\u6c42\u3002\u8be5\u822a\u7a7a\u516c\u53f8\u5728\u6355\u6349\u8fd9\u4e00\u589e\u52a0\u7684\u65c5\u6e38\u6d3b\u52a8\u65b9\u9762\u5904\u4e8e\u826f\u597d\u4f4d\u7f6e\uff0c\u63a8\u52a8\u5176\u6536\u5165\u589e\u957f\u5e76\u589e\u5f3a\u5168\u7403\u8fde\u63a5\u6027\u3002<\/li>\n\n\n\n<li><strong>2024\u8d22\u5e74\u4e1a\u7ee9\u3002<\/strong>\u00a0\u6536\u5165\u540c\u6bd4\u589e\u957f2.8%\uff0c\u8fbe\u5230195\u4ebf\u65b0\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u5168\u5e74\u822a\u7a7a\u65c5\u884c\u548c\u8d27\u8fd0\u9700\u6c42\u7684\u97e7\u6027\u3002\u516c\u53f8\u5b9e\u73b0\u521b\u7eaa\u5f55\u7684\u51c0\u5229\u6da628\u4ebf\u65b0\u5143\uff0c\u5176\u4e2d\u5305\u62ec\u6765\u81ea\u5370\u5ea6\u822a\u7a7a\u4e0eVistara\u5408\u5e76\u7684\u4e00\u6b21\u6027\u975e\u73b0\u91d1\u4f1a\u8ba1\u6536\u76ca11\u4ebf\u65b0\u5143\u3002\u516c\u53f8\u63d0\u8bae\u6d3e\u53d12024\/2025\u8d22\u5e74\u6bcf\u80a10.30\u65b0\u5143\u7684\u671f\u672b\u80a1\u606f\uff0c\u4f7f\u5168\u5e74\u80a1\u606f\u603b\u989d\u8fbe\u5230\u6bcf\u80a10.40\u65b0\u5143\u3002<\/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-70445\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-blue-and-white-rectangular-object-with-white-tex-22.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\/06\/a-blue-and-white-rectangular-object-with-white-tex-22.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-blue-and-white-rectangular-object-with-white-tex-22-300x64.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=\"1238\" height=\"596\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-with-red-and-green-lines-ai-generated-con-1.jpeg\" alt=\"A graph with red and green lines\n\nAI-generated content may be incorrect.\" class=\"wp-image-70446\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-with-red-and-green-lines-ai-generated-con-1.jpeg 1238w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-with-red-and-green-lines-ai-generated-con-1-300x144.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-with-red-and-green-lines-ai-generated-con-1-1024x493.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-with-red-and-green-lines-ai-generated-con-1-768x370.jpeg 768w\" sizes=\"(max-width: 1238px) 100vw, 1238px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" class=\"wp-image-70447\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-long-line-of-a-white-background-description-aut-21.png\" alt=\"A long line of a white background\n\nDescription automatically generated with medium confidence\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-long-line-of-a-white-background-description-aut-21.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-long-line-of-a-white-background-description-aut-21-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure> <\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><strong>\u6607\u83d8\u96c6\u56e2 (SSG SP)\uff1a\u4ef7\u503c\u9a71\u52a8\u7684\u589e\u957f\u6f5c\u529b<\/strong><\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a1.88\uff0c\u76ee\u6807\u4ef7\uff1a2.08\uff0c\u6b62\u635f\u4ef7\uff1a1.78<\/strong><\/li>\n\n\n\n<li>\u6607\u83d8\u96c6\u56e2\u662f\u4e00\u5bb6\u5728\u65b0\u52a0\u5761\u8fd0\u8425\u7684\u96f6\u552e\u5546\uff0c\u7ecf\u8425\u7740\u4e00\u5bb6\u904d\u5e03\u65b0\u52a0\u5761\u7684\u6742\u8d27\u8fde\u9501\u5e97\u3002\u6607\u83d8\u7684\u5546\u5e97\u63d0\u4f9b\u65b0\u9c9c\u548c\u51b7\u85cf\u7684\u519c\u4ea7\u54c1\u3001\u6d77\u9c9c\u3001\u8089\u7c7b\u548c\u852c\u83dc\uff0c\u4ee5\u53ca\u52a0\u5de5\u3001\u5305\u88c5\u548c\u4fdd\u5b58\u7684\u98df\u54c1\u4ea7\u54c1\uff0c\u8fd8\u5305\u62ec\u4e2a\u4eba\u62a4\u7406\u7528\u54c1\u548c\u5fc5\u9700\u7684\u5bb6\u5c45\u7528\u54c1\u7b49\u4e00\u822c\u5546\u54c1\u3002<\/li>\n\n\n\n<li><strong>\u653f\u5e9c\u4ee3\u91d1\u5238\u652f\u6301\u8fd1\u671f\u589e\u957f\u3002 <\/strong>\u65b0\u52a0\u5761\u7684FY25\u4ee3\u91d1\u5238\u53d1\u653e\u8ba1\u5212\uff0c\u5305\u62ec800\u65b0\u5143\u7684\u793e\u533a\u53d1\u5c55\u7406\u4e8b\u4f1a\uff08CDC\uff09\u4ee3\u91d1\u5238\u548c\u6700\u9ad8800\u65b0\u5143\u7684SG60\u4ee3\u91d1\u5238\uff0c\u9884\u8ba1\u5c06\u76f4\u63a5\u63a8\u52a8\u8d85\u5e02\u9500\u552e\uff0c\u5176\u4e2d\u4e00\u534a\u91d1\u989d\u5206\u914d\u7ed9\u50cf\u6607\u83d8\u8fd9\u6837\u7684\u53c2\u4e0e\u8d85\u5e02\u3002\u8fd9\u4e9b\u4ee3\u91d1\u5238\u8ba1\u5212\uff0c\u4ee5\u53ca\u6301\u7eed\u7684\u653f\u5e9c\u652f\u6301\u63aa\u65bd\uff0c\u5c06\u5e2e\u52a9\u7ef4\u6301\u6d88\u8d39\u652f\u51fa\u7684\u52a8\u80fd\uff0c\u5c3d\u7ba1\u7ecf\u6d4e\u80cc\u666f\u8f83\u4e3a\u8c28\u614e\uff0c\u4e3a\u6607\u83d8\u63d0\u4f9b\u53ef\u89c1\u7684\u8fd1\u671f\u6536\u5165\u5229\u597d\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>SG60\u4ee3\u91d1\u5238\u989d\u5ea6\uff1a<\/strong> <img loading=\"lazy\" decoding=\"async\" width=\"775\" height=\"141\" class=\"wp-image-70448\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-phone-ai-generated-content-may-13.png\" alt=\"A screenshot of a phone\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-phone-ai-generated-content-may-13.png 775w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-phone-ai-generated-content-may-13-300x55.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-phone-ai-generated-content-may-13-768x140.png 768w\" sizes=\"(max-width: 775px) 100vw, 775px\" \/><strong><br><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"> \uff08\u6765\u6e90\uff1aSG60\uff09<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4ef7\u503c\u8d2d\u7269\u63a8\u52a8\u9700\u6c42\u3002 <\/strong>\u65b0\u52a0\u5761\u6838\u5fc3\u901a\u80c0\u57282025\u5e744\u6708\u4e0a\u5347\u81f30.7%\uff0c\u7ed3\u675f\u4e86\u8fde\u7eed\u516d\u4e2a\u6708\u7684\u4e0b\u964d\uff0c\u4e3b\u8981\u53d7\u98df\u54c1\u548c\u670d\u52a1\u6210\u672c\u4e0a\u5347\u7684\u63a8\u52a8\u3002\u7136\u800c\uff0c\u65b0\u52a0\u5761\u91d1\u878d\u7ba1\u7406\u5c40\uff08MAS\uff09\u548c\u7ecf\u6d4e\u5b66\u5bb6\u9884\u8ba1\uff0c\u5168\u5e74\u901a\u80c0\u5c06\u4fdd\u6301\u6e29\u548c\uff0c\u9762\u4e34\u5168\u7403\u9700\u6c42\u75b2\u8f6f\u3001\u6301\u7eed\u7684\u4f9b\u5e94\u94fe\u4e2d\u65ad\u548c\u5173\u7a0e\u4e0d\u786e\u5b9a\u6027\u5e26\u6765\u7684\u4e0b\u884c\u98ce\u9669\u3002\u5728\u8fd9\u79cd\u73af\u5883\u4e0b\uff0c\u65b0\u52a0\u5761\u6d88\u8d39\u8005\u9884\u8ba1\u5c06\u4fdd\u6301\u4ef7\u683c\u654f\u611f\uff0c\u63a8\u52a8\u5bf9\u5b9e\u60e0\u5fc5\u9700\u54c1\u548c\u7269\u8d85\u6240\u503c\u7684\u81ea\u6709\u54c1\u724c\u4ea7\u54c1\u7684\u6301\u7eed\u9700\u6c42\u3002\u6607\u83d8\u51ed\u501f\u5176\u5f3a\u5927\u7684\u81ea\u6709\u54c1\u724c\u4ea7\u54c1\uff0c\u4ef7\u683c\u6bd4\u56fd\u5bb6\u54c1\u724c\u4f4e5%\u81f320%\uff0c\u4ee5\u53ca\u5f3a\u5065\u7684\u4f9b\u5e94\u94fe\u591a\u6837\u5316\u548c\u4e25\u683c\u7684\u6210\u672c\u7ba1\u7406\uff0c\u5904\u4e8e\u6709\u5229\u5730\u4f4d\uff0c\u53ef\u4ee5\u6293\u4f4f\u8fd9\u4e00\u5411\u4ef7\u503c\u9a71\u52a8\u6d88\u8d39\u8f6c\u53d8\u7684\u7ed3\u6784\u6027\u673a\u4f1a\uff0c\u5e76\u5728\u901a\u80c0\u548c\u8fdb\u53e3\u6210\u672c\u538b\u529b\u4e0b\u7ef4\u62a4\u5229\u6da6\u7387\u3002<\/li>\n\n\n\n<li><strong>\u6218\u7565\u6269\u5f20\u90e8\u5206\u4e0e\u65b0HDB\u7ba1\u9053\u76f8\u5173\u3002 <\/strong>\u6607\u83d8\u7684\u95e8\u5e97\u7f51\u7edc\u6269\u5f20\u4e0e\u4f4f\u623f\u53d1\u5c55\u5c40\uff08HDB\uff09\u7684\u7ba1\u9053\u6218\u7565\u6027\u76f8\u5173\uff0c\u4ece2025\u5e74\u52302027\u5e74\uff0c\u8ba1\u5212\u5728\u589e\u957f\u533a\u57df\u63a8\u51fa\u8d85\u8fc750,000\u5957\u65b0\u516c\u5bd3\u3002\u8be5\u96c6\u56e2\u79ef\u6781\u7ade\u6807\u5373\u5c06\u63a8\u51fa\u7684\u4f4f\u623f\u533a\u5185\u7684\u65b0\u8d85\u5e02\u5730\u70b9\uff0c\u6700\u8fd1\u83b7\u5f97\u4e86\u591a\u4e2a\u6807\u4e66\u548c\u5728KINEX\u53caCATHAY\u7684\u4e24\u4e2a\u79c1\u4eba\u96f6\u552e\u7a7a\u95f4\u3002\u968f\u7740HDB\u7ee7\u7eed\u63a8\u51fa\u65b0\u5f00\u53d1\u9879\u76ee\uff0c\u6607\u83d8\u5728\u9ad8\u5bc6\u5ea6\u4f4f\u5b85\u533a\u7684\u6269\u5f20\u4e5f\u5c06\u5f97\u5230\u652f\u6301\uff0c\u4fc3\u8fdb\u957f\u671f\u6536\u5165\u589e\u957f\u3002<\/li>\n\n\n\n<li><strong>2025\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8d22\u52a1\u4e1a\u7ee9\u3002<\/strong>\u6607\u83d8\u62a5\u544a\u79f0\uff0c2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u6536\u5165\u540c\u6bd4\u589e\u957f7.1%\uff0c\u4ece2024\u5e74\u7b2c\u4e00\u5b63\u5ea6\u76843.762\u4ebf\u65b0\u5143\u589e\u81f34.03\u4ebf\u65b0\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u4e0e\u53bb\u5e74\u540c\u671f\u76f8\u6bd4\u65b0\u5f00\u8bbe\u7684\u516b\u5bb6\u65b0\u5e97\u4ee5\u53ca\u5f00\u658b\u8282\u7684\u4fc3\u9500\u9500\u552e\u3002\u8be5\u671f\u95f4\u7684\u51c0\u5229\u6da6\u589e\u957f6.1%\uff0c\u4ece\u4e4b\u524d\u76843630\u4e07\u65b0\u5143\u589e\u81f33850\u4e07\u65b0\u5143\u30022025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u65b0\u52a0\u5761\u53ef\u6bd4\u540c\u5e97\u6536\u5165\u5fae\u5e45\u589e\u957f0.1%\u3002\u4e2d\u56fd\u7684\u6536\u5165\u5fae\u5e45\u589e\u957f0.7%\u3002<\/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-70449\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-blue-and-white-rectangular-object-with-white-tex-23.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\/06\/a-blue-and-white-rectangular-object-with-white-tex-23.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-blue-and-white-rectangular-object-with-white-tex-23-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><img loading=\"lazy\" decoding=\"async\" width=\"1098\" height=\"596\" class=\"wp-image-70450\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-of-stock-market-ai-generated-content-may-17.jpeg\" alt=\"A graph of stock market\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-of-stock-market-ai-generated-content-may-17.jpeg 1098w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-of-stock-market-ai-generated-content-may-17-300x163.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-of-stock-market-ai-generated-content-may-17-1024x556.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-of-stock-market-ai-generated-content-may-17-768x417.jpeg 768w\" sizes=\"(max-width: 1098px) 100vw, 1098px\" \/> <\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" class=\"wp-image-70451\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-16.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-16.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-16-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"hk\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" class=\"wp-image-70452\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-17.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-17.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-17-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure><a id=\"post-70399-_34eo5yf8y7pj\"><\/a><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u56fd\u6cf0\u822a\u7a7a (293 HK)\uff1a\u71c3\u6cb9\u987a\u98ce\u548c\u590f\u5b63\u65c5\u6e38\u52bf\u5934<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a10.40\uff0c\u76ee\u6807\u4ef7\uff1a11.40\uff0c\u6b62\u635f\u4ef7\uff1a9.90<\/strong><\/li>\n\n\n\n<li>\u56fd\u6cf0\u822a\u7a7a\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u4e3b\u8981\u63d0\u4f9b\u56fd\u9645\u7a7a\u4e2d\u5ba2\u8fd0\u53ca\u8d27\u8fd0\u670d\u52a1\u7684\u516c\u53f8\u3002\u8be5\u516c\u53f8\u8fde\u540c\u5176\u9644\u5c5e\u516c\u53f8\u901a\u8fc7\u56db\u4e2a\u5206\u90e8\u7ecf\u8425\u3002\u56fd\u6cf0\u822a\u7a7a\u53ca\u56fd\u6cf0\u6e2f\u9f99\u822a\u7a7a\u5206\u90e8\u4ee5\u5176\u54c1\u724c\u63d0\u4f9b\u5168\u9762\u7684\u56fd\u9645\u5ba2\u8fd0\u53ca\u8d27\u8fd0\u670d\u52a1\u3002\u534e\u6c11\u822a\u7a7a\u5206\u90e8\u5728\u4e9a\u6d32\u533a\u5185\u63d0\u4f9b\u5b9a\u671f\u822a\u73ed\u7684\u822a\u7a7a\u8d27\u8fd0\u901f\u9012\u670d\u52a1\u3002\u9999\u6e2f\u5feb\u8fd0\u5206\u90e8\u5728\u4e9a\u6d32\u533a\u5185\u63d0\u4f9b\u5b9a\u671f\u822a\u73ed\u7684\u5ec9\u4ef7\u822a\u7a7a\u5ba2\u8fd0\u670d\u52a1\u3002\u822a\u7a7a\u670d\u52a1\u5206\u90e8\u63d0\u4f9b\u5305\u62ec\u822a\u7a7a\u996e\u98df\u3001\u8d27\u8fd0\u7ad9\u3001\u5730\u52e4\u670d\u52a1\u53ca\u5546\u4e1a\u6d17\u8863\u7b49\u652f\u63f4\u822a\u7a7a\u516c\u53f8\u7684\u670d\u52a1\u3002<\/li>\n\n\n\n<li><strong>\u539f\u6cb9\u4ef7\u683c\u8d70\u4f4e\u3002<\/strong>\u7531\u4e8e\u4ee5\u8272\u5217\u548c\u4f0a\u6717\u8fbe\u6210\u505c\u706b\u534f\u8bae\u7684\u6d88\u606f\u4f20\u51fa\uff0c\u5e03\u4f26\u7279\u539f\u6cb9\u671f\u8d27\u5468\u4e8c\u4e0b\u8dcc\u903e1%\uff0c\u81f3\u6bcf\u6876\u7ea669\u7f8e\u5143\uff0c\u521b\u903e\u4e00\u5468\u65b0\u4f4e\u3002\u4ee5\u8272\u5217\u653f\u5e9c\u5468\u4e8c\u65e9\u95f4\u786e\u8ba4\u5df2\u8fbe\u6210\u534f\u8bae\uff0c\u4f0a\u6717\u5b98\u65b9\u5a92\u4f53\u968f\u540e\u4e5f\u62a5\u9053\u5fb7\u9ed1\u5170\u5df2\u63a5\u53d7\u534f\u8bae\uff0c\u8fd9\u4e00\u8fdb\u5c55\u63d0\u5347\u4e8612\u5929\u51b2\u7a81\u7ed3\u675f\u7684\u5e0c\u671b\u3002\u6b64\u6b21\u505c\u706b\u7f13\u89e3\u4e86\u5e02\u573a\u5bf9\u4e2d\u4e1c\u5730\u533a\u6f5c\u5728\u4f9b\u5e94\u4e2d\u65ad\u7684\u62c5\u5fe7\uff0c\u5c24\u5176\u662f\u5bf9\u53ef\u80fd\u5c01\u9501\u970d\u5c14\u6728\u5179\u6d77\u5ce1\u7684\u62c5\u5fc3\uff08\u8be5\u6d77\u5ce1\u7ea6\u5360\u5168\u740320%\u7684\u77f3\u6cb9\u8fd0\u8f93\uff09\u3002\u6cb9\u4ef7\u7684\u4e0b\u8dcc\u9884\u8ba1\u5c06\u5229\u597d\u822a\u7a7a\u516c\u53f8\uff0c\u56e0\u4e3a\u822a\u7a7a\u71c3\u6cb9\u5360\u5176\u8fd0\u8425\u6210\u672c\u7684\u5f88\u5927\u4e00\u90e8\u5206\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5e03\u4f26\u7279\u539f\u6cb9\u4ef7\u683c<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1126\" height=\"614\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-18.jpeg\" alt=\"\" class=\"wp-image-70453\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-18.jpeg 1126w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-18-300x164.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-18-1024x558.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-18-768x419.jpeg 768w\" sizes=\"(max-width: 1126px) 100vw, 1126px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/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>\u4e2d\u56fd\u6691\u671f\u65c5\u6e38\u65fa\u5b63\u3002<\/strong>\u968f\u7740\u6691\u671f\u4e34\u8fd1\uff0c\u4e2d\u56fd\u822a\u7a7a\u516c\u53f8\u6b63\u52a0\u7d27\u62d3\u5c55\u56fd\u9645\u822a\u7ebf\u7f51\u7edc\uff0c\u4ee5\u6ee1\u8db3\u65e5\u76ca\u589e\u957f\u7684\u51fa\u5883\u65c5\u6e38\u9700\u6c42\uff0c\u7279\u522b\u662f\u201c\u4e00\u5e26\u4e00\u8def\u201d\u6cbf\u7ebf\u56fd\u5bb6\u548c\u5730\u533a\uff0c\u6b63\u65e5\u76ca\u6210\u4e3a\u4e2d\u56fd\u822a\u7a7a\u516c\u53f8\u91cd\u70b9\u5f00\u62d3\u7684\u5e02\u573a\u3002\u6839\u636e\u65c5\u6e38\u884c\u4e1a\u5e73\u53f0\u822a\u65c5\u7eb5\u6a2a\uff08Umetrip\uff09\u7684\u6570\u636e\uff0c\u622a\u81f36\u670816\u65e5\uff0c7\u67081\u65e5\u81f331\u65e5\u7684\u8fdb\u51fa\u5883\u673a\u7968\u9884\u8ba2\u91cf\u8d85\u8fc7380\u4e07\u5f20\uff0c\u540c\u6bd4\u589e\u957f\u7ea68%\u3002\u56fd\u6cf0\u822a\u7a7a\u8fd1\u671f\u57282025\u5e74Skytrax\u5168\u7403\u822a\u7a7a\u516c\u53f8\u5927\u5956\u4e2d\u88ab\u8bc4\u4e3a\u5168\u7403\u4e09\u5927\u822a\u7a7a\u516c\u53f8\u4e4b\u4e00\uff0c2025\u5e745\u6708\u7684\u5ba2\u8fd0\u91cf\u540c\u6bd4\u589e\u957f36.1%\uff0c\u53ef\u7528\u5ea7\u4f4d\u516c\u91cc\u6570\u589e\u957f31.2%\u30022025\u5e74\u524d\u4e94\u4e2a\u6708\uff0c\u65c5\u5ba2\u8fd0\u8f93\u91cf\u540c\u6bd4\u589e\u957f28.4%\u3002\u5728\u5f3a\u52b2\u7684\u9884\u8ba2\u8d8b\u52bf\u548c\u6301\u7eed\u590d\u82cf\u7684\u51fa\u884c\u9700\u6c42\u63a8\u52a8\u4e0b\uff0c\u9884\u8ba1\u5373\u5c06\u5230\u6765\u7684\u6691\u671f\u65c5\u6e38\u9ad8\u5cf0\u5c06\u8fdb\u4e00\u6b65\u63d0\u632f\u5ba2\u8fd0\u91cf\uff0c\u6709\u671b\u6301\u7eed\u5229\u597d\u56fd\u6cf0\u822a\u7a7a\u7684\u8fd0\u8425\u8868\u73b0\u53ca\u8d22\u52a1\u4e1a\u7ee9\u3002<\/li>\n\n\n\n<li><strong>\u589e\u73ed\u4ee5\u6ee1\u8db3\u6301\u7eed\u589e\u957f\u7684\u9700\u6c42\u3002<\/strong>\u56fd\u6cf0\u822a\u7a7a\u5ba3\u5e03\u5c06\u5f00\u901a\u9999\u6e2f\u4e0e\u73c0\u65af\u4e4b\u95f4\u7684\u6bcf\u65e5\u53cc\u73ed\u76f4\u98de\u822a\u73ed\uff0c\u6bcf\u5e74\u5c06\u4e3a\u897f\u6fb3\u5927\u5229\u4e9a\u65b0\u589e\u8d85\u8fc743,000\u4e2a\u5165\u5883\u5ea7\u4f4d\u3002\u8be5\u822a\u7ebf\u6269\u5c55\u83b7\u5f97\u4e86\u897f\u6fb3\u5927\u5229\u4e9a\u5dde\u653f\u5e9c\uff08\u901a\u8fc7\u897f\u6fb3\u65c5\u6e38\u5c40\uff09\u4e0e\u73c0\u65af\u673a\u573a\u7684\u652f\u6301\u3002\u65b0\u589e\u822a\u73ed\u540e\uff0c\u56fd\u6cf0\u822a\u7a7a\u6bcf\u5e74\u98de\u5f80\u897f\u6fb3\u7684\u5ea7\u4f4d\u603b\u6570\u5c06\u8d85\u8fc720\u4e07\u4e2a\u3002\u8fd9\u662f\u56fd\u6cf0\u5728\u8fc7\u53bb12\u4e2a\u6708\u5185\u7b2c\u4e8c\u6b21\u589e\u52a0\u5f80\u8fd4\u73c0\u65af\u7684\u822a\u73ed\u9891\u6b21\uff0c\u53cd\u6620\u51fa\u6765\u81ea\u4e2d\u56fd\u5927\u9646\u53ca\u9999\u6e2f\uff08\u5927\u4e2d\u534e\u5730\u533a\uff09\u6e38\u5ba2\u5bf9\u897f\u6fb3\u65c5\u6e38\u9700\u6c42\u7684\u6301\u7eed\u589e\u957f\u3002\u4f5c\u4e3a\u5168\u7403\u91cd\u8981\u7684\u4e2d\u8f6c\u67a2\u7ebd\uff0c\u9999\u6e2f\u4e5f\u5c06\u901a\u8fc7\u589e\u73ed\u8fdb\u4e00\u6b65\u63d0\u5347\u4e0e\u82f1\u56fd\u3001\u7f8e\u56fd\u3001\u65e5\u672c\u7b49\u5173\u952e\u5ba2\u6e90\u5e02\u573a\u7684\u4e00\u7ad9\u5f0f\u901a\u8fbe\u80fd\u529b\u3002\u6b64\u6b21\u6269\u5c55\u9884\u8ba1\u5c06\u957f\u671f\u63a8\u52a8\u56fd\u6cf0\u822a\u7a7a\u7684\u8425\u6536\u589e\u957f\u3002<\/li>\n\n\n\n<li><strong>2024\u8d22\u5e74\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>2024\u8d22\u5e74\u6536\u5165\u540c\u6bd4\u589e\u957f10.5%\uff0c\u81f31,044\u4ebf\u6e2f\u5143\uff082023\u8d22\u5e74\u4e3a945\u4ebf\u6e2f\u5143\uff09\u3002\u5f52\u5c5e\u4e8e\u80a1\u4e1c\u7684\u51c0\u5229\u6da6\u4e3a98.9\u4ebf\u6e2f\u5143\uff0c\u540c\u6bd4\u589e\u957f1.0%\uff082023\u8d22\u5e74\u4e3a97.9\u4ebf\u6e2f\u5143\uff09\u3002\u6bcf\u80a1\u57fa\u672c\u76c8\u5229\u7531\u53bb\u5e74\u540c\u671f\u76841.41\u6e2f\u5143\u589e\u81f32024\u8d22\u5e74\u76841.49\u6e2f\u5143\u3002<\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-70454\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-19.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-19.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-19-300x64.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=\"1126\" height=\"596\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-20.jpeg\" alt=\"\" class=\"wp-image-70455\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-20.jpeg 1126w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-20-300x159.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-20-1024x542.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-20-768x407.jpeg 768w\" sizes=\"(max-width: 1126px) 100vw, 1126px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" class=\"wp-image-70456\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-21.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-21.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-21-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u9999\u6e2f\u4ea4\u6613\u53ca\u7ed3\u7b97\u6240 (388 HK)\uff1a\u6700\u706b\u70ed\u7684IPO\u5e02\u573a<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a390\uff0c\u76ee\u6807\u4ef7\uff1a430\uff0c\u6b62\u635f\u4ef7\uff1a370<\/strong><\/li>\n\n\n\n<li>\u9999\u6e2f\u4ea4\u6613\u53ca\u7ed3\u7b97\u6240\uff08HKEX\uff09\u4e3b\u8981\u4ece\u4e8b\u8bc1\u5238\u4ea4\u6613\u6240\u7684\u8fd0\u8425\u3002\u516c\u53f8\u901a\u8fc7\u4e94\u4e2a\u4e1a\u52a1\u90e8\u95e8\u8fd0\u8425\u3002\u73b0\u91d1\u90e8\u95e8\u5305\u62ec\u5728\u73b0\u91d1\u5e02\u573a\u5e73\u53f0\u3001\u4e0a\u6d77\u8bc1\u5238\u4ea4\u6613\u6240\u548c\u6df1\u5733\u8bc1\u5238\u4ea4\u6613\u6240\u4ea4\u6613\u7684\u5404\u79cd\u80a1\u7968\u4ea7\u54c1\u3002\u80a1\u6743\u548c\u91d1\u878d\u884d\u751f\u54c1\u90e8\u95e8\u5305\u62ec\u5728\u9999\u6e2f\u671f\u8d27\u4ea4\u6613\u6240\uff08HKFE\uff09\u548c\u9999\u6e2f\u8054\u5408\u4ea4\u6613\u6240\uff08SEHK\uff09\u4ea4\u6613\u7684\u884d\u751f\u54c1\u53ca\u5176\u4ed6\u76f8\u5173\u6d3b\u52a8\u3002\u5546\u54c1\u90e8\u95e8\u5305\u62ec\u4f26\u6566\u91d1\u5c5e\u4ea4\u6613\u6240\uff08LME\uff09\u7684\u8fd0\u8425\u3002\u7ed3\u7b97\u90e8\u95e8\u5305\u62ec\u5404\u79cd\u7ed3\u7b97\u6240\u7684\u8fd0\u8425\uff0c\u5982\u9999\u6e2f\u8bc1\u5238\u6e05\u7b97\u6709\u9650\u516c\u53f8\u3001SEHK\u671f\u6743\u6e05\u7b97\u6240\u6709\u9650\u516c\u53f8\u3001HKFE\u6e05\u7b97\u516c\u53f8\u3001\u573a\u5916\uff08OTC\uff09\u6e05\u7b97\u9999\u6e2f\u6709\u9650\u516c\u53f8\u548cLME\u6e05\u7b97\u6709\u9650\u516c\u53f8\u3002\u5e73\u53f0\u548c\u57fa\u7840\u8bbe\u65bd\u90e8\u95e8\u4e3a\u7528\u6237\u63d0\u4f9b\u516c\u53f8\u5e73\u53f0\u548c\u57fa\u7840\u8bbe\u65bd\u7684\u8bbf\u95ee\u3002<\/li>\n\n\n\n<li><strong>\u9999\u6e2f\u91cd\u65b0\u593a\u56de\u5168\u7403IPO\u9886\u5bfc\u5730\u4f4d\u3002<\/strong> \u5fb7\u52e4\u5df2\u4e0a\u8c03\u9999\u6e2fIPO\u5e02\u573a\u7684\u9884\u671f\uff0c\u9884\u8ba12025\u5e74\u5c06\u6709\u8d85\u8fc72000\u4ebf\u6e2f\u5143\u7684\u878d\u8d44\uff0c\u6d89\u53ca80\u4e2a\u4e0a\u5e02\u9879\u76ee\uff0c\u56e0\u4e3a\u9999\u6e2f\u5728\u4e0a\u534a\u5e74\u91cd\u65b0\u593a\u56de\u4e86\u5168\u7403\u6700\u5927\u878d\u8d44\u573a\u6240\u7684\u5730\u4f4d\uff0c\u8d85\u8d8a\u4e86\u7eb3\u65af\u8fbe\u514b\u548c\u7ebd\u7ea6\u8bc1\u5238\u4ea4\u6613\u6240\u3002\u8fd9\u4e00\u590d\u82cf\u5f97\u76ca\u4e8eIPO\u4ea4\u6613\u540c\u6bd4\u589e\u957f33%\u4ee5\u53ca\u591a\u4e2a\u5927\u578bA+H\u4e0a\u5e02\uff0c\u7a81\u663e\u4e86\u6295\u8d44\u8005\u4fe1\u5fc3\u7684\u6062\u590d\u548c\u5f3a\u52b2\u7684\u5168\u7403\u8d44\u672c\u6d41\u5165\u3002\u968f\u7740\u8fd1200\u4e2aIPO\u7533\u8bf7\u5728\u5ba1\uff0c\u5305\u62ec\u591a\u4e2a\u5927\u76d8\u80a1\uff0c\u4ee5\u53ca\u6301\u7eed\u7684\u4ea4\u6613\u6240\u6539\u9769\u65e8\u5728\u63d0\u9ad8\u6d41\u52a8\u6027\u548c\u5438\u5f15\u56fd\u9645\u6295\u8d44\u8005\uff0cHKEX\u6709\u671b\u7ef4\u6301\u5176\u5f3a\u52b2\u7684IPO\u52bf\u5934\uff0c\u5e76\u5de9\u56fa\u5176\u4f5c\u4e3a\u5168\u7403\u9886\u5148\u91d1\u878d\u4e2d\u5fc3\u7684\u89d2\u8272\u3002<\/li>\n\n\n\n<li><strong>\u4e8c\u6b21\u4e0a\u5e02\u5e02\u573a\u6269\u5f20\u3002<\/strong> HKEX\u6b63\u5728\u52a0\u901f\u5168\u7403\u6269\u5f20\uff0c\u76ee\u6807\u662f\u6765\u81ea\u4e1c\u5357\u4e9a\u3001\u4e2d\u4e1c\u53ca\u5176\u4ed6\u5730\u533a\u7684\u4e8c\u6b21\u4e0a\u5e02\u3002\u4ea4\u6613\u6240\u8ba1\u5212\u5728\u5229\u96c5\u5f97\u5f00\u8bbe\u4ee3\u8868\u5904\uff0c\u4ee5\u52a0\u6df1\u4e0e\u6c99\u7279\u5e02\u573a\u7684\u8054\u7cfb\uff0c\u5e76\u5df2\u6210\u529f\u5438\u5f15\u65b0\u52a0\u5761\u548c\u6cf0\u56fd\u516c\u53f8\u7684\u4e0a\u5e02\u3002\u6765\u81ea\u4e2d\u56fd\u5927\u9646\u516c\u53f8\u5bfb\u6c42\u6d77\u5916\u8d44\u672c\u7684\u65e5\u76ca\u5173\u6ce8\u4ee5\u53ca\u7f8e\u56fd\u6295\u8d44\u8005\u7684\u53c2\u4e0e\uff0c\u8fdb\u4e00\u6b65\u589e\u5f3a\u4e86HKEX\u7684\u7ade\u4e89\u5730\u4f4d\u3002\u81ea2024\u5e7412\u6708\u4ee5\u6765\uff0cIPO\u7ba1\u9053\u589e\u957f\u4e86\u4e24\u500d\u591a\uff0c\u4ea4\u6613\u6240\u5df2\u91cd\u65b0\u6210\u4e3a2025\u5e74\u6309\u4ea4\u6613\u91cf\u8ba1\u7b97\u7684\u5168\u7403\u6700\u5927\u4e0a\u5e02\u573a\u6240\u3002HKEX\u7684\u79ef\u6781\u62d3\u5c55\u548c\u65e5\u76ca\u589e\u52a0\u7684\u8de8\u5883\u4e0a\u5e02\u51f8\u663e\u4e86\u5176\u8f6c\u578b\u4e3a\u9876\u7ea7\u56fd\u9645\u878d\u8d44\u5e73\u53f0\u7684\u8fdb\u7a0b\u3002<\/li>\n\n\n\n<li><strong>\u652f\u6301\u6027\u8d27\u5e01\u653f\u7b56\u3002<\/strong> \u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u51b3\u5b9a\u7ef4\u6301\u57fa\u51c6\u5229\u7387\u7a33\u5b9a\uff0c\u53cd\u6620\u4e86\u5bf9\u4e2d\u56fd\u7ecf\u6d4e\u590d\u82cf\u97e7\u6027\u7684\u4fe1\u5fc3\uff0c\u5e76\u4e3a\u4f01\u4e1a\u878d\u8d44\u521b\u9020\u4e86\u652f\u6301\u6027\u73af\u5883\u3002\u7a33\u5b9a\u7684\u5229\u7387\u964d\u4f4e\u4e86\u91d1\u878d\u5e02\u573a\u7684\u4e0d\u786e\u5b9a\u6027\uff0c\u652f\u6301\u4e86\u4f01\u4e1a\u4f30\u503c\uff0c\u5e76\u9f13\u52b1IPO\u548c\u4e8c\u6b21\u4e0a\u5e02\u6d3b\u52a8\u3002\u8fd1\u671f\u6d88\u8d39\u8005\u9700\u6c42\u6539\u5584\u3001\u51fa\u53e3\u8868\u73b0\u5f3a\u52b2\u4ee5\u53ca\u4e2d\u56fd\u653f\u7b56\u7684\u7a33\u5b9a\uff0c\u8fdb\u4e00\u6b65\u652f\u6491\u4e86\u8d44\u672c\u5e02\u573a\u73af\u5883\u3002\u8fd9\u9884\u8ba1\u5c06\u9a71\u52a8\u5927\u9646\u516c\u53f8\u6301\u7eed\u5bfb\u6c42\u6d77\u5916\u8d44\u91d1\u7684\u5174\u8da3\uff0c\u4ee5\u53ca\u6295\u8d44\u8005\u5bf9\u80a1\u7968\u53d1\u884c\u7684\u6301\u7eed\u9700\u6c42\uff0c\u652f\u6301\u9999\u6e2f\u8bc1\u5238\u4ea4\u6613\u6240\u7684\u957f\u671f\u589e\u957f\u524d\u666f\u3002<\/li>\n\n\n\n<li><strong>2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002<\/strong> \u7b2c\u4e00\u5b63\u5ea6\u7684\u6536\u5165\u548c\u5176\u4ed6\u6536\u5165\u4e3a68.57\u4ebf\u6e2f\u5143\uff0c\u6bd42024\u5e74\u7b2c\u4e00\u5b63\u5ea6\u9ad8\u51fa32%\u3002\u5f52\u5c5e\u4e8e\u80a1\u4e1c\u7684\u5229\u6da6\u4e3a40.77\u4ebf\u6e2f\u5143\uff0c\u6bd42024\u5e74\u7b2c\u4e00\u5b63\u5ea6\u9ad8\u51fa37%\u3002\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u4ece\u53bb\u5e74\u540c\u671f\u76842.35\u6e2f\u5143\u589e\u52a0\u81f33.23\u6e2f\u5143\u3002<\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-70457\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-blue-and-white-rectangular-box-with-numbers-ai-1-13.png\" alt=\"A blue and white rectangular box with numbers\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-blue-and-white-rectangular-box-with-numbers-ai-1-13.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-blue-and-white-rectangular-box-with-numbers-ai-1-13-300x64.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=\"1195\" height=\"575\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-with-red-and-green-lines-ai-generated-con-1.png\" alt=\"A graph with red and green lines\n\nAI-generated content may be incorrect.\" class=\"wp-image-70458\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-with-red-and-green-lines-ai-generated-con-1.png 1195w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-with-red-and-green-lines-ai-generated-con-1-300x144.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-with-red-and-green-lines-ai-generated-con-1-1024x493.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-with-red-and-green-lines-ai-generated-con-1-768x370.png 768w\" sizes=\"(max-width: 1195px) 100vw, 1195px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">(Source: Bloomberg)<\/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\/06\/word-image-70399-24.png\" alt=\"\" class=\"wp-image-70459\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-24.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-24-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image\" id=\"us\"><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-25.png\" alt=\"\" class=\"wp-image-70460\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-25.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-25-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u56fd\u9645\u5546\u4e1a\u673a\u5668\uff08IBM US)\uff1a\u6293\u4f4f\u5927\u578b\u4e3b\u673a\u6269\u5f20\u548c\u91cf\u5b50\u8ba1\u7b97\u7684\u673a\u9047<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a276 \u76ee\u6807\u4ef7\uff1a300 \u6b62\u635f\u4ef7\uff1a264<\/strong><\/li>\n\n\n\n<li>\u56fd\u9645\u5546\u4e1a\u673a\u5668\u662f\u4e00\u5bb6\u5168\u7403\u6027\u8f6f\u4ef6\u3001\u4e91\u670d\u52a1\u3001\u4eba\u5de5\u667a\u80fd\u4e0e\u54a8\u8be2\u670d\u52a1\u4e3a\u4e3b\u7684\u7efc\u5408\u6027\u79d1\u6280\u4f01\u4e1a\u3002<\/li>\n\n\n\n<li><strong>\u5168\u7403\u5927\u578b\u4e3b\u673a\u5e02\u573a\u7a33\u6b65\u589e\u957f\u3002<\/strong>\u5168\u7403\u5927\u578b\u4e3b\u673a\u5e02\u573a\u53d7\u9ad8\u6027\u80fd\u8ba1\u7b97\u9700\u6c42\u65e5\u76ca\u589e\u52a0\uff0c\u4ee5\u53ca\u5bf9\u5f3a\u5927\u6570\u636e\u5904\u7406\u4e0e\u8d44\u5b89\u89e3\u51b3\u65b9\u6848\u7684\u9700\u6c42\u9a71\u52a8\u3002\u9884\u8ba1\u4ece2024\u5e74\u768435\u4ebf\u7f8e\u5143\u589e\u957f\u81f32033\u5e74\u768468\u4ebf\u7f8e\u5143\uff0c\u5e74\u5747\u590d\u5408\u6210\u957f\u7387\u4e3a8.4%\u3002IBM\u7684Z\u7cfb\u5217\u5927\u578b\u4e3b\u673a\u5360\u4e3b\u8981\u5e02\u573a\u4efd\u989d\uff0c\u7ef4\u6301\u5728\u5927\u578b\u4e3b\u673a\u5e02\u573a\u9886\u5bfc\u5730\u4f4d\u3002\u65b0\u63a8\u51fa\u7684z17\u5927\u578b\u4e3b\u673a\u4e13\u4e3a\u6ee1\u8db3\u751f\u6210\u5f0fAI\u7684\u9ad8\u8ba1\u7b97\u9700\u6c42\u53ca\u5927\u578b\u4f01\u4e1a\uff08\u7279\u522b\u662f\u91d1\u878d\u670d\u52a1\u4e1a\uff09\u7684\u5173\u952e\u5de5\u4f5c\u8d1f\u8f7d\u5b89\u5168\u800c\u8bbe\u8ba1\u3002\u968f\u7740\u5168\u7403\u5bf9\u9ad8\u6027\u80fd\u4e14\u9ad8\u5ea6\u5b89\u5168\u57fa\u7840\u8bbe\u65bd\u9700\u6c42\u6301\u7eed\u6500\u5347\uff0c\u516c\u53f8\u5728\u6b64\u9886\u57df\u5177\u5907\u5f3a\u52b2\u7684\u589e\u957f\u52a8\u80fd\u3002<\/li>\n\n\n\n<li><strong>\u91cf\u5b50\u8ba1\u7b97\u6295\u8d44\u3002<\/strong>\u81ea\u53bb\u5e74\u5e74\u672b\uff0c\u91cf\u5b50\u8ba1\u7b97\u5f00\u59cb\u53d7\u5230\u5e02\u573a\u5173\u6ce8\uff0c\u8be5\u9886\u57df\u88ab\u89c6\u4e3a\u4eba\u5de5\u667a\u80fd\u5916\u53e6\u4e00\u5927\u79d1\u6280\u9769\u547d\uff0c\u76f8\u5173\u516c\u53f8\u80a1\u4ef7\u98d9\u5347\u3002IBM\u79ef\u6781\u53d1\u5c55\u91cf\u5b50\u8ba1\u7b97\uff0c\u8ba1\u5212\u5728\u672a\u6765\u4e94\u5e74\u6295\u5165300\u4ebf\u7f8e\u5143\uff0c\u7528\u4e8e\u91cf\u5b50\u8fd0\u7b97\u4e0e\u5927\u578b\u4e3b\u673a\u6280\u672f\u7684\u7814\u53d1\uff0c\u8fd9\u4e5f\u662f\u5176\u627f\u8bfa\u5728\u7f8e\u56fd\u8fdb\u884c1500\u4ebf\u7f8e\u5143\u603b\u6295\u8d44\u8ba1\u5212\u7684\u4e00\u90e8\u5206\u3002\u8be5\u516c\u53f8\u76ee\u6807\u57282029\u5e74\u63a8\u51fa\u5b9e\u7528\u578b\u91cf\u5b50\u7535\u8111\uff0c\u5e76\u4e8e2033\u5e74\u5b9e\u73b0\u66f4\u5148\u8fdb\u3001\u5177\u5907\u7ea6200\u4e2a\u903b\u8f91\u91cf\u5b50\u4f4d\u5143\u7684\u201cStarling\u201d\u7cfb\u7edf\u3002<\/li>\n\n\n\n<li><strong>\u4e1a\u52a1\u53d7\u5730\u7f18\u653f\u6cbb\u98ce\u9669\u5f71\u54cd\u8f83\u5c11\u3002 <\/strong>\u516c\u53f8\u7684\u5168\u7403\u6027\u4e1a\u52a1\u6db5\u76d6\u8f6f\u786c\u4ef6\u4ee5\u53ca\u54a8\u8be2\u670d\u52a1\uff0c\u5177\u5907\u8f83\u9ad8\u6297\u98ce\u9669\u80fd\u529b\u3002\u5176\u6838\u5fc3\u4e1a\u52a1\u5982\u5927\u578b\u4e3b\u673a\u5236\u9020\u4ee5\u53ca\u4e91\u670d\u52a1\u521a\u6027\u9700\u6c42\u8f83\u9ad8\uff0c\u5728\u6ce2\u52a8\u7684\u7ecf\u6d4e\u5468\u671f\u4e2d\u5176\u8425\u6536\u589e\u957f\u76f8\u5bf9\u7a33\u5b9a\u3002<\/li>\n\n\n\n<li><strong>2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\u3002<\/strong>\u8425\u6536\u589e\u957f0.6%\u81f3145.4\u4ebf\u7f8e\u5143\uff0c\u8d85\u9884\u671f1.5\u4ebf\u7f8e\u5143\u3002Non-GAAP\u6bcf\u80a1\u76c8\u5229\u4e3a1.6\u7f8e\u5143\uff0c\u8d85\u9884\u671f0.17\u7f8e\u5143\u3002\u516c\u53f8\u9884\u671f\u5168\u5e74\u8425\u6536\u589e\u957f\u4e3a5%\uff08\u56fa\u5b9a\u5229\u7387\uff09\u3002<\/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\/06\/word-image-70399-26.png\" alt=\"\" class=\"wp-image-70461\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-26.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-26-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/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=\"1195\" height=\"575\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-27.png\" alt=\"\" class=\"wp-image-70462\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-27.png 1195w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-27-300x144.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-27-1024x493.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-27-768x370.png 768w\" sizes=\"(max-width: 1195px) 100vw, 1195px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"940\" height=\"200\" class=\"wp-image-70463\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-long-line-of-a-flag-description-automatically-g-21.png\" alt=\"A long line of a flag\n\nDescription automatically generated with medium confidence\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-long-line-of-a-flag-description-automatically-g-21.png 940w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-long-line-of-a-flag-description-automatically-g-21-300x64.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-long-line-of-a-flag-description-automatically-g-21-768x163.png 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/><\/figure><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>GE\u822a\u7a7a\u822a\u5929 (GE US)\uff1a\u5f3a\u52b2\u7684\u8ba2\u5355\u4e66<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a230 \u76ee\u6807\u4ef7\uff1a250 \u6b62\u635f\u4ef7\uff1a220<\/strong><\/li>\n\n\n\n<li>GE\u7535\u6c14\u516c\u53f8\uff08\u4ee5GE\u822a\u7a7a\u822a\u5929\u7684\u540d\u4e49\u8fd0\u8425\uff09\u662f\u4e00\u5bb6\u98de\u673a\u53d1\u52a8\u673a\u4f9b\u5e94\u5546\u3002\u8be5\u516c\u53f8\u63d0\u4f9b\u55b7\u6c14\u5f0f\u548c\u6da1\u8f6e\u87ba\u65cb\u6868\u53d1\u52a8\u673a\uff0c\u4ee5\u53ca\u7528\u4e8e\u5546\u7528\u3001\u519b\u7528\u3001\u5546\u52a1\u548c\u901a\u7528\u822a\u7a7a\u98de\u673a\u7684\u96c6\u6210\u7cfb\u7edf\u3002GE\u822a\u7a7a\u822a\u5929\u4e3a\u5168\u7403\u5ba2\u6237\u63d0\u4f9b\u670d\u52a1\u3002<\/li>\n\n\n\n<li><strong>\u5065\u5eb7\u7684\u73b0\u91d1\u72b6\u51b5\u3002 <\/strong>GE\u822a\u7a7a\u822a\u5929\u57282025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u62a5\u544a\u4e8615\u4ebf\u7f8e\u5143\u7684\u7ecf\u8425\u6d3b\u52a8\u73b0\u91d1\u6d41\u548c14\u4ebf\u7f8e\u5143\u7684\u81ea\u7531\u73b0\u91d1\u6d41\uff0c\u6536\u5165\u540c\u6bd4\u589e\u957f11%\u81f390\u4ebf\u7f8e\u5143\uff0c\u8fd0\u8425\u5229\u6da6\u8fbe\u523021\u4ebf\u7f8e\u5143\uff0c\u5229\u6da6\u7387\u4e3a23.8%\u3002\u8fd9\u4e00\u5207\u90fd\u5f97\u76ca\u4e8e\u8d85\u8fc71400\u4ebf\u7f8e\u5143\u7684\u5f3a\u5927\u5546\u7528\u670d\u52a1\u79ef\u538b\uff0c\u4e3a\u957f\u671f\u76c8\u5229\u63d0\u4f9b\u4e86\u53ef\u89c1\u6027\u3002<\/li>\n\n\n\n<li><strong>\u9632\u52a1\u8ba2\u5355\u63a8\u52a8\u589e\u957f\u3002 <\/strong>\u5728\u6301\u7eed\u7684\u5730\u7f18\u653f\u6cbb\u4e0d\u7a33\u5b9a\u4e2d\uff0cGE\u822a\u7a7a\u822a\u5929\u5c06\u53d7\u76ca\u4e8e\u56fd\u9632\u9884\u7b97\u7684\u589e\u52a0\uff0c\u7279\u522b\u662f\u4e0e\u7f8e\u56fd\u7a7a\u519b\u8fbe\u6210\u768450\u4ebf\u7f8e\u5143F110-GE-129\u53d1\u52a8\u673a\u5408\u540c\uff0c\u8fd9\u5c06\u652f\u6301\u6301\u7eed\u7684\u519b\u4e8b\u9700\u6c42\uff0c\u5e76\u4e0e\u5176\u5e9e\u5927\u7684\u5546\u7528\u670d\u52a1\u79ef\u538b\u76f8\u8f85\u76f8\u6210\u3002<\/li>\n\n\n\n<li><strong>\u521b\u7eaa\u5f55\u7684\u5546\u7528\u53d1\u52a8\u673a\u4ea4\u6613\u3002 <\/strong>GE\u822a\u7a7a\u822a\u5929\u4e0e\u5361\u5854\u5c14\u822a\u7a7a\u8fbe\u6210\u4e86\u5386\u53f2\u6027\u7684\u53d1\u52a8\u673a\u4ea4\u6613\uff0c\u6d89\u53ca\u8d85\u8fc7400\u53f0\u53d1\u52a8\u673a\uff0c\u5e76\u83b7\u5f97\u4e86\u5168\u65e5\u7a7a\u63a7\u80a1\u3001\u9a6c\u6765\u897f\u4e9a\u822a\u7a7a\u96c6\u56e2\u548c\u97e9\u56fd\u822a\u7a7a\u7684\u989d\u5916\u627f\u8bfa\uff0c\u8fdb\u4e00\u6b65\u589e\u52a0\u4e86\u5176\u5546\u7528\u670d\u52a1\u79ef\u538b\u3002\u6839\u636eForecast International\u76842025\u5e74\u751f\u4ea7\u4f30\u8ba1\uff0c\u622a\u81f35\u670831\u65e5\uff0c\u7a7a\u5ba2\u7684\u79ef\u538b\u4ee3\u8868\u4e8610.5\u5e74\u7684\u751f\u4ea7\u91cf\uff0c\u800c\u6ce2\u97f3\u7684\u79ef\u538b\u7ea6\u4e3a11.5\u5e74\uff0c\u8fd9\u7a81\u663e\u4e86\u7d27\u5f20\u7684\u5546\u7528\u822a\u7a7a\u4f9b\u5e94\u94fe\uff0c\u5e76\u53ef\u80fd\u5ef6\u957f\u5bf9GE\u7684\u53d1\u52a8\u673a\u3001\u5907\u4ef6\u548c\u552e\u540e\u670d\u52a1\u7684\u9700\u6c42\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7a7a\u5ba2\u548c\u6ce2\u97f3\u62a5\u544a2025\u5e745\u6708\u5546\u7528\u98de\u673a\u8ba2\u5355\u79ef\u538b\u60c5\u51b5\uff1a<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"693\" height=\"292\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-computer-ai-generated-content-m-42.png\" alt=\"A screenshot of a computer\n\nAI-generated content may be incorrect.\" class=\"wp-image-70464\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-computer-ai-generated-content-m-42.png 693w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-computer-ai-generated-content-m-42-300x126.png 300w\" sizes=\"(max-width: 693px) 100vw, 693px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\uff08\u6765\u6e90\uff1aFlight Plan\uff09<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\u3002<\/strong>\u6536\u5165\u540c\u6bd4\u589e\u957f11%\u81f390\u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f5000\u4e07\u7f8e\u5143\u3002\u975eGAAP\u6bcf\u80a1\u6536\u76ca\u4e3a1.49\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.22\u7f8e\u5143\u3002\u516c\u53f8\u7ef4\u63012025\u8d22\u5e74\u7684\u5168\u5e74\u6536\u5165\u9884\u6d4b\u5728\u4f4e\u53cc\u4f4d\u6570\u8303\u56f4\u5185\uff0c\u8c03\u6574\u540e\u7684\u6bcf\u80a1\u6536\u76ca\u9884\u8ba1\u57285.10\u7f8e\u5143\u81f35.45\u7f8e\u5143\u4e4b\u95f4\uff0c\u4e2d\u4f4d\u6570\u4f4e\u4e8e\u5e02\u573a\u5171\u8bc6\u76845.42\u7f8e\u5143\u3002\u8fd8\u9884\u8ba1\u8fd0\u8425\u5229\u6da6\u4e3a78\u4ebf\u81f382\u4ebf\u7f8e\u5143\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u572863\u4ebf\u81f368\u4ebf\u7f8e\u5143\u4e4b\u95f4\u3002<\/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\/06\/a-blue-and-white-rectangular-object-with-numbers-25.png\" alt=\"A blue and white rectangular object with numbers\n\nAI-generated content may be incorrect.\" class=\"wp-image-70465\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-blue-and-white-rectangular-object-with-numbers-25.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-blue-and-white-rectangular-object-with-numbers-25-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1098\" height=\"596\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-showing-a-stock-market-ai-generated-conte-25.jpeg\" alt=\"A graph showing a stock market\n\nAI-generated content may be incorrect.\" class=\"wp-image-70466\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-showing-a-stock-market-ai-generated-conte-25.jpeg 1098w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-showing-a-stock-market-ai-generated-conte-25-300x163.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-showing-a-stock-market-ai-generated-conte-25-1024x556.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-graph-showing-a-stock-market-ai-generated-conte-25-768x417.jpeg 768w\" sizes=\"(max-width: 1098px) 100vw, 1098px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00a0<\/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-70399-_va9jaog5jnw3\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" class=\"wp-image-70467\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-32.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-32.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-32-300x64.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=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-33.png\" alt=\"\" class=\"wp-image-70468\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-33.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/word-image-70399-33-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Trading Dashboard Update: <\/strong>Add Hong Kong Exchanges and Clearing Ltd (388 HK) at HK$390.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"943\" height=\"579\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-computer-screen-ai-generated-co-26.png\" alt=\"A screenshot of a computer screen\n\nAI-generated content may be incorrect.\" class=\"wp-image-70469\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-computer-screen-ai-generated-co-26.png 943w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-computer-screen-ai-generated-co-26-300x184.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/a-screenshot-of-a-computer-screen-ai-generated-co-26-768x472.png 768w\" sizes=\"(max-width: 943px) 100vw, 943px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-ed4e1152\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-075e5b76\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-0ad8dd24\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__default-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-dc1bd65c\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap \">\n<div class=\"wp-block-uagb-buttons-child uagb-buttons__outer-wrap uagb-block-2f4e392f wp-block-button\"><div class=\"uagb-button__wrapper\"><a class=\"uagb-buttons-repeater wp-block-button__link\" aria-label=\"\" href=\"https:\/\/www.kgieworld.sg\/securities\/contact-us\" rel=\"follow noopener\" target=\"_self\" role=\"button\"><div class=\"uagb-button__link\">Contact us to find out more<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-4467fd1f\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-fdd2c8c4\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-56747-_fginbsn8cd1z\"><\/a><\/h3>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-27ad8851\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-image uagb-block-62b24b08 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><a class=\"\" href=\"https:\/\/www.whatsapp.com\/channel\/0029VayhkxMChq6JN6qO8x0B\" target=\"\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png ,https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png 780w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png\" alt=\"\" class=\"uag-image-69995\" width=\"760\" height=\"208\" title=\"1\" loading=\"lazy\" role=\"img\"\/><\/a><\/figure><\/div>\n\n\n\n<div class=\"wp-block-uagb-image uagb-block-82e9f322 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><a class=\"\" href=\"https:\/\/t.me\/kgisg\" target=\"\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png ,https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png 780w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png\" alt=\"\" class=\"uag-image-69996\" width=\"760\" height=\"208\" title=\"2\" loading=\"lazy\" role=\"img\"\/><\/a><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><a id=\"post-56591-_tiry8p5xvcqk\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u65b0\u52a0\u5761\u80a1\u7968\u63a8\u8350 | \u9999\u6e2f\u80a1\u7968\u63a8\u8350 | \u7f8e\u80a1\u63a8\u8350 | \u884c\u4e1a\u677f\u5757\u8868\u73b0 | \u4ea4\u6613\u9f99\u864e\u699c \u7f8e\u56fd \u9999\u6e2f ^ Back To Top \u65b0\u52a0\u5761\u822a\u7a7a\u516c\u53f8 (SIA SP)\uff1a\u590f\u5b63\u9700\u6c42 \u822a\u7a7a\u71c3\u6cb9\u4ef7\u683c\u8d8b\u52bf (Source: IATA) \u5b63\u8282\u6027\u56fe\u8868\u2013 SIA (Source: Bloomberg) (Source: Bloomberg) \u6607\u83d8\u96c6\u56e2 (SSG SP)\uff1a\u4ef7\u503c\u9a71\u52a8\u7684\u589e\u957f\u6f5c\u529b SG60\u4ee3\u91d1\u5238\u989d\u5ea6\uff1a \uff08\u6765\u6e90\uff1aSG60\uff09 (Source: Bloomberg) \u56fd\u6cf0\u822a\u7a7a (293 HK)\uff1a\u71c3\u6cb9\u987a\u98ce\u548c\u590f\u5b63\u65c5\u6e38\u52bf\u5934 \u5e03\u4f26\u7279\u539f\u6cb9\u4ef7\u683c (Source: Bloomberg) (Source: Bloomberg) \u9999\u6e2f\u4ea4\u6613\u53ca\u7ed3\u7b97\u6240 (388 HK)\uff1a\u6700\u706b\u70ed\u7684IPO\u5e02\u573a (Source: Bloomberg) \u56fd\u9645\u5546\u4e1a\u673a\u5668\uff08IBM US)\uff1a\u6293\u4f4f\u5927\u578b\u4e3b\u673a\u6269\u5f20\u548c\u91cf\u5b50\u8ba1\u7b97\u7684\u673a\u9047 (Source: Bloomberg) GE\u822a\u7a7a\u822a\u5929 (GE US)\uff1a\u5f3a\u52b2\u7684\u8ba2\u5355\u4e66 \u7a7a\u5ba2\u548c\u6ce2\u97f3\u62a5\u544a2025\u5e745\u6708\u5546\u7528\u98de\u673a\u8ba2\u5355\u79ef\u538b\u60c5\u51b5\uff1a [&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-70399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kgi-daily-trading-ideas-chinese"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.8 - aioseo.com -->\n\t<meta name=\"description\" content=\"\u65b0\u52a0\u5761\u80a1\u7968\u63a8\u8350 | \u9999\u6e2f\u80a1\u7968\u63a8\u8350 | \u7f8e\u80a1\u63a8\u8350 | \u884c\u4e1a\u677f\u5757\u8868\u73b0 | \u4ea4\u6613\u9f99\u864e\u699c \u7f8e\u56fd \u9999\u6e2f ^ Back To Top \u65b0\u52a0\u5761\u822a\u7a7a\u516c\u53f8 (SIA SP)\uff1a\u590f\u5b63\u9700\u6c42 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2024\u8d22\u5e74\u4e1a\u7ee9\u56de\u987e\u30022024\u8d22\u5e74\u6536\u5165\u540c\u6bd4\u589e\u957f10.5%\uff0c\u81f31,044\u4ebf\u6e2f\u5143\uff082023\u8d22\u5e74\u4e3a945\u4ebf\u6e2f\u5143\uff09\u3002\u5f52\u5c5e\u4e8e\u80a1\u4e1c\u7684\u51c0\u5229\u6da6\u4e3a98.9\u4ebf\u6e2f\u5143\uff0c\u540c\u6bd4\u589e\u957f1.0%\uff082023\u8d22\u5e74\u4e3a97.9\u4ebf\u6e2f\u5143\uff09\u3002\u6bcf\u80a1\u57fa\u672c\u76c8\u5229\u7531\u53bb\u5e74\u540c\u671f\u76841.41\u6e2f\u5143\u589e\u81f32024\u8d22\u5e74\u76841.49\u6e2f\u5143\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u9999\u6e2f\u4ea4\u6613\u53ca\u7ed3\u7b97\u6240 (388 HK)\uff1a\u6700\u706b\u70ed\u7684IPO\u5e02\u573a \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a390\uff0c\u76ee\u6807\u4ef7\uff1a430\uff0c\u6b62\u635f\u4ef7\uff1a370 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\u884c\u4e1a\u677f\u5757\u8868\u73b0 | \u4ea4\u6613\u9f99\u864e\u699c \u7f8e\u56fd \u9999\u6e2f ^ Back To Top \u65b0\u52a0\u5761\u822a\u7a7a\u516c\u53f8 (SIA SP)\uff1a\u590f\u5b63\u9700\u6c42 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a6.70\uff0c\u76ee\u6807\u4ef7\uff1a7.30\uff0c\u6b62\u635f\u4ef7\uff1a6.40 \u65b0\u52a0\u5761\u822a\u7a7a\u516c\u53f8\u63d0\u4f9b\u822a\u7a7a\u8fd0\u8f93\u3001\u5de5\u7a0b\u3001\u98de\u884c\u5458\u57f9\u8bad\u3001\u5305\u673a\u548c\u65c5\u6e38\u6279\u53d1\u670d\u52a1\u3002\u516c\u53f8\u7684\u822a\u7a7a\u4e1a\u52a1\u8986\u76d6\u4e9a\u6d32\u3001\u6b27\u6d32\u3001\u7f8e\u6d32\u3001\u5357\u592a\u5e73\u6d0b\u548c\u975e\u6d32\u3002 \u9884\u8ba1\u822a\u7a7a\u71c3\u6cb9\u4ef7\u683c\u5c06\u9010\u6e10\u4e0b\u964d\u3002 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\u822a\u7a7a\u71c3\u6cb9\u4ef7\u683c\u8d8b\u52bf (Source: Bloomberg) \u6607\u83d8\u96c6\u56e2 (SSG SP)\uff1a\u4ef7\u503c\u9a71\u52a8\u7684\u589e\u957f\u6f5c\u529b \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a1.88\uff0c\u76ee\u6807\u4ef7\uff1a2.08\uff0c\u6b62\u635f\u4ef7\uff1a1.78 \u6607\u83d8\u96c6\u56e2\u662f\u4e00\u5bb6\u5728\u65b0\u52a0\u5761\u8fd0\u8425\u7684\u96f6\u552e\u5546\uff0c\u7ecf\u8425\u7740\u4e00\u5bb6\u904d\u5e03\u65b0\u52a0\u5761\u7684\u6742\u8d27\u8fde\u9501\u5e97\u3002\u6607\u83d8\u7684\u5546\u5e97\u63d0\u4f9b\u65b0\u9c9c\u548c\u51b7\u85cf\u7684\u519c\u4ea7\u54c1\u3001\u6d77\u9c9c\u3001\u8089\u7c7b\u548c\u852c\u83dc\uff0c\u4ee5\u53ca\u52a0\u5de5\u3001\u5305\u88c5\u548c\u4fdd\u5b58\u7684\u98df\u54c1\u4ea7\u54c1\uff0c\u8fd8\u5305\u62ec\u4e2a\u4eba\u62a4\u7406\u7528\u54c1\u548c\u5fc5\u9700\u7684\u5bb6\u5c45\u7528\u54c1\u7b49\u4e00\u822c\u5546\u54c1\u3002 \u653f\u5e9c\u4ee3\u91d1\u5238\u652f\u6301\u8fd1\u671f\u589e\u957f\u3002 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2025\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8d22\u52a1\u4e1a\u7ee9\u3002\u6607\u83d8\u62a5\u544a\u79f0\uff0c2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u6536\u5165\u540c\u6bd4\u589e\u957f7.1%\uff0c\u4ece2024\u5e74\u7b2c\u4e00\u5b63\u5ea6\u76843.762\u4ebf\u65b0\u5143\u589e\u81f34.03\u4ebf\u65b0\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u4e0e\u53bb\u5e74\u540c\u671f\u76f8\u6bd4\u65b0\u5f00\u8bbe\u7684\u516b\u5bb6\u65b0\u5e97\u4ee5\u53ca\u5f00\u658b\u8282\u7684\u4fc3\u9500\u9500\u552e\u3002\u8be5\u671f\u95f4\u7684\u51c0\u5229\u6da6\u589e\u957f6.1%\uff0c\u4ece\u4e4b\u524d\u76843630\u4e07\u65b0\u5143\u589e\u81f33850\u4e07\u65b0\u5143\u30022025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u65b0\u52a0\u5761\u53ef\u6bd4\u540c\u5e97\u6536\u5165\u5fae\u5e45\u589e\u957f0.1%\u3002\u4e2d\u56fd\u7684\u6536\u5165\u5fae\u5e45\u589e\u957f0.7%\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u4e2d\u56fd\u6691\u671f\u65c5\u6e38\u65fa\u5b63\u3002\u968f\u7740\u6691\u671f\u4e34\u8fd1\uff0c\u4e2d\u56fd\u822a\u7a7a\u516c\u53f8\u6b63\u52a0\u7d27\u62d3\u5c55\u56fd\u9645\u822a\u7ebf\u7f51\u7edc\uff0c\u4ee5\u6ee1\u8db3\u65e5\u76ca\u589e\u957f\u7684\u51fa\u5883\u65c5\u6e38\u9700\u6c42\uff0c\u7279\u522b\u662f\u201c\u4e00\u5e26\u4e00\u8def\u201d\u6cbf\u7ebf\u56fd\u5bb6\u548c\u5730\u533a\uff0c\u6b63\u65e5\u76ca\u6210\u4e3a\u4e2d\u56fd\u822a\u7a7a\u516c\u53f8\u91cd\u70b9\u5f00\u62d3\u7684\u5e02\u573a\u3002\u6839\u636e\u65c5\u6e38\u884c\u4e1a\u5e73\u53f0\u822a\u65c5\u7eb5\u6a2a\uff08Umetrip\uff09\u7684\u6570\u636e\uff0c\u622a\u81f36\u670816\u65e5\uff0c7\u67081\u65e5\u81f331\u65e5\u7684\u8fdb\u51fa\u5883\u673a\u7968\u9884\u8ba2\u91cf\u8d85\u8fc7380\u4e07\u5f20\uff0c\u540c\u6bd4\u589e\u957f\u7ea68%\u3002\u56fd\u6cf0\u822a\u7a7a\u8fd1\u671f\u57282025\u5e74Skytrax\u5168\u7403\u822a\u7a7a\u516c\u53f8\u5927\u5956\u4e2d\u88ab\u8bc4\u4e3a\u5168\u7403\u4e09\u5927\u822a\u7a7a\u516c\u53f8\u4e4b\u4e00\uff0c2025\u5e745\u6708\u7684\u5ba2\u8fd0\u91cf\u540c\u6bd4\u589e\u957f36.1%\uff0c\u53ef\u7528\u5ea7\u4f4d\u516c\u91cc\u6570\u589e\u957f31.2%\u30022025\u5e74\u524d\u4e94\u4e2a\u6708\uff0c\u65c5\u5ba2\u8fd0\u8f93\u91cf\u540c\u6bd4\u589e\u957f28.4%\u3002\u5728\u5f3a\u52b2\u7684\u9884\u8ba2\u8d8b\u52bf\u548c\u6301\u7eed\u590d\u82cf\u7684\u51fa\u884c\u9700\u6c42\u63a8\u52a8\u4e0b\uff0c\u9884\u8ba1\u5373\u5c06\u5230\u6765\u7684\u6691\u671f\u65c5\u6e38\u9ad8\u5cf0\u5c06\u8fdb\u4e00\u6b65\u63d0\u632f\u5ba2\u8fd0\u91cf\uff0c\u6709\u671b\u6301\u7eed\u5229\u597d\u56fd\u6cf0\u822a\u7a7a\u7684\u8fd0\u8425\u8868\u73b0\u53ca\u8d22\u52a1\u4e1a\u7ee9\u3002 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2024\u8d22\u5e74\u4e1a\u7ee9\u56de\u987e\u30022024\u8d22\u5e74\u6536\u5165\u540c\u6bd4\u589e\u957f10.5%\uff0c\u81f31,044\u4ebf\u6e2f\u5143\uff082023\u8d22\u5e74\u4e3a945\u4ebf\u6e2f\u5143\uff09\u3002\u5f52\u5c5e\u4e8e\u80a1\u4e1c\u7684\u51c0\u5229\u6da6\u4e3a98.9\u4ebf\u6e2f\u5143\uff0c\u540c\u6bd4\u589e\u957f1.0%\uff082023\u8d22\u5e74\u4e3a97.9\u4ebf\u6e2f\u5143\uff09\u3002\u6bcf\u80a1\u57fa\u672c\u76c8\u5229\u7531\u53bb\u5e74\u540c\u671f\u76841.41\u6e2f\u5143\u589e\u81f32024\u8d22\u5e74\u76841.49\u6e2f\u5143\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u9999\u6e2f\u4ea4\u6613\u53ca\u7ed3\u7b97\u6240 (388 HK)\uff1a\u6700\u706b\u70ed\u7684IPO\u5e02\u573a \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a390\uff0c\u76ee\u6807\u4ef7\uff1a430\uff0c\u6b62\u635f\u4ef7\uff1a370 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\u9999\u6e2f\u91cd\u65b0\u593a\u56de\u5168\u7403IPO\u9886\u5bfc\u5730\u4f4d\u3002 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\/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-25-jun-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=\"2025-06-24T14:51:33+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2025-06-25T02:22:25+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e746\u670825\u65e5: \u2022 KGI Singapore Research\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u65b0\u52a0\u5761\u80a1\u7968\u63a8\u8350 | \u9999\u6e2f\u80a1\u7968\u63a8\u8350 | \u7f8e\u80a1\u63a8\u8350 | \u884c\u4e1a\u677f\u5757\u8868\u73b0 | \u4ea4\u6613\u9f99\u864e\u699c \u7f8e\u56fd \u9999\u6e2f ^ Back To Top \u65b0\u52a0\u5761\u822a\u7a7a\u516c\u53f8 (SIA SP)\uff1a\u590f\u5b63\u9700\u6c42 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a6.70\uff0c\u76ee\u6807\u4ef7\uff1a7.30\uff0c\u6b62\u635f\u4ef7\uff1a6.40 \u65b0\u52a0\u5761\u822a\u7a7a\u516c\u53f8\u63d0\u4f9b\u822a\u7a7a\u8fd0\u8f93\u3001\u5de5\u7a0b\u3001\u98de\u884c\u5458\u57f9\u8bad\u3001\u5305\u673a\u548c\u65c5\u6e38\u6279\u53d1\u670d\u52a1\u3002\u516c\u53f8\u7684\u822a\u7a7a\u4e1a\u52a1\u8986\u76d6\u4e9a\u6d32\u3001\u6b27\u6d32\u3001\u7f8e\u6d32\u3001\u5357\u592a\u5e73\u6d0b\u548c\u975e\u6d32\u3002 \u9884\u8ba1\u822a\u7a7a\u71c3\u6cb9\u4ef7\u683c\u5c06\u9010\u6e10\u4e0b\u964d\u3002 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\u822a\u7a7a\u71c3\u6cb9\u4ef7\u683c\u8d8b\u52bf (Source: Bloomberg) \u6607\u83d8\u96c6\u56e2 (SSG SP)\uff1a\u4ef7\u503c\u9a71\u52a8\u7684\u589e\u957f\u6f5c\u529b \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a1.88\uff0c\u76ee\u6807\u4ef7\uff1a2.08\uff0c\u6b62\u635f\u4ef7\uff1a1.78 \u6607\u83d8\u96c6\u56e2\u662f\u4e00\u5bb6\u5728\u65b0\u52a0\u5761\u8fd0\u8425\u7684\u96f6\u552e\u5546\uff0c\u7ecf\u8425\u7740\u4e00\u5bb6\u904d\u5e03\u65b0\u52a0\u5761\u7684\u6742\u8d27\u8fde\u9501\u5e97\u3002\u6607\u83d8\u7684\u5546\u5e97\u63d0\u4f9b\u65b0\u9c9c\u548c\u51b7\u85cf\u7684\u519c\u4ea7\u54c1\u3001\u6d77\u9c9c\u3001\u8089\u7c7b\u548c\u852c\u83dc\uff0c\u4ee5\u53ca\u52a0\u5de5\u3001\u5305\u88c5\u548c\u4fdd\u5b58\u7684\u98df\u54c1\u4ea7\u54c1\uff0c\u8fd8\u5305\u62ec\u4e2a\u4eba\u62a4\u7406\u7528\u54c1\u548c\u5fc5\u9700\u7684\u5bb6\u5c45\u7528\u54c1\u7b49\u4e00\u822c\u5546\u54c1\u3002 \u653f\u5e9c\u4ee3\u91d1\u5238\u652f\u6301\u8fd1\u671f\u589e\u957f\u3002 \u65b0\u52a0\u5761\u7684FY25\u4ee3\u91d1\u5238\u53d1\u653e\u8ba1\u5212\uff0c\u5305\u62ec800\u65b0\u5143\u7684\u793e\u533a\u53d1\u5c55\u7406\u4e8b\u4f1a\uff08CDC\uff09\u4ee3\u91d1\u5238\u548c\u6700\u9ad8800\u65b0\u5143\u7684SG60\u4ee3\u91d1\u5238\uff0c\u9884\u8ba1\u5c06\u76f4\u63a5\u63a8\u52a8\u8d85\u5e02\u9500\u552e\uff0c\u5176\u4e2d\u4e00\u534a\u91d1\u989d\u5206\u914d\u7ed9\u50cf\u6607\u83d8\u8fd9\u6837\u7684\u53c2\u4e0e\u8d85\u5e02\u3002\u8fd9\u4e9b\u4ee3\u91d1\u5238\u8ba1\u5212\uff0c\u4ee5\u53ca\u6301\u7eed\u7684\u653f\u5e9c\u652f\u6301\u63aa\u65bd\uff0c\u5c06\u5e2e\u52a9\u7ef4\u6301\u6d88\u8d39\u652f\u51fa\u7684\u52a8\u80fd\uff0c\u5c3d\u7ba1\u7ecf\u6d4e\u80cc\u666f\u8f83\u4e3a\u8c28\u614e\uff0c\u4e3a\u6607\u83d8\u63d0\u4f9b\u53ef\u89c1\u7684\u8fd1\u671f\u6536\u5165\u5229\u597d\u3002 SG60\u4ee3\u91d1\u5238\u989d\u5ea6\uff1a \uff08\u6765\u6e90\uff1aSG60\uff09 \u4ef7\u503c\u8d2d\u7269\u63a8\u52a8\u9700\u6c42\u3002 \u65b0\u52a0\u5761\u6838\u5fc3\u901a\u80c0\u57282025\u5e744\u6708\u4e0a\u5347\u81f30.7%\uff0c\u7ed3\u675f\u4e86\u8fde\u7eed\u516d\u4e2a\u6708\u7684\u4e0b\u964d\uff0c\u4e3b\u8981\u53d7\u98df\u54c1\u548c\u670d\u52a1\u6210\u672c\u4e0a\u5347\u7684\u63a8\u52a8\u3002\u7136\u800c\uff0c\u65b0\u52a0\u5761\u91d1\u878d\u7ba1\u7406\u5c40\uff08MAS\uff09\u548c\u7ecf\u6d4e\u5b66\u5bb6\u9884\u8ba1\uff0c\u5168\u5e74\u901a\u80c0\u5c06\u4fdd\u6301\u6e29\u548c\uff0c\u9762\u4e34\u5168\u7403\u9700\u6c42\u75b2\u8f6f\u3001\u6301\u7eed\u7684\u4f9b\u5e94\u94fe\u4e2d\u65ad\u548c\u5173\u7a0e\u4e0d\u786e\u5b9a\u6027\u5e26\u6765\u7684\u4e0b\u884c\u98ce\u9669\u3002\u5728\u8fd9\u79cd\u73af\u5883\u4e0b\uff0c\u65b0\u52a0\u5761\u6d88\u8d39\u8005\u9884\u8ba1\u5c06\u4fdd\u6301\u4ef7\u683c\u654f\u611f\uff0c\u63a8\u52a8\u5bf9\u5b9e\u60e0\u5fc5\u9700\u54c1\u548c\u7269\u8d85\u6240\u503c\u7684\u81ea\u6709\u54c1\u724c\u4ea7\u54c1\u7684\u6301\u7eed\u9700\u6c42\u3002\u6607\u83d8\u51ed\u501f\u5176\u5f3a\u5927\u7684\u81ea\u6709\u54c1\u724c\u4ea7\u54c1\uff0c\u4ef7\u683c\u6bd4\u56fd\u5bb6\u54c1\u724c\u4f4e5%\u81f320%\uff0c\u4ee5\u53ca\u5f3a\u5065\u7684\u4f9b\u5e94\u94fe\u591a\u6837\u5316\u548c\u4e25\u683c\u7684\u6210\u672c\u7ba1\u7406\uff0c\u5904\u4e8e\u6709\u5229\u5730\u4f4d\uff0c\u53ef\u4ee5\u6293\u4f4f\u8fd9\u4e00\u5411\u4ef7\u503c\u9a71\u52a8\u6d88\u8d39\u8f6c\u53d8\u7684\u7ed3\u6784\u6027\u673a\u4f1a\uff0c\u5e76\u5728\u901a\u80c0\u548c\u8fdb\u53e3\u6210\u672c\u538b\u529b\u4e0b\u7ef4\u62a4\u5229\u6da6\u7387\u3002 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2025\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8d22\u52a1\u4e1a\u7ee9\u3002\u6607\u83d8\u62a5\u544a\u79f0\uff0c2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u6536\u5165\u540c\u6bd4\u589e\u957f7.1%\uff0c\u4ece2024\u5e74\u7b2c\u4e00\u5b63\u5ea6\u76843.762\u4ebf\u65b0\u5143\u589e\u81f34.03\u4ebf\u65b0\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u4e0e\u53bb\u5e74\u540c\u671f\u76f8\u6bd4\u65b0\u5f00\u8bbe\u7684\u516b\u5bb6\u65b0\u5e97\u4ee5\u53ca\u5f00\u658b\u8282\u7684\u4fc3\u9500\u9500\u552e\u3002\u8be5\u671f\u95f4\u7684\u51c0\u5229\u6da6\u589e\u957f6.1%\uff0c\u4ece\u4e4b\u524d\u76843630\u4e07\u65b0\u5143\u589e\u81f33850\u4e07\u65b0\u5143\u30022025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u65b0\u52a0\u5761\u53ef\u6bd4\u540c\u5e97\u6536\u5165\u5fae\u5e45\u589e\u957f0.1%\u3002\u4e2d\u56fd\u7684\u6536\u5165\u5fae\u5e45\u589e\u957f0.7%\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) 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2025\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8d22\u52a1\u4e1a\u7ee9\u3002\u6607\u83d8\u62a5\u544a\u79f0\uff0c2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u6536\u5165\u540c\u6bd4\u589e\u957f7.1%\uff0c\u4ece2024\u5e74\u7b2c\u4e00\u5b63\u5ea6\u76843.762\u4ebf\u65b0\u5143\u589e\u81f34.03\u4ebf\u65b0\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u4e0e\u53bb\u5e74\u540c\u671f\u76f8\u6bd4\u65b0\u5f00\u8bbe\u7684\u516b\u5bb6\u65b0\u5e97\u4ee5\u53ca\u5f00\u658b\u8282\u7684\u4fc3\u9500\u9500\u552e\u3002\u8be5\u671f\u95f4\u7684\u51c0\u5229\u6da6\u589e\u957f6.1%\uff0c\u4ece\u4e4b\u524d\u76843630\u4e07\u65b0\u5143\u589e\u81f33850\u4e07\u65b0\u5143\u30022025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u65b0\u52a0\u5761\u53ef\u6bd4\u540c\u5e97\u6536\u5165\u5fae\u5e45\u589e\u957f0.1%\u3002\u4e2d\u56fd\u7684\u6536\u5165\u5fae\u5e45\u589e\u957f0.7%\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) 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2025\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8d22\u52a1\u4e1a\u7ee9\u3002\u6607\u83d8\u62a5\u544a\u79f0\uff0c2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u6536\u5165\u540c\u6bd4\u589e\u957f7.1%\uff0c\u4ece2024\u5e74\u7b2c\u4e00\u5b63\u5ea6\u76843.762\u4ebf\u65b0\u5143\u589e\u81f34.03\u4ebf\u65b0\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u4e0e\u53bb\u5e74\u540c\u671f\u76f8\u6bd4\u65b0\u5f00\u8bbe\u7684\u516b\u5bb6\u65b0\u5e97\u4ee5\u53ca\u5f00\u658b\u8282\u7684\u4fc3\u9500\u9500\u552e\u3002\u8be5\u671f\u95f4\u7684\u51c0\u5229\u6da6\u589e\u957f6.1%\uff0c\u4ece\u4e4b\u524d\u76843630\u4e07\u65b0\u5143\u589e\u81f33850\u4e07\u65b0\u5143\u30022025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u65b0\u52a0\u5761\u53ef\u6bd4\u540c\u5e97\u6536\u5165\u5fae\u5e45\u589e\u957f0.1%\u3002\u4e2d\u56fd\u7684\u6536\u5165\u5fae\u5e45\u589e\u957f0.7%\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) 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2025\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8d22\u52a1\u4e1a\u7ee9\u3002\u6607\u83d8\u62a5\u544a\u79f0\uff0c2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u6536\u5165\u540c\u6bd4\u589e\u957f7.1%\uff0c\u4ece2024\u5e74\u7b2c\u4e00\u5b63\u5ea6\u76843.762\u4ebf\u65b0\u5143\u589e\u81f34.03\u4ebf\u65b0\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u4e0e\u53bb\u5e74\u540c\u671f\u76f8\u6bd4\u65b0\u5f00\u8bbe\u7684\u516b\u5bb6\u65b0\u5e97\u4ee5\u53ca\u5f00\u658b\u8282\u7684\u4fc3\u9500\u9500\u552e\u3002\u8be5\u671f\u95f4\u7684\u51c0\u5229\u6da6\u589e\u957f6.1%\uff0c\u4ece\u4e4b\u524d\u76843630\u4e07\u65b0\u5143\u589e\u81f33850\u4e07\u65b0\u5143\u30022025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u65b0\u52a0\u5761\u53ef\u6bd4\u540c\u5e97\u6536\u5165\u5fae\u5e45\u589e\u957f0.1%\u3002\u4e2d\u56fd\u7684\u6536\u5165\u5fae\u5e45\u589e\u957f0.7%\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) 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| 2025\u5e746\u670825\u65e5: \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 \u65b0\u52a0\u5761\u822a\u7a7a\u516c\u53f8 (SIA SP)\uff1a\u590f\u5b63\u9700\u6c42 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a6.70\uff0c\u76ee\u6807\u4ef7\uff1a7.30\uff0c\u6b62\u635f\u4ef7\uff1a6.40 \u65b0\u52a0\u5761\u822a\u7a7a\u516c\u53f8\u63d0\u4f9b\u822a\u7a7a\u8fd0\u8f93\u3001\u5de5\u7a0b\u3001\u98de\u884c\u5458\u57f9\u8bad\u3001\u5305\u673a\u548c\u65c5\u6e38\u6279\u53d1\u670d\u52a1\u3002\u516c\u53f8\u7684\u822a\u7a7a\u4e1a\u52a1\u8986\u76d6\u4e9a\u6d32\u3001\u6b27\u6d32\u3001\u7f8e\u6d32\u3001\u5357\u592a\u5e73\u6d0b\u548c\u975e\u6d32\u3002 \u9884\u8ba1\u822a\u7a7a\u71c3\u6cb9\u4ef7\u683c\u5c06\u9010\u6e10\u4e0b\u964d\u3002 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\u822a\u7a7a\u71c3\u6cb9\u4ef7\u683c\u8d8b\u52bf (Source: Bloomberg) \u6607\u83d8\u96c6\u56e2 (SSG SP)\uff1a\u4ef7\u503c\u9a71\u52a8\u7684\u589e\u957f\u6f5c\u529b \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a1.88\uff0c\u76ee\u6807\u4ef7\uff1a2.08\uff0c\u6b62\u635f\u4ef7\uff1a1.78 \u6607\u83d8\u96c6\u56e2\u662f\u4e00\u5bb6\u5728\u65b0\u52a0\u5761\u8fd0\u8425\u7684\u96f6\u552e\u5546\uff0c\u7ecf\u8425\u7740\u4e00\u5bb6\u904d\u5e03\u65b0\u52a0\u5761\u7684\u6742\u8d27\u8fde\u9501\u5e97\u3002\u6607\u83d8\u7684\u5546\u5e97\u63d0\u4f9b\u65b0\u9c9c\u548c\u51b7\u85cf\u7684\u519c\u4ea7\u54c1\u3001\u6d77\u9c9c\u3001\u8089\u7c7b\u548c\u852c\u83dc\uff0c\u4ee5\u53ca\u52a0\u5de5\u3001\u5305\u88c5\u548c\u4fdd\u5b58\u7684\u98df\u54c1\u4ea7\u54c1\uff0c\u8fd8\u5305\u62ec\u4e2a\u4eba\u62a4\u7406\u7528\u54c1\u548c\u5fc5\u9700\u7684\u5bb6\u5c45\u7528\u54c1\u7b49\u4e00\u822c\u5546\u54c1\u3002 \u653f\u5e9c\u4ee3\u91d1\u5238\u652f\u6301\u8fd1\u671f\u589e\u957f\u3002 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