{"id":76000,"date":"2025-09-05T07:17:00","date_gmt":"2025-09-04T23:17:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=76000"},"modified":"2025-09-05T10:12:57","modified_gmt":"2025-09-05T02:12:57","slug":"kgi-daily-trading-ideas-05-sep-2025-zh","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-05-sep-2025-zh\/","title":{"rendered":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e749\u67085\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-75306-_tiry8p5xvcqk\"><\/a>\u7f8e\u56fd<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"1376\" height=\"587\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-4-1.png\" alt=\"\" class=\"wp-image-76139\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-4-1.png 1376w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-4-1-300x128.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-4-1-1024x437.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-4-1-768x328.png 768w\" sizes=\"(max-width: 1376px) 100vw, 1376px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"1071\" height=\"274\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-5.png\" alt=\"\" class=\"wp-image-76140\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-5.png 1071w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-5-300x77.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-5-1024x262.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-5-768x196.png 768w\" sizes=\"(max-width: 1071px) 100vw, 1071px\" \/><\/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=\"915\" height=\"282\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-6-1.png\" alt=\"\" class=\"wp-image-76141\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-6-1.png 915w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-6-1-300x92.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-6-1-768x237.png 768w\" sizes=\"(max-width: 915px) 100vw, 915px\" \/><\/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<p class=\"wp-block-paragraph\"><\/p>\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\/09\/word-image-76000-4.png\" alt=\"\" class=\"wp-image-76079\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-4.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-4-300x64.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-76000-_qqv3rtx8nazp\"><\/a><a id=\"post-76000-_ylayyh7qqd99\"><\/a>\u9999\u6e2f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"2199\" height=\"1056\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-ai-generated-content-m-6.png\" alt=\"A screenshot of a computer\n\nAI-generated content may be incorrect.\" class=\"wp-image-76080\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-ai-generated-content-m-6.png 2199w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-ai-generated-content-m-6-300x144.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-ai-generated-content-m-6-1024x492.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-ai-generated-content-m-6-768x369.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-ai-generated-content-m-6-1536x738.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-ai-generated-content-m-6-2048x983.png 2048w\" sizes=\"(max-width: 2199px) 100vw, 2199px\" \/><\/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=\"http:\/\/qq#top\">^ Back To <\/a><a href=\"#top\" title=\"\">T<\/a><a href=\"http:\/\/qq#top\">op<\/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\/09\/word-image-76000-6.png\" alt=\"\" class=\"wp-image-76081\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-6.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-6-300x64.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-76082\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-7.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-7.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-7-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u534e\u4fa8\u94f6\u884c(OCBC SP): \u5229\u7528\u533a\u57df\u4e13\u4e1a\u77e5\u8bc6\u5b9e\u73b0\u589e\u957f<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a16.70\uff0c\u76ee\u6807\u4ef7\uff1a17.60\uff0c\u6b62\u635f\u4ef7\uff1a16.25<\/strong><\/li>\n\n\n\n<li>\u534e\u4fa8\u94f6\u884c\u63d0\u4f9b\u5168\u9762\u7684\u91d1\u878d\u670d\u52a1\u3002\u516c\u53f8\u7684\u670d\u52a1\u5305\u62ec\u5438\u6536\u5b58\u6b3e\u3001\u4f01\u4e1a\u3001\u4f01\u4e1a\u548c\u4e2a\u4eba\u8d37\u6b3e\u3001\u56fd\u9645\u8d38\u6613\u878d\u8d44\u3001\u6295\u8d44\u94f6\u884c\u3001\u79c1\u4eba\u94f6\u884c\u3001\u8d22\u52a1\u7ba1\u7406\u3001\u80a1\u7968\u7ecf\u7eaa\u3001\u4fdd\u9669\u3001\u4fe1\u7528\u5361\u3001\u73b0\u91d1\u7ba1\u7406\u3001\u8d44\u4ea7\u7ba1\u7406\u53ca\u5176\u4ed6\u91d1\u878d\u76f8\u5173\u670d\u52a1\u3002<\/li>\n\n\n\n<li><strong>\u6df1\u5316\u5370\u5ea6\u5c3c\u897f\u4e9a\u7684\u533a\u57df\u4e1a\u52a1\u3002<\/strong>OCBC\u5728\u5370\u5ea6\u5c3c\u897f\u4e9a\u62e5\u6709\u8d85\u8fc7200\u4e2a\u5206\u652f\u673a\u6784\u7684\u5e7f\u6cdb\u7f51\u7edc\uff0c\u4f7f\u5176\u80fd\u591f\u6355\u6349\u5916\u8d44\u4f01\u4e1a\u5728\u65b0\u56fd\u5185\u4f9b\u5e94\u94fe\u653f\u7b56\u4e0b\u6269\u5c55\u672c\u5730\u4e1a\u52a1\u6240\u5e26\u6765\u7684\u878d\u8d44\u9700\u6c42\u3002\u4f5c\u4e3a\u4e1c\u5357\u4e9a\u6700\u5927\u7684\u6d88\u8d39\u5e02\u573a\uff0c\u5370\u5ea6\u5c3c\u897f\u4e9a\u5438\u5f15\u4e86\u5e0c\u671b\u672c\u5730\u5316\u751f\u4ea7\u7684\u5236\u9020\u5546\u3001\u98df\u54c1\u996e\u6599\u54c1\u724c\u548c\u533b\u7597\u4fdd\u5065\u516c\u53f8\u3002OCBC\u5728\u4fc3\u8fdb\u5408\u8d44\u4f01\u4e1a\u3001\u63d0\u4f9b\u591a\u5e01\u79cd\u8d26\u6237\u548c\u8425\u8fd0\u8d44\u91d1\u878d\u8d44\u7b49\u65b9\u9762\u53d1\u6325\u4e86\u5173\u952e\u4f5c\u7528\u3002\u8fd9\u4e00\u6218\u7565\u5e03\u5c40\u4e0d\u4ec5\u4f7fOCBC\u7684\u8d37\u6b3e\u589e\u957f\u8d85\u8d8a\u65b0\u52a0\u5761\uff0c\u8fd8\u589e\u5f3a\u4e86\u5176\u5728\u4e1c\u76df\u4f01\u4e1a\u5e94\u5bf9\u5173\u7a0e\u51b2\u51fb\u548c\u4f9b\u5e94\u94fe\u533a\u57df\u5316\u8fc7\u7a0b\u4e2d\u7684\u76f8\u5173\u6027\u3002<\/li>\n\n\n\n<li><strong>\u901a\u8fc7\u4ee3\u5e01\u5316\u5546\u4e1a\u7968\u636e\u5b9e\u73b0\u521b\u65b0\u3002<\/strong>OCBC\u63a8\u51fa\u4e86\u4ef7\u503c10\u4ebf\u7f8e\u5143\u7684\u6570\u5b57\u7f8e\u56fd\u5546\u4e1a\u7968\u636e\uff08CP\uff09\u8ba1\u5212\uff0c\u8865\u5145\u5176\u73b0\u6709\u7684250\u4ebf\u7f8e\u5143\u4f20\u7edfCP\u6846\u67b6\u3002\u901a\u8fc7\u5229\u7528\u533a\u5757\u94fe\u6280\u672f\uff0c\u94f6\u884c\u53ef\u4ee5\u53d1\u884c\u4ee3\u5e01\u5316\u7684CP\uff0c\u8fdb\u5165\u4ef7\u503c1.4\u4e07\u4ebf\u7f8e\u5143\u7684\u7f8e\u56fdCP\u5e02\u573a\uff0c\u540c\u65f6\u964d\u4f4e\u878d\u8d44\u6210\u672c\u5e76\u63d0\u9ad8\u8fd0\u8425\u6548\u7387\u3002\u9996\u6b21\u53d1\u884c\u4e8e8\u670820\u65e5\u8fdb\u884c\uff0c\u7531\u6469\u6839\u5927\u901a\u62c5\u4efb\u552f\u4e00\u4ea4\u6613\u5546\u3002\u8fd9\u4e00\u4e3e\u63aa\u51f8\u663e\u4e86OCBC\u81f4\u529b\u4e8e\u5546\u4e1a\u5316\u65b0\u52a0\u5761\u5feb\u901f\u53d1\u5c55\u7684\u533a\u5757\u94fe\u751f\u6001\u7cfb\u7edf\u548c\u8d44\u4ea7\u4ee3\u5e01\u5316\u8d8b\u52bf\u3002\u83b7\u53d6\u66f4\u4fbf\u5b9c\u3001\u591a\u6837\u5316\u7684\u7f8e\u5143\u878d\u8d44\u6765\u6e90\u589e\u5f3a\u4e86\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u7075\u6d3b\u6027\uff0c\u652f\u6301\u5168\u7403\u6269\u5c55\u548c\u6d41\u52a8\u6027\u7ba1\u7406\u3002<\/li>\n\n\n\n<li><strong>\u5728\u5229\u6da6\u538b\u529b\u4e0b\u7684\u907f\u9669\u5730\u4f4d\u3002<\/strong>OCBC\u62a5\u544a2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u964d7%\uff0c\u964d\u81f318.2\u4ebf\u65b0\u5143\uff0c\u56e0\u5229\u7387\u4e0b\u964d\u5bf9\u51c0\u5229\u606f\u6536\u5165\u9020\u6210\u538b\u529b\uff0c\u540c\u6bd4\u4e0b\u964d6%\uff0c\u51c0\u5229\u606f\u5229\u6da6\u7387\u4e3a1.92%\uff0c\u4f4e\u4e8e\u53bb\u5e74\u76842.20%\u3002\u5c3d\u7ba1\u9762\u4e34\u8fd9\u4e9b\u6311\u6218\uff0c\u6536\u76ca\u4ecd\u8d85\u51fa\u5e02\u573a\u9884\u671f\uff0c\u5f97\u76ca\u4e8e\u7a33\u5b9a\u7684\u624b\u7eed\u8d39\u548c\u4ea4\u6613\u6536\u5165\u589e\u957f\uff0c\u8d22\u5bcc\u7ba1\u7406\u624b\u7eed\u8d39\u540c\u6bd4\u6fc0\u589e31.6%\uff0c\u663e\u793a\u51fa\u94f6\u884c\u591a\u5143\u5316\u6536\u5165\u6765\u6e90\u7684\u80fd\u529b\u3002\u6bcf\u80a1\u80a1\u606f\u51cf\u5c11\u81f341\u65b0\u5143\u5206\uff0c\u76f8\u5f53\u4e8e50%\u7684\u6d3e\u606f\u7387\u3002\u5728\u5168\u7403\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u548c\u7f8e\u56fd\u5173\u7a0e\u5f71\u54cd\u7684\u80cc\u666f\u4e0b\uff0cOCBC\u7ee7\u7eed\u53d7\u76ca\u4e8e\u65b0\u52a0\u5761\u7684\u91d1\u878d\u907f\u98ce\u6e2f\u5730\u4f4d\uff0c\u5438\u5f15\u533a\u57df\u8d22\u5bcc\u6d41\u52a8\u548c\u6295\u8d44\u9700\u6c42\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u4e0b\u534a\u5e74\u5168\u7403\u548c\u533a\u57df\u589e\u957f\u5c06\u653e\u7f13\uff0c\u4f46\u5176\u5f3a\u52b2\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u3001\u7a33\u5b9a\u7684\u4e0d\u826f\u8d37\u6b3e\u6bd4\u4f8b\u4e3a0.9%\u548c\u524d\u77bb\u6027\u62e8\u5907\u652f\u6491\u4e86\u5176\u97e7\u6027\u3002\u8d37\u6b3e\u589e\u957f\u4fdd\u6301\u7a33\u5b9a\uff0c\u4e3b\u8981\u7531\u4f4f\u623f\u3001\u6570\u636e\u4e2d\u5fc3\u548c\u533a\u57df\u4f01\u4e1a\u8d37\u6b3e\u9a71\u52a8\uff0c\u5f3a\u5316\u4e86\u5176\u5bf9\u4e1c\u76df\u548c\u5927\u4e2d\u534e\u533a\u673a\u4f1a\u7684\u957f\u671f\u79ef\u6781\u5c55\u671b\u3002<\/li>\n\n\n\n<li><strong>2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002<\/strong>OCBC\u62a5\u544a2025\u5e74\u4e0a\u534a\u5e74\u603b\u6536\u5165\u4e3a72\u4ebf\u65b0\u5143\uff0c\u540c\u6bd4\u4e0b\u964d1%\u3002\u96c6\u56e2\u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u964d6%\uff0c\u964d\u81f337\u4ebf\u65b0\u5143\uff0c\u94f6\u884c\u4e1a\u52a1\u51c0\u5229\u6da6\u4e0b\u964d8%\uff0c\u964d\u81f331.5\u4ebf\u65b0\u5143\uff0c\u51c0\u5229\u606f\u5229\u6da6\u7387\u4e0b\u964d25\u4e2a\u57fa\u70b9\u81f31.98%\u3002\u572850%\u7684\u6d3e\u606f\u7387\u4e0b\uff0c\u5ba3\u5e03\u6bcf\u80a1\u80a1\u606f\u4e3a41\u65b0\u5143\u5206\u3002OCBC\u76842025\u5e74\u4e0a\u534a\u5e74\u6bcf\u80a1\u6536\u76ca\u4e3a1.64\u65b0\u5143\u3002\u96c6\u56e2\u4ecd\u81f4\u529b\u4e8e\u4e4b\u524d\u5ba3\u5e03\u768425\u4ebf\u65b0\u5143\u8d44\u672c\u56de\u62a5\u8ba1\u5212\uff0c\u5305\u62ec\u53602025\u8d22\u5e74\u96c6\u56e2\u51c0\u5229\u6da610%\u7684\u7279\u522b\u80a1\u606f\u548c\u4e3a\u671f\u4e24\u5e74\u7684\u80a1\u7968\u56de\u8d2d\uff0c\u9884\u8ba1\u57282026\u5e74\u5b8c\u6210\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-76083\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-8.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-8.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-8-300x64.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=\"1083\" height=\"523\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-9.jpeg\" alt=\"\" class=\"wp-image-76084\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-9.jpeg 1083w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-9-300x145.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-9-1024x495.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-9-768x371.jpeg 768w\" sizes=\"(max-width: 1083px) 100vw, 1083px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"752\" height=\"160\" class=\"wp-image-76085\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-long-line-of-a-white-background-description-aut-5.jpeg\" 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\/09\/a-long-line-of-a-white-background-description-aut-5.jpeg 752w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-long-line-of-a-white-background-description-aut-5-300x64.jpeg 300w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><\/figure><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5168\u6c11\u7259\u533b\u96c6\u56e2(\u65b0\u52a0\u5761)(QNM SP): \u66f4\u591a\u624b\u6bb5\u4e13\u6ce8\u4e8e\u6269\u5f20<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.490\uff0c\u76ee\u6807\u4ef7\uff1a0.530\uff0c\u6b62\u635f\u4ef7\uff1a0.470<\/strong><\/li>\n\n\n\n<li>\u5168\u6c11\u7259\u533b\u96c6\u56e2(\u65b0\u52a0\u5761)\u6709\u9650\u516c\u53f8\u7ecf\u8425\u7259\u79d1\u8bca\u6240\u3002\u8be5\u516c\u53f8\u63d0\u4f9b\u7f8e\u5bb9\u3001\u513f\u7ae5\u548c\u7efc\u5408\u53e3\u8154\u79d1\uff1b\u914d\u6234\u7259\u5957\u3001\u5047\u7259\u548c\u7259\u9f7f\u5b9a\u4f4d\u5668\uff1b\u5e76\u63d0\u4f9b\u7259\u9f88\u51fa\u8840\u7684\u6cbb\u7597\u3001\u7259\u9f88\u5916\u79d1\u548c\u53e3\u8154\u5916\u79d1\uff1b\u8fd8\u6cbb\u7597\u6253\u9f3e\u548c\u78e8\u7259\u3002<\/li>\n\n\n\n<li><strong>\u7ee7\u7eed\u805a\u7126\u4e1a\u52a1\u6269\u5f20\u3002<\/strong>\u8be5\u96c6\u56e2\u5c06\u7ee7\u7eed\u81f4\u529b\u4e8e\u62d3\u5c55\u5176\u5728\u65b0\u52a0\u5761\u7684\u8bca\u6240\u7f51\u7edc\uff0c\u4e3b\u8981\u901a\u8fc7\u6709\u673a\u589e\u957f\uff0c\u5e76\u8f85\u4ee5\u80fd\u5e26\u6765\u589e\u503c\u6548\u76ca\u7684\u6536\u8d2d\u3002\u5728\u65b0\u52a0\u5761\u4ee5\u5916\uff0cQ&M\u6b63\u79ef\u6781\u63a2\u7d22\u67d4\u4f5b-\u65b0\u52a0\u5761\u7ecf\u6d4e\u7279\u533a\uff08JS-SEZ\uff09\u7684\u673a\u9047\uff0c\u4ee5\u5e94\u5bf9\u5b9a\u4e8e2026\u5e7412\u6708\u542f\u52a8\u7684\u67d4\u4f5b\u65b0\u5c71-\u65b0\u52a0\u5761\u5730\u94c1\u7cfb\u7edf\uff08RTS\uff09\u53ef\u80fd\u5bfc\u81f4\u7684\u60a3\u8005\u6d41\u5931\uff0c\u56e0\u4e3a\u6709\u5229\u7684\u8d27\u5e01\u6c47\u7387\u53ef\u80fd\u4f1a\u6fc0\u52b1\u60a3\u8005\u5230\u67d4\u4f5b\u5bfb\u6c42\u8de8\u5883\u7259\u79d1\u62a4\u7406\u670d\u52a1\u3002\u5728\u4e2d\u56fd\uff0c\u968f\u7740\u7259\u79d1\u884c\u4e1a\u6574\u5408\u52a0\u901f\uff0cQ&M\u6b63\u8c28\u614e\u8bc4\u4f30\u6269\u5f20\u673a\u4f1a\u3002\u4e3a\u4e86\u652f\u6301\u8fd9\u4e9b\u4e3e\u63aa\uff0c\u8be5\u96c6\u56e2\u8fd1\u671f\u6210\u529f\u53d1\u884c\u4e861.3\u4ebf\u65b0\u5143\u3001\u5229\u73873.95%\u7684\u7968\u636e\uff0c\u83b7\u5f97\u4e86\u6295\u8d44\u8005\u7684\u5f3a\u52b2\u9700\u6c42\u3002\u8fd9\u7b14\u8d44\u91d1\u8fde\u540c\u5176\u7a33\u5065\u7684\u73b0\u91d1\u72b6\u51b5\uff0c\u4e3aQ&M\u63d0\u4f9b\u4e86\u8d22\u52a1\u7075\u6d3b\u6027\uff0c\u4f7f\u5176\u80fd\u591f\u540c\u65f6\u5bfb\u6c42\u5e76\u8d2d\u548c\u6709\u673a\u589e\u957f\u673a\u4f1a\u3002<\/li>\n\n\n\n<li><strong>\u9884\u8ba12025\u5e74\u4e0b\u534a\u5e74\u7259\u79d1\u8bca\u7597\u91cf\u5c06\u589e\u52a0\u3002<\/strong>Q&M\u9884\u8ba12025\u5e74\u4e0b\u534a\u5e74\u7259\u79d1\u8bca\u7597\u9700\u6c42\u5c06\u66f4\u4e3a\u5f3a\u52b2\uff0c\u56e0\u4e3a\u5c4a\u65f6\u5c06\u6709\u66f4\u591a\u5458\u5de5\u5f00\u59cb\u4f7f\u7528\u516c\u53f8\u63d0\u4f9b\u7684\u7259\u79d1\u798f\u5229\u3002\u6b64\u5916\uff0c\u65b0\u52a0\u5761\u653f\u5e9c\u5ba3\u5e03\uff0c\u6839\u636eCHAS\u8ba1\u5212\uff0c\u5c06\u4ece2025\u5e74\u7b2c\u56db\u5b63\u5ea6\u8d77\u63d0\u9ad8\u7259\u79d1\u8865\u8d34\u3002\u8fd9\u4e9b\u8865\u8d34\u5c06\u6709\u52a9\u4e8e\u62b5\u6d88\u9ad8\u4ef7\u503c\u8bca\u7597\u7a0b\u5e8f\u7684\u8d39\u7528\uff0c\u9f13\u52b1\u66f4\u591a\u60a3\u8005\u5c31\u533b\u3002\u8fd9\u4e9b\u5229\u597d\u56e0\u7d20\u7684\u5171\u540c\u4f5c\u7528\u5e94\u4f1a\u5e26\u6765\u66f4\u9ad8\u7684\u60a3\u8005\u6570\u91cf\uff0c\u5e76\u652f\u6301\u8425\u6536\u589e\u957f\u3002<\/li>\n\n\n\n<li><strong>\u6574\u5408\u4e2d\u56fd\u4e1a\u52a1\u3002<\/strong>2025\u5e74\u4e0a\u534a\u5e74\uff0cQ&M\u5ba3\u5e03\u5c06Aoxin Q&M\u4ece\u6743\u76ca\u6cd5\u6838\u7b97\u7684\u8054\u8425\u516c\u53f8\u6574\u5408\u4e3a\u5b50\u516c\u53f8\uff0c\u4ece\u800c\u83b7\u5f97\u4e86\u5bf9\u5176\u8d22\u52a1\u548c\u8fd0\u8425\u653f\u7b56\u66f4\u5927\u7684\u63a7\u5236\u6743\u3002\u6b64\u4e3e\u7b26\u5408Q&M\u7684\u5e76\u8d2d\u9a71\u52a8\u578b\u589e\u957f\u6218\u7565\uff0c\u5e76\u5de9\u56fa\u4e86\u5176\u5728\u4e2d\u56fd\u5feb\u901f\u6574\u5408\u7684\u7259\u79d1\u5e02\u573a\u4e2d\u7684\u5730\u4f4d\u3002\u901a\u8fc7\u5c06Aoxin\u5b8c\u5168\u7eb3\u5165\u5176\u65d7\u4e0b\uff0cQ&M\u80fd\u66f4\u597d\u5730\u5229\u7528\u5176\u8d44\u6e90\u548c\u4e13\u4e1a\u77e5\u8bc6\uff0c\u4ee5\u6293\u4f4f\u4e2d\u56fd\u672a\u6765\u7684\u6269\u5f20\u673a\u9047\u3002<\/li>\n\n\n\n<li><strong>2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002<\/strong>Q & M\u7259\u79d1\u96c6\u56e2\u62a5\u544a\u79f0\uff0c2025\u5e74\u4e0a\u534a\u5e74\u7684\u603b\u8425\u6536\u4e3a8,840\u4e07\u65b0\u5143\uff0c\u4e0e2024\u5e74\u4e0a\u534a\u5e74\u76848,880\u4e07\u65b0\u5143\u76f8\u6bd4\u6301\u5e73\u30022025\u5e74\u4e0a\u534a\u5e74\uff0c\u8be5\u96c6\u56e2\u6838\u5fc3\u7259\u79d1\u4e1a\u52a1\u7684\u8425\u6536\u8d21\u732e\u589e\u957f\u4e864%\uff0c\u8fbe\u52308,720\u4e07\u65b0\u5143\uff0c\u800c2024\u5e74\u540c\u671f\u4e3a8,420\u4e07\u65b0\u5143\uff0c\u4f46\u90e8\u5206\u88ab\u5176\u4ed6\u4e1a\u52a1\u6536\u5165\u7684\u4e0b\u964d\u6240\u62b5\u6d88\uff0c\u540e\u8005\u4ece\u4e00\u5e74\u524d\u7684456\u4e07\u65b0\u5143\u964d\u81f32025\u5e74\u4e0a\u534a\u5e74\u7684118\u4e07\u65b0\u5143\uff0c\u8fd9\u4e3b\u8981\u662f\u7531\u4e8e\u8be5\u96c6\u56e2\u533b\u7597\u5b9e\u9a8c\u5ba4\u4e1a\u52a1\u7684\u7ec8\u6b62\u3002\u7136\u800c\uff0c\u8be5\u96c6\u56e2\u57282025\u5e74\u4e0a\u534a\u5e74\u56e0\u5c06Aoxin Q & M\u548cEM2AI\u4ece\u6743\u76ca\u6cd5\u6838\u7b97\u7684\u8054\u8425\u516c\u53f8\u6574\u5408\u4e3a\u96c6\u56e2\u5b50\u516c\u53f8\uff0c\u4e5f\u4ea7\u751f\u4e86440\u4e07\u65b0\u5143\u7684\u4e8f\u635f\u3002\u8c03\u6574\u540e\u7684\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f1.6%\uff0c\u8fbe\u5230841\u4e07\u65b0\u5143\uff0c\u800c2024\u5e74\u540c\u671f\u4e3a827\u4e07\u65b0\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-76086\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-blue-and-white-rectangular-object-with-white-tex-3.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\/09\/a-blue-and-white-rectangular-object-with-white-tex-3.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-blue-and-white-rectangular-object-with-white-tex-3-300x64.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=\"1108\" height=\"600\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-of-a-stock-market-ai-generated-content-ma-1.jpeg\" alt=\"A graph of a stock market\n\nAI-generated content may be incorrect.\" class=\"wp-image-76087\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-of-a-stock-market-ai-generated-content-ma-1.jpeg 1108w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-of-a-stock-market-ai-generated-content-ma-1-300x162.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-of-a-stock-market-ai-generated-content-ma-1-1024x555.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-of-a-stock-market-ai-generated-content-ma-1-768x416.jpeg 768w\" sizes=\"(max-width: 1108px) 100vw, 1108px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"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\/09\/word-image-76000-13.png\" alt=\"\" class=\"wp-image-76088\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-13.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-13-300x64.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=\"hk\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" class=\"wp-image-76089\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-14.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-14.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-14-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure><a id=\"post-76000-_34eo5yf8y7pj\"><\/a><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u9f99\u6e90\u7535\u529b\u96c6\u56e2 (916 HK)\uff1a\u53d7\u76ca\u4e8e\u590f\u5b63\u5929\u6c14<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a6.90\uff0c\u76ee\u6807\u4ef7\uff1a7.70\uff0c\u6b62\u635f\u4ef7\uff1a6.50<\/strong><\/li>\n\n\n\n<li>\u9f99\u6e90\u7535\u529b\u96c6\u56e2\u80a1\u4efd\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u4ee5\u5f00\u53d1\u8fd0\u8425\u65b0\u80fd\u6e90\u4e3a\u4e3b\u7684\u7efc\u5408\u6027\u53d1\u7535\u7684\u4e2d\u56fd\u516c\u53f8\u3002\u8be5\u516c\u53f8\u7ecf\u8425\u56db\u4e2a\u5206\u90e8\u3002\u98ce\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u53ca\u8fd0\u8425\u98ce\u529b\u53d1\u7535\u5382\u4ee5\u53ca\u751f\u4ea7\u7535\u529b\u5e76\u51fa\u552e\u4e88\u7535\u7f51\u516c\u53f8\u3002\u706b\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u53ca\u8fd0\u8425\u7164\u70ad\u53d1\u7535\u5382\u4ee5\u53ca\u751f\u4ea7\u7535\u529b\u5e76\u51fa\u552e\u4e88\u7535\u7f51\u516c\u53f8\u3002\u5149\u4f0f\u53d1\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u548c\u8425\u8fd0\u5149\u4f0f\u53d1\u7535\u5382\u548c\u751f\u4ea7\u7535\u529b\uff0c\u51fa\u552e\u4e88\u5916\u95f4\u7535\u7f51\u516c\u53f8\u3002\u6240\u6709\u5176\u4ed6\u5206\u90e8\u4e3b\u8981\u4ece\u4e8b\u5236\u9020\u548c\u9500\u552e\u53d1\u7535\u8bbe\u5907\u3001\u63d0\u4f9b\u54a8\u8be2\u670d\u52a1\uff0c\u5411\u98ce\u529b\u4f01\u4e1a\u63d0\u4f9b\u7ef4\u62a4\u548c\u57f9\u8bad\u670d\u52a1\u53ca\u5176\u4ed6\u53ef\u518d\u751f\u80fd\u6e90\u53d1\u7535\u53ca\u9500\u552e\u3002<\/li>\n\n\n\n<li><strong>7\u6708\u7528\u7535\u91cf\u521b\u7eaa\u5f55\u3002<\/strong>\u6839\u636e\u56fd\u5bb6\u80fd\u6e90\u5c40\uff08NEA\uff09\u7684\u6570\u636e\uff0c\u4e2d\u56fd7\u6708\u7535\u529b\u9700\u6c42\u6fc0\u589e\u81f3\u5386\u53f2\u65b0\u9ad8\uff0c\u5168\u793e\u4f1a\u7528\u7535\u91cf\u8fbe\u52301.02\u4e07\u4ebf\u5343\u74e6\u65f6\uff0c\u540c\u6bd4\u589e\u957f8.6%\u3002\u521b\u7eaa\u5f55\u7684\u7528\u7535\u91cf\u5f97\u76ca\u4e8e\u56fd\u5185\u9700\u6c42\u7684\u97e7\u6027\u3001\u65b0\u8d28\u751f\u4ea7\u529b\u7684\u62d3\u5c55\u4ee5\u53ca\u5de5\u4e1a\u6d3b\u52a8\u548c\u51fa\u53e3\u597d\u4e8e\u9884\u671f\u7684\u53cd\u5f39\u3002\u8fd9\u79cd\u5f3a\u52b2\u7684\u9700\u6c42\u73af\u5883\u5e94\u80fd\u4e3a\u9f99\u6e90\u7535\u529b\u96c6\u56e2\u63d0\u4f9b\u8fd1\u671f\u652f\u6491\u3002<\/li>\n\n\n\n<li><strong>\u70ed\u6d6a\u63a8\u52a8\u8425\u6536\u589e\u957f\u3002<\/strong>\u636e\u4e2d\u56fd\u6c14\u8c61\u5c40\uff08CMA\uff09\u6570\u636e\uff0c\u4e2d\u56fd\u7ecf\u5386\u4e86\u6709\u8bb0\u5f55\u4ee5\u6765\u6700\u70ed\u7684\u590f\u5b63\uff0c6\u6708\u81f38\u6708\u5168\u56fd\u5e73\u5747\u6c14\u6e29\u8fbe\u523022.31\u00b0C\u3002\u957f\u65f6\u95f4\u7684\u70ed\u6d6a\uff0c\u5c24\u5176\u662f\u5728\u5357\u65b9\u5730\u533a\uff0c\u4fc3\u4f7f\u5bb6\u5ead\u548c\u4f01\u4e1a\u589e\u52a0\u4e86\u964d\u6e29\u9700\u6c42\uff0c\u8fdb\u4e00\u6b65\u63d0\u5347\u4e86\u7528\u7535\u91cf\u3002\u9884\u8ba1\u8fd9\u79cd\u9ad8\u4f4d\u9700\u6c42\u5c06\u4e3a\u9f99\u6e90\u7535\u529b\u5e26\u6765\u77ed\u671f\u7684\u8425\u6536\u63d0\u632f\u3002<\/li>\n\n\n\n<li><strong>\u53d1\u7535\u91cf\u5f3a\u52b2\u590d\u82cf\u3002<\/strong>\u9f99\u6e90\u7535\u529b\u62a5\u544a\u79f0\u51767\u6708\u53ef\u518d\u751f\u80fd\u6e90\u53d1\u7535\u91cf\u663e\u8457\u589e\u957f\u3002\u98ce\u529b\u53d1\u7535\u91cf\u540c\u6bd4\u589e\u957f6.4%\uff0c\u800c\u5149\u4f0f\uff08PV\uff09\u53d1\u7535\u91cf\u7ffb\u4e86\u4e00\u500d\u591a\uff08\u540c\u6bd4\u589e\u957f106%\uff09\u3002\u603b\u53d1\u7535\u91cf\u73af\u6bd4\u589e\u957f9.4%\uff0c\u6807\u5fd7\u7740\u4ece2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8f83\u5f31\u7684\u751f\u4ea7\u8868\u73b0\u4e2d\u660e\u663e\u53cd\u5f39\u30027\u6708\u7684\u5f3a\u52b2\u8868\u73b0\u51f8\u663e\u4e86\u516c\u53f8\u5411\u53ef\u518d\u751f\u80fd\u6e90\u7684\u6210\u529f\u8f6c\u578b\uff0c\u53ca\u5176\u628a\u63e1\u590f\u5b63\u7528\u7535\u9ad8\u5cf0\u7684\u80fd\u529b\u3002<\/li>\n\n\n\n<li><strong>2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u3002<\/strong>2025\u5e74\u4e0a\u534a\u5e74\uff0c\u516c\u53f8\u8425\u6536\u540c\u6bd4\u589e\u957f3.1%\uff0c\u81f3156.6\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a151.9\u4ebf\u5143\u4eba\u6c11\u5e01\u3002\u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u964d10.8%\uff0c\u81f341.7\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a46.8\u4ebf\u5143\u4eba\u6c11\u5e01\u3002\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u4ece2024\u5e74\u4e0a\u534a\u5e74\u768448.74\u5206\u4eba\u6c11\u5e01\u964d\u81f32025\u5e74\u4e0a\u534a\u5e74\u768442.10\u5206\u4eba\u6c11\u5e01\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-76090\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-15.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-15.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-15-300x64.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=\"1083\" height=\"523\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-16.jpeg\" alt=\"\" class=\"wp-image-76091\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-16.jpeg 1083w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-16-300x145.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-16-1024x495.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-16-768x371.jpeg 768w\" sizes=\"(max-width: 1083px) 100vw, 1083px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"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-76092\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-17.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-17.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-17-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">\u5c0f\u7c73\u96c6\u56e2 (1810 HK)\uff1a\u5404\u65b9\u9762\u5747\u5f3a\u52b2\u589e\u957f<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a55\uff0c\u76ee\u6807\u4ef7\uff1a61\uff0c\u6b62\u635f\u4ef7\uff1a52<\/strong><\/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\u4e24\u4e2a\u5206\u90e8\u5f00\u5c55\u4e1a\u52a1\u3002\u624b\u673a\u4e0e\u4eba\u5de5\u667a\u80fd\u7269\u8054\u7f51\uff08AIoT\uff09\u5206\u90e8\u4e3b\u8981\u4ece\u4e8b\u667a\u80fd\u624b\u673a\u9500\u552e\u4e1a\u52a1\u3001\u667a\u80fd\u5927\u5bb6\u7535\u3001\u667a\u80fd\u7535\u89c6\u3001\u5e73\u677f\u3001\u53ef\u7a7f\u6234\u53ca\u5176\u4ed6IoT\u4e0e\u751f\u6d3b\u6d88\u8d39\u4ea7\u54c1\u9500\u552e\u4e1a\u52a1\u3001\u5e7f\u544a\u670d\u52a1\u53ca\u4e92\u8054\u7f51\u589e\u503c\u670d\u52a1\uff08\u5305\u62ec\u7f51\u7edc\u6e38\u620f\u53ca\u91d1\u878d\u79d1\u6280\u4e1a\u52a1\uff09\u3001\u4ea7\u54c1\u786c\u4ef6\u7ef4\u4fee\u670d\u52a1\u3001\u90e8\u5206IoT\u4ea7\u54c1\u7684\u5b89\u88c5\u670d\u52a1\u53ca\u7269\u6599\u9500\u552e\u7b49\u5176\u4ed6\u76f8\u5173\u4e1a\u52a1\u3002\u667a\u80fd\u7535\u52a8\u6c7d\u8f66\uff08EV\uff09\u7b49\u521b\u65b0\u4e1a\u52a1\u5206\u90e8\u4e3b\u8981\u4ece\u4e8b\u667a\u80fd\u7535\u52a8\u6c7d\u8f66\u9500\u552e\u548c\u5176\u4ed6\u521b\u65b0\u4e1a\u52a1\u3002\u8be5\u516c\u53f8\u5728\u56fd\u5185\u5e02\u573a\u548c\u6d77\u5916\u5e02\u573a\u5f00\u5c55\u4e1a\u52a1\u3002<\/li>\n\n\n\n<li><strong>\u5f3a\u52b2\u76848\u6708\u9500\u91cf\u3002 <\/strong>\u5c0f\u7c73\u57288\u6708\u4ea4\u4ed8\u8d85\u8fc730,000\u8f86\u6c7d\u8f66\uff0c\u4e1a\u7ee9\u8868\u73b0\u5f3a\u52b2\uff0c\u8fde\u7eed\u7b2c\u4e8c\u4e2a\u6708\u7535\u52a8\u8f66\u6708\u4ea4\u4ed8\u91cf\u7a81\u7834\u8fd9\u4e00\u91cc\u7a0b\u7891\u3002\u6b64\u6b21\u9500\u91cf\u6fc0\u589e\u4e3b\u8981\u5f97\u76ca\u4e8e6\u670826\u65e5\u53d1\u5e03\u7684\u9996\u6b3e\u7535\u52a8SUV\u2014\u2014\u5c0f\u7c73YU7\u3002\u8be5\u8f66\u578b\u9700\u6c42\u6301\u7eed\u8fdc\u8d85\u4f9b\u5e94\uff0c\u6d88\u8d39\u8005\u82e5\u60f3\u8d2d\u5165YU7\uff0c\u76ee\u524d\u7684\u7b49\u5f85\u65f6\u95f4\u5df2\u957f\u8fbe56\u5468\uff0c\u5145\u5206\u4f53\u73b0\u4e86\u5176\u53d7\u6b22\u8fce\u7a0b\u5ea6\u3002\u51ed\u501f\u8fd9\u4e00\u5f3a\u52b2\u52bf\u5934\uff0c\u5c0f\u7c73\u6709\u671b\u5728\u672a\u6765\u6570\u6708\u7ee7\u7eed\u4fdd\u6301\u9ad8\u9500\u91cf\u4e0e\u4ea4\u4ed8\u589e\u957f\u3002<\/li>\n\n\n\n<li><strong>\u53d1\u5e03HyperOS 3.0\u3002 <\/strong>\u5c0f\u7c73\u5168\u65b0\u4eae\u76f8\u7684HyperOS 3.0\u5e26\u6765\u7115\u7136\u4e00\u65b0\u7684\u754c\u9762\u4e0e\u66f4\u6df1\u5165\u7684AI\u878d\u5408\uff0c\u65e8\u5728\u63d0\u5347\u7528\u6237\u4f53\u9a8c\u5e76\u5f3a\u5316\u751f\u6001\u4e92\u8054\u3002\u4eae\u70b9\u529f\u80fd\u5305\u62ec\u652f\u6301\u5b9e\u65f6\u5e94\u7528\u6d3b\u52a8\u7684\u8d85\u7ea7\u5c9b\u3001\u66f4\u7cbe\u81f4\u7684iOS\u98ce\u683c\u56fe\u6807\u4e0e\u684c\u9762\u5e03\u5c40\u3001\u65b0\u589e\u62e8\u53f7\u5e94\u7528\uff0c\u4ee5\u53ca\u5347\u7ea7\u7248\u76f8\u518c\u5e94\u7528\u3002\u66f4\u667a\u80fd\u7684\u5c0f\u7c73\u5c0f\u7231\u540c\u5b66\u73b0\u5df2\u652f\u6301AI Connect\uff0c\u53ef\u5b9e\u73b0\u5c0f\u7c73\u8bbe\u5907\u4e0e\u82f9\u679c\u4ea7\u54c1\u95f4\u7684\u8de8\u8bbe\u5907\u65e0\u7f1d\u4e92\u8054\u4e0e\u6d88\u606f\u4e92\u901a\uff0c\u8fd9\u662f\u5c0f\u7c73\u751f\u6001\u6269\u5c55\u7684\u91cd\u8981\u4e00\u6b65\u3002\u901a\u8fc7\u5c06\u76f4\u89c2\u8bbe\u8ba1\u4e0e\u667a\u80fd\u4e92\u64cd\u4f5c\u6027\u7ed3\u5408\uff0cHyperOS 3.0\u6709\u52a9\u4e8e\u5c0f\u7c73\u589e\u5f3a\u7528\u6237\u7c98\u6027\u3001\u63d0\u5347\u54c1\u724c\u4ef7\u503c\uff0c\u5e76\u66f4\u597d\u5730\u4e0e\u5168\u7403\u9886\u5148\u5e73\u53f0\u7ade\u4e89\u3002<\/li>\n\n\n\n<li><strong>\u4e0eAiralo\u8fbe\u6210\u5408\u4f5c\u3002 <\/strong>\u5c0f\u7c73\u4e0eAiralo\u8fbe\u6210\u6218\u7565\u5408\u4f5c\uff0c\u81f4\u529b\u4e8e\u901a\u8fc7\u65e0\u7f1d\u3001\u4fbf\u6377\u4e14\u5177\u6027\u4ef7\u6bd4\u7684eSIM\u89e3\u51b3\u65b9\u6848\u63d0\u5347\u65c5\u884c\u7528\u6237\u7684\u5168\u7403\u8fde\u63a5\u4f53\u9a8c\u3002\u8fd9\u662f\u5c0f\u7c73\u56fd\u9645\u4e92\u8054\u7f51\u4e1a\u52a1\u90e8\u7684\u9996\u6b21eSIM\u5408\u4f5c\uff0c\u5f70\u663e\u4e86\u53cc\u65b9\u63d0\u5347\u5168\u7403\u79fb\u52a8\u63a5\u5165\u80fd\u529b\u7684\u5171\u540c\u627f\u8bfa\u3002\u6839\u636e\u5408\u4f5c\u534f\u8bae\uff0cAiralo\u5e94\u7528\u5c06\u9884\u88c5\u5728\u5c0f\u7c73\u667a\u80fd\u624b\u673a\u4e2d\uff0c\u7528\u6237\u53ef\u76f4\u63a5\u4f7f\u7528\u8986\u76d6200\u591a\u4e2a\u76ee\u7684\u5730\u7684eSIM\u670d\u52a1\u3002\u6b64\u4e3e\u4e0d\u4ec5\u4e3a\u5c0f\u7c73\u7528\u6237\u63d0\u4f9b\u989d\u5916\u4ef7\u503c\uff0c\u4e5f\u6709\u52a9\u4e8e\u63a8\u52a8\u516c\u53f8\u6269\u5927\u5176\u5728\u5168\u7403\u624b\u673a\u5e02\u573a\u7684\u4efd\u989d\u3002<\/li>\n\n\n\n<li><strong>2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u3002 <\/strong>2025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u540c\u6bd4\u589e\u957f38.2%\u81f32,272\u4ebf\u5143\u4eba\u6c11\u5e01\uff082024\u5e74\u4e0a\u534a\u5e74\u4e3a1,644\u4ebf\u5143\u4eba\u6c11\u5e01\uff09\u3002\u51c0\u5229\u6da6\u4e3a228\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u9ad8\u4e8e2024\u5e74\u4e0a\u534a\u5e74\u768492\u4ebf\u6e2f\u5143\u3002\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u4e3a\u4eba\u6c11\u5e010.90\u5143\uff0c\u8f832024\u5e74\u4e0a\u534a\u5e74\u7684\u4eba\u6c11\u5e010.37\u5143\u5927\u5e45\u63d0\u5347\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-76093\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-blue-and-white-rectangular-box-with-numbers-ai-1-1.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\/09\/a-blue-and-white-rectangular-box-with-numbers-ai-1-1.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-blue-and-white-rectangular-box-with-numbers-ai-1-1-300x64.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=\"1229\" height=\"607\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-of-stock-market-ai-generated-content-may-1.jpeg\" alt=\"A graph of stock market\n\nAI-generated content may be incorrect.\" class=\"wp-image-76094\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-of-stock-market-ai-generated-content-may-1.jpeg 1229w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-of-stock-market-ai-generated-content-may-1-300x148.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-of-stock-market-ai-generated-content-may-1-1024x506.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-of-stock-market-ai-generated-content-may-1-768x379.jpeg 768w\" sizes=\"(max-width: 1229px) 100vw, 1229px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"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\/09\/word-image-76000-20.png\" alt=\"\" class=\"wp-image-76095\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-20.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-20-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<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\/09\/word-image-76000-21.png\" alt=\"\" class=\"wp-image-76096\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-21.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-21-300x64.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\">\u7ebd\u8499\u7279\u77ff\u4e1a(NEM US): \u8ffd\u6c42\u9ec4\u91d1\uff01<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a74 \u76ee\u6807\u4ef7\uff1a82 \u6b62\u635f\u4ef7\uff1a70<\/strong><\/li>\n\n\n\n<li>\u7ebd\u8499\u7279\u77ff\u4e1a\u516c\u53f8\u4ece\u4e8b\u77ff\u4ea7\u8d44\u6e90\u7684\u6536\u8d2d\u3001\u52d8\u63a2\u548c\u5f00\u53d1\u3002\u516c\u53f8\u751f\u4ea7\u548c\u9500\u552e\u9ec4\u91d1\u3001\u94dc\u3001\u94f6\u3001\u950c\u548c\u94c5\uff0c\u670d\u52a1\u4e8e\u5168\u7403\u5ba2\u6237\u3002<\/li>\n\n\n\n<li><strong>\u5e02\u573a\u521b\u65b0\u91ca\u653e\u65b0\u9700\u6c42\u3002<\/strong>\u4e16\u754c\u9ec4\u91d1\u534f\u4f1a\uff08WGC\uff09\u8ba1\u5212\u63a8\u51fa\u6570\u5b57\u5f62\u5f0f\u7684\u9ec4\u91d1\uff0c\u8fd9\u6807\u5fd7\u7740\u5bf9\u9ec4\u91d1\u5e02\u573a\u7684\u6f5c\u5728\u53d8\u9769\u6027\u6b65\u9aa4\u3002\u6570\u5b57\u5316\u5c06\u4f7f\u4ea4\u6613\u3001\u7ed3\u7b97\u548c\u62b5\u62bc\u66f4\u52a0\u987a\u7545\uff0c\u4ece\u800c\u6269\u5927\u9ec4\u91d1\u5bf9\u96f6\u552e\u548c\u673a\u6784\u53c2\u4e0e\u8005\u7684\u53ef\u53ca\u6027\u3002\u5bf9\u4e8e\u50cf\u7ebd\u8499\u7279\u8fd9\u6837\u7684\u751f\u4ea7\u5546\uff0c\u589e\u5f3a\u7684\u6d41\u52a8\u6027\u548c\u900f\u660e\u5ea6\u53ef\u80fd\u4f1a\u523a\u6fc0\u65b0\u589e\u9700\u6c42\uff0c\u7279\u522b\u662f\u6765\u81ea\u5386\u53f2\u4e0a\u5bf9\u5b9e\u7269\u9ec4\u91d1\u5173\u6ce8\u4e0d\u8db3\u7684\u8d44\u672c\u5e02\u573a\u53c2\u4e0e\u8005\u3002<\/li>\n\n\n\n<li><strong>\u5b8f\u89c2\u548c\u8d27\u5e01\u56e0\u7d20\u589e\u5f3a\u9ec4\u91d1\u5438\u5f15\u529b\u3002<\/strong>\u9ec4\u91d1\u4ef7\u683c\u53d7\u76ca\u4e8e\u65e5\u76ca\u652f\u6301\u7684\u5b8f\u89c2\u80cc\u666f\u3002\u5e02\u573a\u5bf9\u7f8e\u56fd\u5373\u5c06\u964d\u606f\u7684\u9884\u671f\uff0c\u52a0\u4e0a\u5bf9\u7f8e\u8054\u50a8\u5728\u653f\u6cbb\u538b\u529b\u4e0b\u72ec\u7acb\u6027\u7684\u65e5\u76ca\u62c5\u5fe7\uff0c\u63a8\u52a8\u4e86\u5bf9\u907f\u9669\u8d44\u4ea7\u7684\u9700\u6c42\u3002\u4e2d\u592e\u94f6\u884c\u4ecd\u662f\u4e3b\u8981\u4e70\u5bb6\uff0cWGC\u6570\u636e\u663e\u793a\uff0c\u672a\u6765\u4e94\u5e74\u5185\uff0c\u4e2d\u592e\u94f6\u884c\u5c06\u6301\u7eed\u589e\u52a0\u9ec4\u91d1\u50a8\u5907\uff0c\u540c\u65f6\u51cf\u5c11\u7f8e\u5143\u6301\u6709\u3002\u8fd9\u4e00\u8d8b\u52bf\u5de9\u56fa\u4e86\u9ec4\u91d1\u4f5c\u4e3a\u901a\u80c0\u5bf9\u51b2\u548c\u5730\u7f18\u653f\u6cbb\u98ce\u9669\u7f13\u51b2\u7684\u6218\u7565\u4f5c\u7528\uff0c\u4e3a\u7ebd\u8499\u7279\u7684\u5b9a\u4ef7\u73af\u5883\u521b\u9020\u4e86\u6709\u5229\u6761\u4ef6\u3002<\/li>\n\n\n\n<li><strong>\u503a\u52a1\u548c\u503a\u5238\u52a8\u6001\u52a0\u5f3a\u907f\u9669\u9700\u6c42\u3002<\/strong>\u5bf9\u7f8e\u56fd\u3001\u6b27\u6d32\u548c\u65e5\u672c\u8d22\u653f\u8d64\u5b57\u7684\u62c5\u5fe7\u63a8\u52a8\u4e86\u5bf9\u6269\u5927\u4e3b\u6743\u503a\u52a1\u53d1\u884c\u7684\u9884\u671f\uff0c\u5c24\u5176\u662f\u5728\u957f\u671f\u5230\u671f\u503a\u52a1\u65b9\u9762\u3002\u8fd9\u4e00\u589e\u52a0\u7684\u4f9b\u5e94\u5f15\u53d1\u4e86\u6295\u8d44\u8005\u5bf9\u503a\u52a1\u53ef\u6301\u7eed\u6027\u548c\u4e3b\u6743\u4fe1\u7528\u98ce\u9669\u7684\u7126\u8651\uff0c\u4fc3\u4f7f\u8d44\u91d1\u91cd\u65b0\u5206\u914d\u5230\u8d35\u91d1\u5c5e\u4e2d\u3002\u968f\u7740\u6295\u8d44\u8005\u8d8a\u6765\u8d8a\u5bfb\u6c42\u4fdd\u62a4\u4ee5\u5e94\u5bf9\u8d22\u653f\u538b\u529b\u548c\u957f\u671f\u503a\u5238\u6ce2\u52a8\uff0c\u9ec4\u91d1\u9700\u6c42\u4fdd\u6301\u5f3a\u52b2\u3002\u7ebd\u8499\u7279\u5728\u8fd9\u4e00\u8f6c\u53d8\u4e2d\u5904\u4e8e\u826f\u597d\u4f4d\u7f6e\uff0c\u5176\u751f\u4ea7\u89c4\u6a21\u76f4\u63a5\u53d7\u76ca\u4e8e\u7ed3\u6784\u6027\u66f4\u9ad8\u7684\u9ec4\u91d1\u4ef7\u683c\u3002<\/li>\n\n\n\n<li><strong>\u65b0\u514b\u745e\u65af\u7279\u6536\u8d2d\u540e\u805a\u7126\u6210\u672c\u63a7\u5236\u3002<\/strong>\u5c3d\u7ba1\u5b8f\u89c2\u73af\u5883\u6709\u5229\uff0c\u7ebd\u8499\u7279\u4ecd\u9762\u4e34\u5185\u90e8\u6210\u672c\u6311\u6218\u3002\u4e0a\u534a\u5e74\u7efc\u5408\u7ef4\u6301\u6210\u672c\u540c\u6bd4\u4e0a\u53472%\uff0c\u8fbe\u5230\u6bcf\u76ce\u53f81,593\u7f8e\u5143\uff0c\u51f8\u663e\u4e86\u4e0e\u4f4e\u6210\u672c\u7ade\u4e89\u8005\u7f29\u5c0f\u5dee\u8ddd\u7684\u5fc5\u8981\u6027\u3002\u6d88\u606f\u6765\u6e90\u79f0\uff0c\u8be5\u77ff\u4e1a\u516c\u53f8\u5df2\u627f\u8bfa\u5b9e\u65bd\u6bcf\u76ce\u53f8\u964d\u4f4e300\u7f8e\u5143\u7684\u6210\u672c\u8ba1\u5212\uff0c\u8fd9\u53ef\u80fd\u6d89\u53ca\u5265\u79bb\u975e\u6838\u5fc3\u8d44\u4ea7\u3001\u88c1\u51cf\u5458\u5de5\u548c\u6536\u7d27\u8d44\u672c\u7eaa\u5f8b\uff0c\u4ee5\u5e94\u5bf9\u5176\u6570\u5341\u4ebf\u65b0\u514b\u745e\u65af\u7279\u6536\u8d2d\u540e\u7684\u60c5\u51b5\u3002\u8fd9\u4e9b\u4e3e\u63aa\u7684\u6210\u529f\u6267\u884c\u5bf9\u6bdb\u5229\u6269\u5f20\u81f3\u5173\u91cd\u8981\uff0c\u540c\u65f6\u4e5f\u6709\u52a9\u4e8e\u5728\u6210\u672c\u5f71\u54cd\u4f30\u503c\u500d\u6570\u7684\u884c\u4e1a\u4e2d\u4fdd\u6301\u7ade\u4e89\u529b\u3002<\/li>\n\n\n\n<li><strong>25\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8d22\u62a5\u56de\u987e\u3002<\/strong>\u6536\u5165\u540c\u6bd4\u589e\u957f20.9%\uff0c\u8fbe\u523053.2\u4ebf\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f4\u4ebf\u7f8e\u5143\u3002\u975eGAAP\u6bcf\u80a1\u6536\u76ca\u4e3a1.43\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.27\u7f8e\u5143\u3002\u7ebd\u8499\u7279\u8463\u4e8b\u4f1a\u6388\u6743\u989d\u5916\u768430\u4ebf\u7f8e\u5143\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\uff0c\u5e76\u5ba3\u5e03\u6bcf\u80a10.25\u7f8e\u5143\u7684\u5b63\u5ea6\u80a1\u606f\uff0c\u7b26\u5408\u4e4b\u524d\u7684\u5b89\u6392\uff0c\u5c06\u4e8e9\u670829\u65e5\u652f\u4ed8\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\/09\/a-blue-and-white-rectangular-object-with-numbers-12.png\" alt=\"A blue and white rectangular object with numbers\n\nAI-generated content may be incorrect.\" class=\"wp-image-76097\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-blue-and-white-rectangular-object-with-numbers-12.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-blue-and-white-rectangular-object-with-numbers-12-300x64.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=\"1083\" height=\"523\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-on-a-white-background-ai-generated-conten-1.jpeg\" alt=\"A graph on a white background\n\nAI-generated content may be incorrect.\" class=\"wp-image-76098\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-on-a-white-background-ai-generated-conten-1.jpeg 1083w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-on-a-white-background-ai-generated-conten-1-300x145.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-on-a-white-background-ai-generated-conten-1-1024x495.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-on-a-white-background-ai-generated-conten-1-768x371.jpeg 768w\" sizes=\"(max-width: 1083px) 100vw, 1083px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"940\" height=\"200\" class=\"wp-image-76099\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-long-line-of-a-flag-description-automatically-g-5.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\/09\/a-long-line-of-a-flag-description-automatically-g-5.png 940w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-long-line-of-a-flag-description-automatically-g-5-300x64.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-long-line-of-a-flag-description-automatically-g-5-768x163.png 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/><\/figure><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Arm Holdings Plc (ARM US): \u63d0\u9ad8\u589e\u957f\u96c4\u5fc3<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a135 \u76ee\u6807\u4ef7\uff1a155 \u6b62\u635f\u4ef7\uff1a125<\/strong><\/li>\n\n\n\n<li>ARM Holdings PLC\u662f\u4e00\u5bb6\u63a7\u80a1\u516c\u53f8\uff0c\u901a\u8fc7\u5176\u5b50\u516c\u53f8\u8bbe\u8ba1\u548c\u5236\u9020\u534a\u5bfc\u4f53\u6280\u672f\u53ca\u76f8\u5173\u4ea7\u54c1\uff0c\u5982\u8ba1\u7b97\u673a\u5904\u7406\u5668\u3001\u5185\u5b58\u63a7\u5236\u5668\u3001\u4e92\u8054\u7f51\u534f\u8bae\u7cfb\u7edf\u3001\u56fe\u5f62\u5904\u7406\u5668\u3001\u5b89\u5168\u548c\u5b58\u50a8\u8bbe\u5907\uff0c\u670d\u52a1\u4e8e\u5168\u7403\u6c7d\u8f66\u3001\u57fa\u7840\u8bbe\u65bd\u548c\u6d88\u8d39\u6280\u672f\u5e02\u573a\u3002<\/li>\n\n\n\n<li><strong>\u6218\u7565\u4eba\u624d\u62db\u8058\u52a0\u901f\u5185\u90e8\u82af\u7247\u96c4\u5fc3\u3002<\/strong>ARM\u62db\u8058\u4e9a\u9a6c\u900aAI\u82af\u7247\u4e13\u5bb6Rami Sinno\uff0c\u6807\u5fd7\u7740\u4ece\u4f20\u7edfIP\u6388\u6743\u6a21\u5f0f\u5411\u6784\u5efa\u5b8c\u6574\u82af\u7247\u548c\u82af\u7247\u6a21\u5757\u7684\u6218\u7565\u8f6c\u53d8\u3002ARM\u8fc7\u53bb\u4e3b\u8981\u4e3a\u5ba2\u6237\u5982\u82f9\u679c\u3001\u82f1\u4f1f\u8fbe\u548c\u9ad8\u901a\u8bbe\u8ba1\u67b6\u6784\u548c\u6307\u4ee4\u96c6\u3002\u901a\u8fc7\u5c06\u5229\u6da6\u6295\u8d44\u4e8e\u5f00\u53d1\u81ea\u6709\u6210\u54c1\u82af\u7247\u548c\u5b50\u7cfb\u7edf\uff0cARM\u6b63\u5411\u5782\u76f4\u6574\u5408\u89e3\u51b3\u65b9\u6848\u8fc8\u8fdb\uff0c\u9488\u5bf9\u9ad8\u6027\u80fdAI\u5de5\u4f5c\u8d1f\u8f7d\uff0c\u4e0e\u82f1\u4f1f\u8fbe\u548c\u5b9a\u5236\u8d85\u5927\u89c4\u6a21\u7845\u7ade\u4e89\u3002\u5c3d\u7ba1\u6267\u884c\u98ce\u9669\u8f83\u9ad8\uff0c\u4f46\u4ece\u4e9a\u9a6c\u900a\u3001HPE\u3001\u82f1\u7279\u5c14\u548c\u9ad8\u901a\u5f15\u5165\u9876\u5c16\u4eba\u624d\u663e\u793a\u7ba1\u7406\u5c42\u81f4\u529b\u4e8e\u5efa\u7acb\u5185\u90e8\u4e13\u4e1a\u77e5\u8bc6\u5e76\u5f25\u8865\u80fd\u529b\u5dee\u8ddd\u3002<\/li>\n\n\n\n<li><strong>\u521b\u7eaa\u5f55\u7684\u8bb8\u53ef\u548c\u7248\u7a0e\u589e\u957f\u5f70\u663e\u97e7\u6027\u5546\u4e1a\u6a21\u5f0f\u3002<\/strong>ARM\u5b9e\u73b0\u4e86\u521b\u7eaa\u5f55\u7684\u5b63\u5ea6\u6536\u516510.5\u4ebf\u7f8e\u5143\uff0c\u8fde\u7eed\u7b2c\u4e8c\u4e2a\u5b63\u5ea6\u7a81\u783410\u4ebf\u7f8e\u5143\u5927\u5173\u3002\u7248\u7a0e\u6536\u5165\u540c\u6bd4\u589e\u957f25%\uff0c\u8fbe\u52305.85\u4ebf\u7f8e\u5143\uff0c\u5f97\u76ca\u4e8eARMv9\u67b6\u6784\u7684\u65e5\u76ca\u666e\u53ca\u3001\u8ba1\u7b97\u5b50\u7cfb\u7edf\uff08CSS\uff09\u90e8\u7f72\u7684\u589e\u52a0\u4ee5\u53ca\u6570\u636e\u4e2d\u5fc3\u6e17\u900f\u7684\u589e\u5f3a\u3002\u73b0\u5728\u6709\u8d85\u8fc770,000\u5bb6\u4f01\u4e1a\u5728\u57fa\u4e8eARM Neoverse\u7684\u82af\u7247\u4e0a\u8fd0\u884c\u5de5\u4f5c\u8d1f\u8f7d\uff0c\u81ea2021\u5e74\u4ee5\u6765\u589e\u957f\u4e8614\u500d\uff0cARM\u7684\u751f\u6001\u7cfb\u7edf\u52bf\u5934\u6b63\u5728\u52a0\u901f\u3002CSS\u51cf\u5c11\u4e86\u5408\u4f5c\u4f19\u4f34\u7684\u5f00\u53d1\u65f6\u95f4\u548c\u6210\u672c\uff0c\u5df2\u5728\u6c7d\u8f66\u3001\u6570\u636e\u4e2d\u5fc3\u548cPC\u5e02\u573a\u83b7\u5f97\u8bbe\u8ba1\u80dc\u5229\uff0c\u5305\u62ec\u4e0e\u7279\u65af\u62c9\u3001\u5954\u9a70\u3001\u4e09\u661f\u548c\u5c0f\u7c73\u7b49\u9886\u5148OEM\u7684\u5408\u4f5c\u3002\u8fd9\u51f8\u663e\u4e86ARM\u901a\u8fc7\u6301\u7eed\u7684\u7248\u7a0e\u6d41\u8d27\u5e01\u5316\u521b\u65b0\u7684\u80fd\u529b\uff0c\u5c3d\u7ba1\u5176\u4ecd\u5728\u5c1d\u8bd5\u76f4\u63a5\u82af\u7247\u5f00\u53d1\u3002<\/li>\n\n\n\n<li><strong>2026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u76ca\u56de\u987e\u3002<\/strong>\u6536\u5165\u540c\u6bd4\u589e\u957f11.8%\uff0c\u8fbe\u523010.5\u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f1000\u4e07\u7f8e\u5143\u3002\u975eGAAP\u6bcf\u80a1\u6536\u76ca\u4e3a0.35\u7f8e\u5143\uff0c\u4e0e\u9884\u671f\u4e00\u81f4\u3002ARM\u9884\u8ba1\u7b2c\u4e8c\u5b63\u5ea6\u6536\u5165\u5c06\u572810.1\u4ebf\u7f8e\u5143\u81f311.1\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u4e0e\u5206\u6790\u5e08\u9884\u671f\u768410.5\u4ebf\u7f8e\u5143\u76f8\u7b26\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\/09\/a-blue-and-white-rectangular-object-with-numbers-13.png\" alt=\"A blue and white rectangular object with numbers\n\nAI-generated content may be incorrect.\" class=\"wp-image-76100\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-blue-and-white-rectangular-object-with-numbers-13.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-blue-and-white-rectangular-object-with-numbers-13-300x64.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=\"964\" height=\"607\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-showing-a-stock-market-ai-generated-conte-7.jpeg\" alt=\"A graph showing a stock market\n\nAI-generated content may be incorrect.\" class=\"wp-image-76101\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-showing-a-stock-market-ai-generated-conte-7.jpeg 964w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-showing-a-stock-market-ai-generated-conte-7-300x189.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-showing-a-stock-market-ai-generated-conte-7-768x484.jpeg 768w\" sizes=\"(max-width: 964px) 100vw, 964px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">(Source: Bloomberg)<\/p>\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<h3 class=\"wp-block-heading\"><a id=\"post-76000-_va9jaog5jnw3\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" class=\"wp-image-76102\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-27.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-27.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-27-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/h3>\n\n\n\n<figure class=\"wp-block-image\" id=\"td\"><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-28.png\" alt=\"\" class=\"wp-image-76103\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-28.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-28-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Trading Dashboard Update: <\/strong>Add Q&M Dental Group Ltd (QNM SP) at S$0.490, Xiaomi Corp (1810 HK) at HK$55, Nebius Group NV (NBIS US) at US$67, Arm Holdings Plc (ARM US) at US$135 and Mitsubishi UFJ Financial Group Inc (MUFG US) at US$15. Cut loss on Sunny Optical Technology Group (2382 HK) at HK$79, Apollo Group Management Inc (APO US) at US$132, Semiconductor Manufacturing International Co (981 HK) at HK$56 and CGN Mining Co Ltd (1164 HK) at HK$2.5.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"943\" height=\"545\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-29.png\" alt=\"\" class=\"wp-image-76104\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-29.png 943w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-29-300x173.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76000-29-768x444.png 768w\" sizes=\"(max-width: 943px) 100vw, 943px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-71807-_tiry8p5xvcqk\"><\/a><\/h3>\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\">\u8054\u7cfb\u6211\u4eec\u4e86\u89e3\u66f4\u591a\u4fe1\u606f<\/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 \u00a0 \u9999\u6e2f \u00a0 ^ Back To Top \u534e\u4fa8\u94f6\u884c(OCBC SP): \u5229\u7528\u533a\u57df\u4e13\u4e1a\u77e5\u8bc6\u5b9e\u73b0\u589e\u957f (Source: Bloomberg) \u00a0 \u5168\u6c11\u7259\u533b\u96c6\u56e2(\u65b0\u52a0\u5761)(QNM SP): \u66f4\u591a\u624b\u6bb5\u4e13\u6ce8\u4e8e\u6269\u5f20 (Source: Bloomberg) \u9f99\u6e90\u7535\u529b\u96c6\u56e2 (916 HK)\uff1a\u53d7\u76ca\u4e8e\u590f\u5b63\u5929\u6c14 (Source: Bloomberg) \u5c0f\u7c73\u96c6\u56e2 (1810 HK)\uff1a\u5404\u65b9\u9762\u5747\u5f3a\u52b2\u589e\u957f (Source: Bloomberg) \u7ebd\u8499\u7279\u77ff\u4e1a(NEM US): \u8ffd\u6c42\u9ec4\u91d1\uff01 (Source: Bloomberg) Arm Holdings Plc (ARM US): \u63d0\u9ad8\u589e\u957f\u96c4\u5fc3 (Source: Bloomberg) ^ Back To Top [&hellip;]<\/p>\n","protected":false},"author":10,"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-76000","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 \u534e\u4fa8\u94f6\u884c(OCBC SP): \u5229\u7528\u533a\u57df\u4e13\u4e1a\u77e5\u8bc6\u5b9e\u73b0\u589e\u957f \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a16.70\uff0c\u76ee\u6807\u4ef7\uff1a17.60\uff0c\u6b62\u635f\u4ef7\uff1a16.25 \u534e\u4fa8\u94f6\u884c\u63d0\u4f9b\u5168\u9762\u7684\u91d1\u878d\u670d\u52a1\u3002\u516c\u53f8\u7684\u670d\u52a1\u5305\u62ec\u5438\u6536\u5b58\u6b3e\u3001\u4f01\u4e1a\u3001\u4f01\u4e1a\u548c\u4e2a\u4eba\u8d37\u6b3e\u3001\u56fd\u9645\u8d38\u6613\u878d\u8d44\u3001\u6295\u8d44\u94f6\u884c\u3001\u79c1\u4eba\u94f6\u884c\u3001\u8d22\u52a1\u7ba1\u7406\u3001\u80a1\u7968\u7ecf\u7eaa\u3001\u4fdd\u9669\u3001\u4fe1\u7528\u5361\u3001\u73b0\u91d1\u7ba1\u7406\u3001\u8d44\u4ea7\u7ba1\u7406\u53ca\u5176\u4ed6\u91d1\u878d\u76f8\u5173\u670d\u52a1\u3002 \u6df1\u5316\u5370\u5ea6\u5c3c\u897f\u4e9a\u7684\u533a\u57df\u4e1a\u52a1\u3002OCBC\u5728\u5370\u5ea6\u5c3c\u897f\u4e9a\u62e5\u6709\u8d85\u8fc7200\u4e2a\u5206\u652f\u673a\u6784\u7684\u5e7f\u6cdb\u7f51\u7edc\uff0c\u4f7f\u5176\u80fd\u591f\u6355\u6349\u5916\u8d44\u4f01\u4e1a\u5728\u65b0\u56fd\u5185\u4f9b\u5e94\u94fe\u653f\u7b56\u4e0b\u6269\u5c55\u672c\u5730\u4e1a\u52a1\u6240\u5e26\u6765\u7684\u878d\u8d44\u9700\u6c42\u3002\u4f5c\u4e3a\u4e1c\u5357\u4e9a\u6700\u5927\u7684\u6d88\u8d39\u5e02\u573a\uff0c\u5370\u5ea6\u5c3c\u897f\u4e9a\u5438\u5f15\u4e86\u5e0c\u671b\u672c\u5730\u5316\u751f\u4ea7\u7684\u5236\u9020\u5546\u3001\u98df\u54c1\u996e\u6599\u54c1\u724c\u548c\u533b\u7597\u4fdd\u5065\u516c\u53f8\u3002OCBC\u5728\u4fc3\u8fdb\u5408\u8d44\u4f01\u4e1a\u3001\u63d0\u4f9b\u591a\u5e01\u79cd\u8d26\u6237\u548c\u8425\u8fd0\u8d44\u91d1\u878d\u8d44\u7b49\u65b9\u9762\u53d1\u6325\u4e86\u5173\u952e\u4f5c\u7528\u3002\u8fd9\u4e00\u6218\u7565\u5e03\u5c40\u4e0d\u4ec5\u4f7fOCBC\u7684\u8d37\u6b3e\u589e\u957f\u8d85\u8d8a\u65b0\u52a0\u5761\uff0c\u8fd8\u589e\u5f3a\u4e86\u5176\u5728\u4e1c\u76df\u4f01\u4e1a\u5e94\u5bf9\u5173\u7a0e\u51b2\u51fb\u548c\u4f9b\u5e94\u94fe\u533a\u57df\u5316\u8fc7\u7a0b\u4e2d\u7684\u76f8\u5173\u6027\u3002 \u901a\u8fc7\u4ee3\u5e01\u5316\u5546\u4e1a\u7968\u636e\u5b9e\u73b0\u521b\u65b0\u3002OCBC\u63a8\u51fa\u4e86\u4ef7\u503c10\u4ebf\u7f8e\u5143\u7684\u6570\u5b57\u7f8e\u56fd\u5546\u4e1a\u7968\u636e\uff08CP\uff09\u8ba1\u5212\uff0c\u8865\u5145\u5176\u73b0\u6709\u7684250\u4ebf\u7f8e\u5143\u4f20\u7edfCP\u6846\u67b6\u3002\u901a\u8fc7\u5229\u7528\u533a\u5757\u94fe\u6280\u672f\uff0c\u94f6\u884c\u53ef\u4ee5\u53d1\u884c\u4ee3\u5e01\u5316\u7684CP\uff0c\u8fdb\u5165\u4ef7\u503c1.4\u4e07\u4ebf\u7f8e\u5143\u7684\u7f8e\u56fdCP\u5e02\u573a\uff0c\u540c\u65f6\u964d\u4f4e\u878d\u8d44\u6210\u672c\u5e76\u63d0\u9ad8\u8fd0\u8425\u6548\u7387\u3002\u9996\u6b21\u53d1\u884c\u4e8e8\u670820\u65e5\u8fdb\u884c\uff0c\u7531\u6469\u6839\u5927\u901a\u62c5\u4efb\u552f\u4e00\u4ea4\u6613\u5546\u3002\u8fd9\u4e00\u4e3e\u63aa\u51f8\u663e\u4e86OCBC\u81f4\u529b\u4e8e\u5546\u4e1a\u5316\u65b0\u52a0\u5761\u5feb\u901f\u53d1\u5c55\u7684\u533a\u5757\u94fe\u751f\u6001\u7cfb\u7edf\u548c\u8d44\u4ea7\u4ee3\u5e01\u5316\u8d8b\u52bf\u3002\u83b7\u53d6\u66f4\u4fbf\u5b9c\u3001\u591a\u6837\u5316\u7684\u7f8e\u5143\u878d\u8d44\u6765\u6e90\u589e\u5f3a\u4e86\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u7075\u6d3b\u6027\uff0c\u652f\u6301\u5168\u7403\u6269\u5c55\u548c\u6d41\u52a8\u6027\u7ba1\u7406\u3002 \u5728\u5229\u6da6\u538b\u529b\u4e0b\u7684\u907f\u9669\u5730\u4f4d\u3002OCBC\u62a5\u544a2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u964d7%\uff0c\u964d\u81f318.2\u4ebf\u65b0\u5143\uff0c\u56e0\u5229\u7387\u4e0b\u964d\u5bf9\u51c0\u5229\u606f\u6536\u5165\u9020\u6210\u538b\u529b\uff0c\u540c\u6bd4\u4e0b\u964d6%\uff0c\u51c0\u5229\u606f\u5229\u6da6\u7387\u4e3a1.92%\uff0c\u4f4e\u4e8e\u53bb\u5e74\u76842.20%\u3002\u5c3d\u7ba1\u9762\u4e34\u8fd9\u4e9b\u6311\u6218\uff0c\u6536\u76ca\u4ecd\u8d85\u51fa\u5e02\u573a\u9884\u671f\uff0c\u5f97\u76ca\u4e8e\u7a33\u5b9a\u7684\u624b\u7eed\u8d39\u548c\u4ea4\u6613\u6536\u5165\u589e\u957f\uff0c\u8d22\u5bcc\u7ba1\u7406\u624b\u7eed\u8d39\u540c\u6bd4\u6fc0\u589e31.6%\uff0c\u663e\u793a\u51fa\u94f6\u884c\u591a\u5143\u5316\u6536\u5165\u6765\u6e90\u7684\u80fd\u529b\u3002\u6bcf\u80a1\u80a1\u606f\u51cf\u5c11\u81f341\u65b0\u5143\u5206\uff0c\u76f8\u5f53\u4e8e50%\u7684\u6d3e\u606f\u7387\u3002\u5728\u5168\u7403\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u548c\u7f8e\u56fd\u5173\u7a0e\u5f71\u54cd\u7684\u80cc\u666f\u4e0b\uff0cOCBC\u7ee7\u7eed\u53d7\u76ca\u4e8e\u65b0\u52a0\u5761\u7684\u91d1\u878d\u907f\u98ce\u6e2f\u5730\u4f4d\uff0c\u5438\u5f15\u533a\u57df\u8d22\u5bcc\u6d41\u52a8\u548c\u6295\u8d44\u9700\u6c42\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u4e0b\u534a\u5e74\u5168\u7403\u548c\u533a\u57df\u589e\u957f\u5c06\u653e\u7f13\uff0c\u4f46\u5176\u5f3a\u52b2\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u3001\u7a33\u5b9a\u7684\u4e0d\u826f\u8d37\u6b3e\u6bd4\u4f8b\u4e3a0.9%\u548c\u524d\u77bb\u6027\u62e8\u5907\u652f\u6491\u4e86\u5176\u97e7\u6027\u3002\u8d37\u6b3e\u589e\u957f\u4fdd\u6301\u7a33\u5b9a\uff0c\u4e3b\u8981\u7531\u4f4f\u623f\u3001\u6570\u636e\u4e2d\u5fc3\u548c\u533a\u57df\u4f01\u4e1a\u8d37\u6b3e\u9a71\u52a8\uff0c\u5f3a\u5316\u4e86\u5176\u5bf9\u4e1c\u76df\u548c\u5927\u4e2d\u534e\u533a\u673a\u4f1a\u7684\u957f\u671f\u79ef\u6781\u5c55\u671b\u3002 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002OCBC\u62a5\u544a2025\u5e74\u4e0a\u534a\u5e74\u603b\u6536\u5165\u4e3a72\u4ebf\u65b0\u5143\uff0c\u540c\u6bd4\u4e0b\u964d1%\u3002\u96c6\u56e2\u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u964d6%\uff0c\u964d\u81f337\u4ebf\u65b0\u5143\uff0c\u94f6\u884c\u4e1a\u52a1\u51c0\u5229\u6da6\u4e0b\u964d8%\uff0c\u964d\u81f331.5\u4ebf\u65b0\u5143\uff0c\u51c0\u5229\u606f\u5229\u6da6\u7387\u4e0b\u964d25\u4e2a\u57fa\u70b9\u81f31.98%\u3002\u572850%\u7684\u6d3e\u606f\u7387\u4e0b\uff0c\u5ba3\u5e03\u6bcf\u80a1\u80a1\u606f\u4e3a41\u65b0\u5143\u5206\u3002OCBC\u76842025\u5e74\u4e0a\u534a\u5e74\u6bcf\u80a1\u6536\u76ca\u4e3a1.64\u65b0\u5143\u3002\u96c6\u56e2\u4ecd\u81f4\u529b\u4e8e\u4e4b\u524d\u5ba3\u5e03\u768425\u4ebf\u65b0\u5143\u8d44\u672c\u56de\u62a5\u8ba1\u5212\uff0c\u5305\u62ec\u53602025\u8d22\u5e74\u96c6\u56e2\u51c0\u5229\u6da610%\u7684\u7279\u522b\u80a1\u606f\u548c\u4e3a\u671f\u4e24\u5e74\u7684\u80a1\u7968\u56de\u8d2d\uff0c\u9884\u8ba1\u57282026\u5e74\u5b8c\u6210\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u5168\u6c11\u7259\u533b\u96c6\u56e2(\u65b0\u52a0\u5761)(QNM SP): \u66f4\u591a\u624b\u6bb5\u4e13\u6ce8\u4e8e\u6269\u5f20 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.490\uff0c\u76ee\u6807\u4ef7\uff1a0.530\uff0c\u6b62\u635f\u4ef7\uff1a0.470 \u5168\u6c11\u7259\u533b\u96c6\u56e2(\u65b0\u52a0\u5761)\u6709\u9650\u516c\u53f8\u7ecf\u8425\u7259\u79d1\u8bca\u6240\u3002\u8be5\u516c\u53f8\u63d0\u4f9b\u7f8e\u5bb9\u3001\u513f\u7ae5\u548c\u7efc\u5408\u53e3\u8154\u79d1\uff1b\u914d\u6234\u7259\u5957\u3001\u5047\u7259\u548c\u7259\u9f7f\u5b9a\u4f4d\u5668\uff1b\u5e76\u63d0\u4f9b\u7259\u9f88\u51fa\u8840\u7684\u6cbb\u7597\u3001\u7259\u9f88\u5916\u79d1\u548c\u53e3\u8154\u5916\u79d1\uff1b\u8fd8\u6cbb\u7597\u6253\u9f3e\u548c\u78e8\u7259\u3002 \u7ee7\u7eed\u805a\u7126\u4e1a\u52a1\u6269\u5f20\u3002\u8be5\u96c6\u56e2\u5c06\u7ee7\u7eed\u81f4\u529b\u4e8e\u62d3\u5c55\u5176\u5728\u65b0\u52a0\u5761\u7684\u8bca\u6240\u7f51\u7edc\uff0c\u4e3b\u8981\u901a\u8fc7\u6709\u673a\u589e\u957f\uff0c\u5e76\u8f85\u4ee5\u80fd\u5e26\u6765\u589e\u503c\u6548\u76ca\u7684\u6536\u8d2d\u3002\u5728\u65b0\u52a0\u5761\u4ee5\u5916\uff0cQ&amp;M\u6b63\u79ef\u6781\u63a2\u7d22\u67d4\u4f5b-\u65b0\u52a0\u5761\u7ecf\u6d4e\u7279\u533a\uff08JS-SEZ\uff09\u7684\u673a\u9047\uff0c\u4ee5\u5e94\u5bf9\u5b9a\u4e8e2026\u5e7412\u6708\u542f\u52a8\u7684\u67d4\u4f5b\u65b0\u5c71-\u65b0\u52a0\u5761\u5730\u94c1\u7cfb\u7edf\uff08RTS\uff09\u53ef\u80fd\u5bfc\u81f4\u7684\u60a3\u8005\u6d41\u5931\uff0c\u56e0\u4e3a\u6709\u5229\u7684\u8d27\u5e01\u6c47\u7387\u53ef\u80fd\u4f1a\u6fc0\u52b1\u60a3\u8005\u5230\u67d4\u4f5b\u5bfb\u6c42\u8de8\u5883\u7259\u79d1\u62a4\u7406\u670d\u52a1\u3002\u5728\u4e2d\u56fd\uff0c\u968f\u7740\u7259\u79d1\u884c\u4e1a\u6574\u5408\u52a0\u901f\uff0cQ&amp;M\u6b63\u8c28\u614e\u8bc4\u4f30\u6269\u5f20\u673a\u4f1a\u3002\u4e3a\u4e86\u652f\u6301\u8fd9\u4e9b\u4e3e\u63aa\uff0c\u8be5\u96c6\u56e2\u8fd1\u671f\u6210\u529f\u53d1\u884c\u4e861.3\u4ebf\u65b0\u5143\u3001\u5229\u73873.95%\u7684\u7968\u636e\uff0c\u83b7\u5f97\u4e86\u6295\u8d44\u8005\u7684\u5f3a\u52b2\u9700\u6c42\u3002\u8fd9\u7b14\u8d44\u91d1\u8fde\u540c\u5176\u7a33\u5065\u7684\u73b0\u91d1\u72b6\u51b5\uff0c\u4e3aQ&amp;M\u63d0\u4f9b\u4e86\u8d22\u52a1\u7075\u6d3b\u6027\uff0c\u4f7f\u5176\u80fd\u591f\u540c\u65f6\u5bfb\u6c42\u5e76\u8d2d\u548c\u6709\u673a\u589e\u957f\u673a\u4f1a\u3002 \u9884\u8ba12025\u5e74\u4e0b\u534a\u5e74\u7259\u79d1\u8bca\u7597\u91cf\u5c06\u589e\u52a0\u3002Q&amp;M\u9884\u8ba12025\u5e74\u4e0b\u534a\u5e74\u7259\u79d1\u8bca\u7597\u9700\u6c42\u5c06\u66f4\u4e3a\u5f3a\u52b2\uff0c\u56e0\u4e3a\u5c4a\u65f6\u5c06\u6709\u66f4\u591a\u5458\u5de5\u5f00\u59cb\u4f7f\u7528\u516c\u53f8\u63d0\u4f9b\u7684\u7259\u79d1\u798f\u5229\u3002\u6b64\u5916\uff0c\u65b0\u52a0\u5761\u653f\u5e9c\u5ba3\u5e03\uff0c\u6839\u636eCHAS\u8ba1\u5212\uff0c\u5c06\u4ece2025\u5e74\u7b2c\u56db\u5b63\u5ea6\u8d77\u63d0\u9ad8\u7259\u79d1\u8865\u8d34\u3002\u8fd9\u4e9b\u8865\u8d34\u5c06\u6709\u52a9\u4e8e\u62b5\u6d88\u9ad8\u4ef7\u503c\u8bca\u7597\u7a0b\u5e8f\u7684\u8d39\u7528\uff0c\u9f13\u52b1\u66f4\u591a\u60a3\u8005\u5c31\u533b\u3002\u8fd9\u4e9b\u5229\u597d\u56e0\u7d20\u7684\u5171\u540c\u4f5c\u7528\u5e94\u4f1a\u5e26\u6765\u66f4\u9ad8\u7684\u60a3\u8005\u6570\u91cf\uff0c\u5e76\u652f\u6301\u8425\u6536\u589e\u957f\u3002 \u6574\u5408\u4e2d\u56fd\u4e1a\u52a1\u30022025\u5e74\u4e0a\u534a\u5e74\uff0cQ&amp;M\u5ba3\u5e03\u5c06Aoxin Q&amp;M\u4ece\u6743\u76ca\u6cd5\u6838\u7b97\u7684\u8054\u8425\u516c\u53f8\u6574\u5408\u4e3a\u5b50\u516c\u53f8\uff0c\u4ece\u800c\u83b7\u5f97\u4e86\u5bf9\u5176\u8d22\u52a1\u548c\u8fd0\u8425\u653f\u7b56\u66f4\u5927\u7684\u63a7\u5236\u6743\u3002\u6b64\u4e3e\u7b26\u5408Q&amp;M\u7684\u5e76\u8d2d\u9a71\u52a8\u578b\u589e\u957f\u6218\u7565\uff0c\u5e76\u5de9\u56fa\u4e86\u5176\u5728\u4e2d\u56fd\u5feb\u901f\u6574\u5408\u7684\u7259\u79d1\u5e02\u573a\u4e2d\u7684\u5730\u4f4d\u3002\u901a\u8fc7\u5c06Aoxin\u5b8c\u5168\u7eb3\u5165\u5176\u65d7\u4e0b\uff0cQ&amp;M\u80fd\u66f4\u597d\u5730\u5229\u7528\u5176\u8d44\u6e90\u548c\u4e13\u4e1a\u77e5\u8bc6\uff0c\u4ee5\u6293\u4f4f\u4e2d\u56fd\u672a\u6765\u7684\u6269\u5f20\u673a\u9047\u3002 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002Q &amp; M\u7259\u79d1\u96c6\u56e2\u62a5\u544a\u79f0\uff0c2025\u5e74\u4e0a\u534a\u5e74\u7684\u603b\u8425\u6536\u4e3a8,840\u4e07\u65b0\u5143\uff0c\u4e0e2024\u5e74\u4e0a\u534a\u5e74\u76848,880\u4e07\u65b0\u5143\u76f8\u6bd4\u6301\u5e73\u30022025\u5e74\u4e0a\u534a\u5e74\uff0c\u8be5\u96c6\u56e2\u6838\u5fc3\u7259\u79d1\u4e1a\u52a1\u7684\u8425\u6536\u8d21\u732e\u589e\u957f\u4e864%\uff0c\u8fbe\u52308,720\u4e07\u65b0\u5143\uff0c\u800c2024\u5e74\u540c\u671f\u4e3a8,420\u4e07\u65b0\u5143\uff0c\u4f46\u90e8\u5206\u88ab\u5176\u4ed6\u4e1a\u52a1\u6536\u5165\u7684\u4e0b\u964d\u6240\u62b5\u6d88\uff0c\u540e\u8005\u4ece\u4e00\u5e74\u524d\u7684456\u4e07\u65b0\u5143\u964d\u81f32025\u5e74\u4e0a\u534a\u5e74\u7684118\u4e07\u65b0\u5143\uff0c\u8fd9\u4e3b\u8981\u662f\u7531\u4e8e\u8be5\u96c6\u56e2\u533b\u7597\u5b9e\u9a8c\u5ba4\u4e1a\u52a1\u7684\u7ec8\u6b62\u3002\u7136\u800c\uff0c\u8be5\u96c6\u56e2\u57282025\u5e74\u4e0a\u534a\u5e74\u56e0\u5c06Aoxin Q &amp; M\u548cEM2AI\u4ece\u6743\u76ca\u6cd5\u6838\u7b97\u7684\u8054\u8425\u516c\u53f8\u6574\u5408\u4e3a\u96c6\u56e2\u5b50\u516c\u53f8\uff0c\u4e5f\u4ea7\u751f\u4e86440\u4e07\u65b0\u5143\u7684\u4e8f\u635f\u3002\u8c03\u6574\u540e\u7684\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f1.6%\uff0c\u8fbe\u5230841\u4e07\u65b0\u5143\uff0c\u800c2024\u5e74\u540c\u671f\u4e3a827\u4e07\u65b0\u5143\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u9f99\u6e90\u7535\u529b\u96c6\u56e2 (916 HK)\uff1a\u53d7\u76ca\u4e8e\u590f\u5b63\u5929\u6c14 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a6.90\uff0c\u76ee\u6807\u4ef7\uff1a7.70\uff0c\u6b62\u635f\u4ef7\uff1a6.50 \u9f99\u6e90\u7535\u529b\u96c6\u56e2\u80a1\u4efd\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u4ee5\u5f00\u53d1\u8fd0\u8425\u65b0\u80fd\u6e90\u4e3a\u4e3b\u7684\u7efc\u5408\u6027\u53d1\u7535\u7684\u4e2d\u56fd\u516c\u53f8\u3002\u8be5\u516c\u53f8\u7ecf\u8425\u56db\u4e2a\u5206\u90e8\u3002\u98ce\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u53ca\u8fd0\u8425\u98ce\u529b\u53d1\u7535\u5382\u4ee5\u53ca\u751f\u4ea7\u7535\u529b\u5e76\u51fa\u552e\u4e88\u7535\u7f51\u516c\u53f8\u3002\u706b\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u53ca\u8fd0\u8425\u7164\u70ad\u53d1\u7535\u5382\u4ee5\u53ca\u751f\u4ea7\u7535\u529b\u5e76\u51fa\u552e\u4e88\u7535\u7f51\u516c\u53f8\u3002\u5149\u4f0f\u53d1\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u548c\u8425\u8fd0\u5149\u4f0f\u53d1\u7535\u5382\u548c\u751f\u4ea7\u7535\u529b\uff0c\u51fa\u552e\u4e88\u5916\u95f4\u7535\u7f51\u516c\u53f8\u3002\u6240\u6709\u5176\u4ed6\u5206\u90e8\u4e3b\u8981\u4ece\u4e8b\u5236\u9020\u548c\u9500\u552e\u53d1\u7535\u8bbe\u5907\u3001\u63d0\u4f9b\u54a8\u8be2\u670d\u52a1\uff0c\u5411\u98ce\u529b\u4f01\u4e1a\u63d0\u4f9b\u7ef4\u62a4\u548c\u57f9\u8bad\u670d\u52a1\u53ca\u5176\u4ed6\u53ef\u518d\u751f\u80fd\u6e90\u53d1\u7535\u53ca\u9500\u552e\u3002 7\u6708\u7528\u7535\u91cf\u521b\u7eaa\u5f55\u3002\u6839\u636e\u56fd\u5bb6\u80fd\u6e90\u5c40\uff08NEA\uff09\u7684\u6570\u636e\uff0c\u4e2d\u56fd7\u6708\u7535\u529b\u9700\u6c42\u6fc0\u589e\u81f3\u5386\u53f2\u65b0\u9ad8\uff0c\u5168\u793e\u4f1a\u7528\u7535\u91cf\u8fbe\u52301.02\u4e07\u4ebf\u5343\u74e6\u65f6\uff0c\u540c\u6bd4\u589e\u957f8.6%\u3002\u521b\u7eaa\u5f55\u7684\u7528\u7535\u91cf\u5f97\u76ca\u4e8e\u56fd\u5185\u9700\u6c42\u7684\u97e7\u6027\u3001\u65b0\u8d28\u751f\u4ea7\u529b\u7684\u62d3\u5c55\u4ee5\u53ca\u5de5\u4e1a\u6d3b\u52a8\u548c\u51fa\u53e3\u597d\u4e8e\u9884\u671f\u7684\u53cd\u5f39\u3002\u8fd9\u79cd\u5f3a\u52b2\u7684\u9700\u6c42\u73af\u5883\u5e94\u80fd\u4e3a\u9f99\u6e90\u7535\u529b\u96c6\u56e2\u63d0\u4f9b\u8fd1\u671f\u652f\u6491\u3002 \u70ed\u6d6a\u63a8\u52a8\u8425\u6536\u589e\u957f\u3002\u636e\u4e2d\u56fd\u6c14\u8c61\u5c40\uff08CMA\uff09\u6570\u636e\uff0c\u4e2d\u56fd\u7ecf\u5386\u4e86\u6709\u8bb0\u5f55\u4ee5\u6765\u6700\u70ed\u7684\u590f\u5b63\uff0c6\u6708\u81f38\u6708\u5168\u56fd\u5e73\u5747\u6c14\u6e29\u8fbe\u523022.31\u00b0C\u3002\u957f\u65f6\u95f4\u7684\u70ed\u6d6a\uff0c\u5c24\u5176\u662f\u5728\u5357\u65b9\u5730\u533a\uff0c\u4fc3\u4f7f\u5bb6\u5ead\u548c\u4f01\u4e1a\u589e\u52a0\u4e86\u964d\u6e29\u9700\u6c42\uff0c\u8fdb\u4e00\u6b65\u63d0\u5347\u4e86\u7528\u7535\u91cf\u3002\u9884\u8ba1\u8fd9\u79cd\u9ad8\u4f4d\u9700\u6c42\u5c06\u4e3a\u9f99\u6e90\u7535\u529b\u5e26\u6765\u77ed\u671f\u7684\u8425\u6536\u63d0\u632f\u3002\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Keith Tan\"\/>\n\t<meta name=\"keywords\" content=\"kgi daily trading ideas (chinese)\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-05-sep-2025-zh\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.8\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"KGI Singapore Research \u2022 Singapore&#039;s leading broker offering Futures, FX, Equities and Wealth Management.\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e749\u67085\u65e5: \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"\u65b0\u52a0\u5761\u80a1\u7968\u63a8\u8350 | \u9999\u6e2f\u80a1\u7968\u63a8\u8350 | \u7f8e\u80a1\u63a8\u8350 | \u884c\u4e1a\u677f\u5757\u8868\u73b0 | \u4ea4\u6613\u9f99\u864e\u699c \u7f8e\u56fd \u9999\u6e2f ^ Back To Top \u534e\u4fa8\u94f6\u884c(OCBC SP): \u5229\u7528\u533a\u57df\u4e13\u4e1a\u77e5\u8bc6\u5b9e\u73b0\u589e\u957f \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a16.70\uff0c\u76ee\u6807\u4ef7\uff1a17.60\uff0c\u6b62\u635f\u4ef7\uff1a16.25 \u534e\u4fa8\u94f6\u884c\u63d0\u4f9b\u5168\u9762\u7684\u91d1\u878d\u670d\u52a1\u3002\u516c\u53f8\u7684\u670d\u52a1\u5305\u62ec\u5438\u6536\u5b58\u6b3e\u3001\u4f01\u4e1a\u3001\u4f01\u4e1a\u548c\u4e2a\u4eba\u8d37\u6b3e\u3001\u56fd\u9645\u8d38\u6613\u878d\u8d44\u3001\u6295\u8d44\u94f6\u884c\u3001\u79c1\u4eba\u94f6\u884c\u3001\u8d22\u52a1\u7ba1\u7406\u3001\u80a1\u7968\u7ecf\u7eaa\u3001\u4fdd\u9669\u3001\u4fe1\u7528\u5361\u3001\u73b0\u91d1\u7ba1\u7406\u3001\u8d44\u4ea7\u7ba1\u7406\u53ca\u5176\u4ed6\u91d1\u878d\u76f8\u5173\u670d\u52a1\u3002 \u6df1\u5316\u5370\u5ea6\u5c3c\u897f\u4e9a\u7684\u533a\u57df\u4e1a\u52a1\u3002OCBC\u5728\u5370\u5ea6\u5c3c\u897f\u4e9a\u62e5\u6709\u8d85\u8fc7200\u4e2a\u5206\u652f\u673a\u6784\u7684\u5e7f\u6cdb\u7f51\u7edc\uff0c\u4f7f\u5176\u80fd\u591f\u6355\u6349\u5916\u8d44\u4f01\u4e1a\u5728\u65b0\u56fd\u5185\u4f9b\u5e94\u94fe\u653f\u7b56\u4e0b\u6269\u5c55\u672c\u5730\u4e1a\u52a1\u6240\u5e26\u6765\u7684\u878d\u8d44\u9700\u6c42\u3002\u4f5c\u4e3a\u4e1c\u5357\u4e9a\u6700\u5927\u7684\u6d88\u8d39\u5e02\u573a\uff0c\u5370\u5ea6\u5c3c\u897f\u4e9a\u5438\u5f15\u4e86\u5e0c\u671b\u672c\u5730\u5316\u751f\u4ea7\u7684\u5236\u9020\u5546\u3001\u98df\u54c1\u996e\u6599\u54c1\u724c\u548c\u533b\u7597\u4fdd\u5065\u516c\u53f8\u3002OCBC\u5728\u4fc3\u8fdb\u5408\u8d44\u4f01\u4e1a\u3001\u63d0\u4f9b\u591a\u5e01\u79cd\u8d26\u6237\u548c\u8425\u8fd0\u8d44\u91d1\u878d\u8d44\u7b49\u65b9\u9762\u53d1\u6325\u4e86\u5173\u952e\u4f5c\u7528\u3002\u8fd9\u4e00\u6218\u7565\u5e03\u5c40\u4e0d\u4ec5\u4f7fOCBC\u7684\u8d37\u6b3e\u589e\u957f\u8d85\u8d8a\u65b0\u52a0\u5761\uff0c\u8fd8\u589e\u5f3a\u4e86\u5176\u5728\u4e1c\u76df\u4f01\u4e1a\u5e94\u5bf9\u5173\u7a0e\u51b2\u51fb\u548c\u4f9b\u5e94\u94fe\u533a\u57df\u5316\u8fc7\u7a0b\u4e2d\u7684\u76f8\u5173\u6027\u3002 \u901a\u8fc7\u4ee3\u5e01\u5316\u5546\u4e1a\u7968\u636e\u5b9e\u73b0\u521b\u65b0\u3002OCBC\u63a8\u51fa\u4e86\u4ef7\u503c10\u4ebf\u7f8e\u5143\u7684\u6570\u5b57\u7f8e\u56fd\u5546\u4e1a\u7968\u636e\uff08CP\uff09\u8ba1\u5212\uff0c\u8865\u5145\u5176\u73b0\u6709\u7684250\u4ebf\u7f8e\u5143\u4f20\u7edfCP\u6846\u67b6\u3002\u901a\u8fc7\u5229\u7528\u533a\u5757\u94fe\u6280\u672f\uff0c\u94f6\u884c\u53ef\u4ee5\u53d1\u884c\u4ee3\u5e01\u5316\u7684CP\uff0c\u8fdb\u5165\u4ef7\u503c1.4\u4e07\u4ebf\u7f8e\u5143\u7684\u7f8e\u56fdCP\u5e02\u573a\uff0c\u540c\u65f6\u964d\u4f4e\u878d\u8d44\u6210\u672c\u5e76\u63d0\u9ad8\u8fd0\u8425\u6548\u7387\u3002\u9996\u6b21\u53d1\u884c\u4e8e8\u670820\u65e5\u8fdb\u884c\uff0c\u7531\u6469\u6839\u5927\u901a\u62c5\u4efb\u552f\u4e00\u4ea4\u6613\u5546\u3002\u8fd9\u4e00\u4e3e\u63aa\u51f8\u663e\u4e86OCBC\u81f4\u529b\u4e8e\u5546\u4e1a\u5316\u65b0\u52a0\u5761\u5feb\u901f\u53d1\u5c55\u7684\u533a\u5757\u94fe\u751f\u6001\u7cfb\u7edf\u548c\u8d44\u4ea7\u4ee3\u5e01\u5316\u8d8b\u52bf\u3002\u83b7\u53d6\u66f4\u4fbf\u5b9c\u3001\u591a\u6837\u5316\u7684\u7f8e\u5143\u878d\u8d44\u6765\u6e90\u589e\u5f3a\u4e86\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u7075\u6d3b\u6027\uff0c\u652f\u6301\u5168\u7403\u6269\u5c55\u548c\u6d41\u52a8\u6027\u7ba1\u7406\u3002 \u5728\u5229\u6da6\u538b\u529b\u4e0b\u7684\u907f\u9669\u5730\u4f4d\u3002OCBC\u62a5\u544a2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u964d7%\uff0c\u964d\u81f318.2\u4ebf\u65b0\u5143\uff0c\u56e0\u5229\u7387\u4e0b\u964d\u5bf9\u51c0\u5229\u606f\u6536\u5165\u9020\u6210\u538b\u529b\uff0c\u540c\u6bd4\u4e0b\u964d6%\uff0c\u51c0\u5229\u606f\u5229\u6da6\u7387\u4e3a1.92%\uff0c\u4f4e\u4e8e\u53bb\u5e74\u76842.20%\u3002\u5c3d\u7ba1\u9762\u4e34\u8fd9\u4e9b\u6311\u6218\uff0c\u6536\u76ca\u4ecd\u8d85\u51fa\u5e02\u573a\u9884\u671f\uff0c\u5f97\u76ca\u4e8e\u7a33\u5b9a\u7684\u624b\u7eed\u8d39\u548c\u4ea4\u6613\u6536\u5165\u589e\u957f\uff0c\u8d22\u5bcc\u7ba1\u7406\u624b\u7eed\u8d39\u540c\u6bd4\u6fc0\u589e31.6%\uff0c\u663e\u793a\u51fa\u94f6\u884c\u591a\u5143\u5316\u6536\u5165\u6765\u6e90\u7684\u80fd\u529b\u3002\u6bcf\u80a1\u80a1\u606f\u51cf\u5c11\u81f341\u65b0\u5143\u5206\uff0c\u76f8\u5f53\u4e8e50%\u7684\u6d3e\u606f\u7387\u3002\u5728\u5168\u7403\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u548c\u7f8e\u56fd\u5173\u7a0e\u5f71\u54cd\u7684\u80cc\u666f\u4e0b\uff0cOCBC\u7ee7\u7eed\u53d7\u76ca\u4e8e\u65b0\u52a0\u5761\u7684\u91d1\u878d\u907f\u98ce\u6e2f\u5730\u4f4d\uff0c\u5438\u5f15\u533a\u57df\u8d22\u5bcc\u6d41\u52a8\u548c\u6295\u8d44\u9700\u6c42\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u4e0b\u534a\u5e74\u5168\u7403\u548c\u533a\u57df\u589e\u957f\u5c06\u653e\u7f13\uff0c\u4f46\u5176\u5f3a\u52b2\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u3001\u7a33\u5b9a\u7684\u4e0d\u826f\u8d37\u6b3e\u6bd4\u4f8b\u4e3a0.9%\u548c\u524d\u77bb\u6027\u62e8\u5907\u652f\u6491\u4e86\u5176\u97e7\u6027\u3002\u8d37\u6b3e\u589e\u957f\u4fdd\u6301\u7a33\u5b9a\uff0c\u4e3b\u8981\u7531\u4f4f\u623f\u3001\u6570\u636e\u4e2d\u5fc3\u548c\u533a\u57df\u4f01\u4e1a\u8d37\u6b3e\u9a71\u52a8\uff0c\u5f3a\u5316\u4e86\u5176\u5bf9\u4e1c\u76df\u548c\u5927\u4e2d\u534e\u533a\u673a\u4f1a\u7684\u957f\u671f\u79ef\u6781\u5c55\u671b\u3002 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002OCBC\u62a5\u544a2025\u5e74\u4e0a\u534a\u5e74\u603b\u6536\u5165\u4e3a72\u4ebf\u65b0\u5143\uff0c\u540c\u6bd4\u4e0b\u964d1%\u3002\u96c6\u56e2\u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u964d6%\uff0c\u964d\u81f337\u4ebf\u65b0\u5143\uff0c\u94f6\u884c\u4e1a\u52a1\u51c0\u5229\u6da6\u4e0b\u964d8%\uff0c\u964d\u81f331.5\u4ebf\u65b0\u5143\uff0c\u51c0\u5229\u606f\u5229\u6da6\u7387\u4e0b\u964d25\u4e2a\u57fa\u70b9\u81f31.98%\u3002\u572850%\u7684\u6d3e\u606f\u7387\u4e0b\uff0c\u5ba3\u5e03\u6bcf\u80a1\u80a1\u606f\u4e3a41\u65b0\u5143\u5206\u3002OCBC\u76842025\u5e74\u4e0a\u534a\u5e74\u6bcf\u80a1\u6536\u76ca\u4e3a1.64\u65b0\u5143\u3002\u96c6\u56e2\u4ecd\u81f4\u529b\u4e8e\u4e4b\u524d\u5ba3\u5e03\u768425\u4ebf\u65b0\u5143\u8d44\u672c\u56de\u62a5\u8ba1\u5212\uff0c\u5305\u62ec\u53602025\u8d22\u5e74\u96c6\u56e2\u51c0\u5229\u6da610%\u7684\u7279\u522b\u80a1\u606f\u548c\u4e3a\u671f\u4e24\u5e74\u7684\u80a1\u7968\u56de\u8d2d\uff0c\u9884\u8ba1\u57282026\u5e74\u5b8c\u6210\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u5168\u6c11\u7259\u533b\u96c6\u56e2(\u65b0\u52a0\u5761)(QNM SP): \u66f4\u591a\u624b\u6bb5\u4e13\u6ce8\u4e8e\u6269\u5f20 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.490\uff0c\u76ee\u6807\u4ef7\uff1a0.530\uff0c\u6b62\u635f\u4ef7\uff1a0.470 \u5168\u6c11\u7259\u533b\u96c6\u56e2(\u65b0\u52a0\u5761)\u6709\u9650\u516c\u53f8\u7ecf\u8425\u7259\u79d1\u8bca\u6240\u3002\u8be5\u516c\u53f8\u63d0\u4f9b\u7f8e\u5bb9\u3001\u513f\u7ae5\u548c\u7efc\u5408\u53e3\u8154\u79d1\uff1b\u914d\u6234\u7259\u5957\u3001\u5047\u7259\u548c\u7259\u9f7f\u5b9a\u4f4d\u5668\uff1b\u5e76\u63d0\u4f9b\u7259\u9f88\u51fa\u8840\u7684\u6cbb\u7597\u3001\u7259\u9f88\u5916\u79d1\u548c\u53e3\u8154\u5916\u79d1\uff1b\u8fd8\u6cbb\u7597\u6253\u9f3e\u548c\u78e8\u7259\u3002 \u7ee7\u7eed\u805a\u7126\u4e1a\u52a1\u6269\u5f20\u3002\u8be5\u96c6\u56e2\u5c06\u7ee7\u7eed\u81f4\u529b\u4e8e\u62d3\u5c55\u5176\u5728\u65b0\u52a0\u5761\u7684\u8bca\u6240\u7f51\u7edc\uff0c\u4e3b\u8981\u901a\u8fc7\u6709\u673a\u589e\u957f\uff0c\u5e76\u8f85\u4ee5\u80fd\u5e26\u6765\u589e\u503c\u6548\u76ca\u7684\u6536\u8d2d\u3002\u5728\u65b0\u52a0\u5761\u4ee5\u5916\uff0cQ&amp;M\u6b63\u79ef\u6781\u63a2\u7d22\u67d4\u4f5b-\u65b0\u52a0\u5761\u7ecf\u6d4e\u7279\u533a\uff08JS-SEZ\uff09\u7684\u673a\u9047\uff0c\u4ee5\u5e94\u5bf9\u5b9a\u4e8e2026\u5e7412\u6708\u542f\u52a8\u7684\u67d4\u4f5b\u65b0\u5c71-\u65b0\u52a0\u5761\u5730\u94c1\u7cfb\u7edf\uff08RTS\uff09\u53ef\u80fd\u5bfc\u81f4\u7684\u60a3\u8005\u6d41\u5931\uff0c\u56e0\u4e3a\u6709\u5229\u7684\u8d27\u5e01\u6c47\u7387\u53ef\u80fd\u4f1a\u6fc0\u52b1\u60a3\u8005\u5230\u67d4\u4f5b\u5bfb\u6c42\u8de8\u5883\u7259\u79d1\u62a4\u7406\u670d\u52a1\u3002\u5728\u4e2d\u56fd\uff0c\u968f\u7740\u7259\u79d1\u884c\u4e1a\u6574\u5408\u52a0\u901f\uff0cQ&amp;M\u6b63\u8c28\u614e\u8bc4\u4f30\u6269\u5f20\u673a\u4f1a\u3002\u4e3a\u4e86\u652f\u6301\u8fd9\u4e9b\u4e3e\u63aa\uff0c\u8be5\u96c6\u56e2\u8fd1\u671f\u6210\u529f\u53d1\u884c\u4e861.3\u4ebf\u65b0\u5143\u3001\u5229\u73873.95%\u7684\u7968\u636e\uff0c\u83b7\u5f97\u4e86\u6295\u8d44\u8005\u7684\u5f3a\u52b2\u9700\u6c42\u3002\u8fd9\u7b14\u8d44\u91d1\u8fde\u540c\u5176\u7a33\u5065\u7684\u73b0\u91d1\u72b6\u51b5\uff0c\u4e3aQ&amp;M\u63d0\u4f9b\u4e86\u8d22\u52a1\u7075\u6d3b\u6027\uff0c\u4f7f\u5176\u80fd\u591f\u540c\u65f6\u5bfb\u6c42\u5e76\u8d2d\u548c\u6709\u673a\u589e\u957f\u673a\u4f1a\u3002 \u9884\u8ba12025\u5e74\u4e0b\u534a\u5e74\u7259\u79d1\u8bca\u7597\u91cf\u5c06\u589e\u52a0\u3002Q&amp;M\u9884\u8ba12025\u5e74\u4e0b\u534a\u5e74\u7259\u79d1\u8bca\u7597\u9700\u6c42\u5c06\u66f4\u4e3a\u5f3a\u52b2\uff0c\u56e0\u4e3a\u5c4a\u65f6\u5c06\u6709\u66f4\u591a\u5458\u5de5\u5f00\u59cb\u4f7f\u7528\u516c\u53f8\u63d0\u4f9b\u7684\u7259\u79d1\u798f\u5229\u3002\u6b64\u5916\uff0c\u65b0\u52a0\u5761\u653f\u5e9c\u5ba3\u5e03\uff0c\u6839\u636eCHAS\u8ba1\u5212\uff0c\u5c06\u4ece2025\u5e74\u7b2c\u56db\u5b63\u5ea6\u8d77\u63d0\u9ad8\u7259\u79d1\u8865\u8d34\u3002\u8fd9\u4e9b\u8865\u8d34\u5c06\u6709\u52a9\u4e8e\u62b5\u6d88\u9ad8\u4ef7\u503c\u8bca\u7597\u7a0b\u5e8f\u7684\u8d39\u7528\uff0c\u9f13\u52b1\u66f4\u591a\u60a3\u8005\u5c31\u533b\u3002\u8fd9\u4e9b\u5229\u597d\u56e0\u7d20\u7684\u5171\u540c\u4f5c\u7528\u5e94\u4f1a\u5e26\u6765\u66f4\u9ad8\u7684\u60a3\u8005\u6570\u91cf\uff0c\u5e76\u652f\u6301\u8425\u6536\u589e\u957f\u3002 \u6574\u5408\u4e2d\u56fd\u4e1a\u52a1\u30022025\u5e74\u4e0a\u534a\u5e74\uff0cQ&amp;M\u5ba3\u5e03\u5c06Aoxin Q&amp;M\u4ece\u6743\u76ca\u6cd5\u6838\u7b97\u7684\u8054\u8425\u516c\u53f8\u6574\u5408\u4e3a\u5b50\u516c\u53f8\uff0c\u4ece\u800c\u83b7\u5f97\u4e86\u5bf9\u5176\u8d22\u52a1\u548c\u8fd0\u8425\u653f\u7b56\u66f4\u5927\u7684\u63a7\u5236\u6743\u3002\u6b64\u4e3e\u7b26\u5408Q&amp;M\u7684\u5e76\u8d2d\u9a71\u52a8\u578b\u589e\u957f\u6218\u7565\uff0c\u5e76\u5de9\u56fa\u4e86\u5176\u5728\u4e2d\u56fd\u5feb\u901f\u6574\u5408\u7684\u7259\u79d1\u5e02\u573a\u4e2d\u7684\u5730\u4f4d\u3002\u901a\u8fc7\u5c06Aoxin\u5b8c\u5168\u7eb3\u5165\u5176\u65d7\u4e0b\uff0cQ&amp;M\u80fd\u66f4\u597d\u5730\u5229\u7528\u5176\u8d44\u6e90\u548c\u4e13\u4e1a\u77e5\u8bc6\uff0c\u4ee5\u6293\u4f4f\u4e2d\u56fd\u672a\u6765\u7684\u6269\u5f20\u673a\u9047\u3002 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002Q &amp; M\u7259\u79d1\u96c6\u56e2\u62a5\u544a\u79f0\uff0c2025\u5e74\u4e0a\u534a\u5e74\u7684\u603b\u8425\u6536\u4e3a8,840\u4e07\u65b0\u5143\uff0c\u4e0e2024\u5e74\u4e0a\u534a\u5e74\u76848,880\u4e07\u65b0\u5143\u76f8\u6bd4\u6301\u5e73\u30022025\u5e74\u4e0a\u534a\u5e74\uff0c\u8be5\u96c6\u56e2\u6838\u5fc3\u7259\u79d1\u4e1a\u52a1\u7684\u8425\u6536\u8d21\u732e\u589e\u957f\u4e864%\uff0c\u8fbe\u52308,720\u4e07\u65b0\u5143\uff0c\u800c2024\u5e74\u540c\u671f\u4e3a8,420\u4e07\u65b0\u5143\uff0c\u4f46\u90e8\u5206\u88ab\u5176\u4ed6\u4e1a\u52a1\u6536\u5165\u7684\u4e0b\u964d\u6240\u62b5\u6d88\uff0c\u540e\u8005\u4ece\u4e00\u5e74\u524d\u7684456\u4e07\u65b0\u5143\u964d\u81f32025\u5e74\u4e0a\u534a\u5e74\u7684118\u4e07\u65b0\u5143\uff0c\u8fd9\u4e3b\u8981\u662f\u7531\u4e8e\u8be5\u96c6\u56e2\u533b\u7597\u5b9e\u9a8c\u5ba4\u4e1a\u52a1\u7684\u7ec8\u6b62\u3002\u7136\u800c\uff0c\u8be5\u96c6\u56e2\u57282025\u5e74\u4e0a\u534a\u5e74\u56e0\u5c06Aoxin Q &amp; M\u548cEM2AI\u4ece\u6743\u76ca\u6cd5\u6838\u7b97\u7684\u8054\u8425\u516c\u53f8\u6574\u5408\u4e3a\u96c6\u56e2\u5b50\u516c\u53f8\uff0c\u4e5f\u4ea7\u751f\u4e86440\u4e07\u65b0\u5143\u7684\u4e8f\u635f\u3002\u8c03\u6574\u540e\u7684\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f1.6%\uff0c\u8fbe\u5230841\u4e07\u65b0\u5143\uff0c\u800c2024\u5e74\u540c\u671f\u4e3a827\u4e07\u65b0\u5143\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u9f99\u6e90\u7535\u529b\u96c6\u56e2 (916 HK)\uff1a\u53d7\u76ca\u4e8e\u590f\u5b63\u5929\u6c14 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a6.90\uff0c\u76ee\u6807\u4ef7\uff1a7.70\uff0c\u6b62\u635f\u4ef7\uff1a6.50 \u9f99\u6e90\u7535\u529b\u96c6\u56e2\u80a1\u4efd\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u4ee5\u5f00\u53d1\u8fd0\u8425\u65b0\u80fd\u6e90\u4e3a\u4e3b\u7684\u7efc\u5408\u6027\u53d1\u7535\u7684\u4e2d\u56fd\u516c\u53f8\u3002\u8be5\u516c\u53f8\u7ecf\u8425\u56db\u4e2a\u5206\u90e8\u3002\u98ce\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u53ca\u8fd0\u8425\u98ce\u529b\u53d1\u7535\u5382\u4ee5\u53ca\u751f\u4ea7\u7535\u529b\u5e76\u51fa\u552e\u4e88\u7535\u7f51\u516c\u53f8\u3002\u706b\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u53ca\u8fd0\u8425\u7164\u70ad\u53d1\u7535\u5382\u4ee5\u53ca\u751f\u4ea7\u7535\u529b\u5e76\u51fa\u552e\u4e88\u7535\u7f51\u516c\u53f8\u3002\u5149\u4f0f\u53d1\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u548c\u8425\u8fd0\u5149\u4f0f\u53d1\u7535\u5382\u548c\u751f\u4ea7\u7535\u529b\uff0c\u51fa\u552e\u4e88\u5916\u95f4\u7535\u7f51\u516c\u53f8\u3002\u6240\u6709\u5176\u4ed6\u5206\u90e8\u4e3b\u8981\u4ece\u4e8b\u5236\u9020\u548c\u9500\u552e\u53d1\u7535\u8bbe\u5907\u3001\u63d0\u4f9b\u54a8\u8be2\u670d\u52a1\uff0c\u5411\u98ce\u529b\u4f01\u4e1a\u63d0\u4f9b\u7ef4\u62a4\u548c\u57f9\u8bad\u670d\u52a1\u53ca\u5176\u4ed6\u53ef\u518d\u751f\u80fd\u6e90\u53d1\u7535\u53ca\u9500\u552e\u3002 7\u6708\u7528\u7535\u91cf\u521b\u7eaa\u5f55\u3002\u6839\u636e\u56fd\u5bb6\u80fd\u6e90\u5c40\uff08NEA\uff09\u7684\u6570\u636e\uff0c\u4e2d\u56fd7\u6708\u7535\u529b\u9700\u6c42\u6fc0\u589e\u81f3\u5386\u53f2\u65b0\u9ad8\uff0c\u5168\u793e\u4f1a\u7528\u7535\u91cf\u8fbe\u52301.02\u4e07\u4ebf\u5343\u74e6\u65f6\uff0c\u540c\u6bd4\u589e\u957f8.6%\u3002\u521b\u7eaa\u5f55\u7684\u7528\u7535\u91cf\u5f97\u76ca\u4e8e\u56fd\u5185\u9700\u6c42\u7684\u97e7\u6027\u3001\u65b0\u8d28\u751f\u4ea7\u529b\u7684\u62d3\u5c55\u4ee5\u53ca\u5de5\u4e1a\u6d3b\u52a8\u548c\u51fa\u53e3\u597d\u4e8e\u9884\u671f\u7684\u53cd\u5f39\u3002\u8fd9\u79cd\u5f3a\u52b2\u7684\u9700\u6c42\u73af\u5883\u5e94\u80fd\u4e3a\u9f99\u6e90\u7535\u529b\u96c6\u56e2\u63d0\u4f9b\u8fd1\u671f\u652f\u6491\u3002 \u70ed\u6d6a\u63a8\u52a8\u8425\u6536\u589e\u957f\u3002\u636e\u4e2d\u56fd\u6c14\u8c61\u5c40\uff08CMA\uff09\u6570\u636e\uff0c\u4e2d\u56fd\u7ecf\u5386\u4e86\u6709\u8bb0\u5f55\u4ee5\u6765\u6700\u70ed\u7684\u590f\u5b63\uff0c6\u6708\u81f38\u6708\u5168\u56fd\u5e73\u5747\u6c14\u6e29\u8fbe\u523022.31\u00b0C\u3002\u957f\u65f6\u95f4\u7684\u70ed\u6d6a\uff0c\u5c24\u5176\u662f\u5728\u5357\u65b9\u5730\u533a\uff0c\u4fc3\u4f7f\u5bb6\u5ead\u548c\u4f01\u4e1a\u589e\u52a0\u4e86\u964d\u6e29\u9700\u6c42\uff0c\u8fdb\u4e00\u6b65\u63d0\u5347\u4e86\u7528\u7535\u91cf\u3002\u9884\u8ba1\u8fd9\u79cd\u9ad8\u4f4d\u9700\u6c42\u5c06\u4e3a\u9f99\u6e90\u7535\u529b\u5e26\u6765\u77ed\u671f\u7684\u8425\u6536\u63d0\u632f\u3002\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-05-sep-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=\"2025-09-04T23:17:00+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2025-09-05T02:12:57+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\u5e749\u67085\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 \u534e\u4fa8\u94f6\u884c(OCBC SP): \u5229\u7528\u533a\u57df\u4e13\u4e1a\u77e5\u8bc6\u5b9e\u73b0\u589e\u957f \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a16.70\uff0c\u76ee\u6807\u4ef7\uff1a17.60\uff0c\u6b62\u635f\u4ef7\uff1a16.25 \u534e\u4fa8\u94f6\u884c\u63d0\u4f9b\u5168\u9762\u7684\u91d1\u878d\u670d\u52a1\u3002\u516c\u53f8\u7684\u670d\u52a1\u5305\u62ec\u5438\u6536\u5b58\u6b3e\u3001\u4f01\u4e1a\u3001\u4f01\u4e1a\u548c\u4e2a\u4eba\u8d37\u6b3e\u3001\u56fd\u9645\u8d38\u6613\u878d\u8d44\u3001\u6295\u8d44\u94f6\u884c\u3001\u79c1\u4eba\u94f6\u884c\u3001\u8d22\u52a1\u7ba1\u7406\u3001\u80a1\u7968\u7ecf\u7eaa\u3001\u4fdd\u9669\u3001\u4fe1\u7528\u5361\u3001\u73b0\u91d1\u7ba1\u7406\u3001\u8d44\u4ea7\u7ba1\u7406\u53ca\u5176\u4ed6\u91d1\u878d\u76f8\u5173\u670d\u52a1\u3002 \u6df1\u5316\u5370\u5ea6\u5c3c\u897f\u4e9a\u7684\u533a\u57df\u4e1a\u52a1\u3002OCBC\u5728\u5370\u5ea6\u5c3c\u897f\u4e9a\u62e5\u6709\u8d85\u8fc7200\u4e2a\u5206\u652f\u673a\u6784\u7684\u5e7f\u6cdb\u7f51\u7edc\uff0c\u4f7f\u5176\u80fd\u591f\u6355\u6349\u5916\u8d44\u4f01\u4e1a\u5728\u65b0\u56fd\u5185\u4f9b\u5e94\u94fe\u653f\u7b56\u4e0b\u6269\u5c55\u672c\u5730\u4e1a\u52a1\u6240\u5e26\u6765\u7684\u878d\u8d44\u9700\u6c42\u3002\u4f5c\u4e3a\u4e1c\u5357\u4e9a\u6700\u5927\u7684\u6d88\u8d39\u5e02\u573a\uff0c\u5370\u5ea6\u5c3c\u897f\u4e9a\u5438\u5f15\u4e86\u5e0c\u671b\u672c\u5730\u5316\u751f\u4ea7\u7684\u5236\u9020\u5546\u3001\u98df\u54c1\u996e\u6599\u54c1\u724c\u548c\u533b\u7597\u4fdd\u5065\u516c\u53f8\u3002OCBC\u5728\u4fc3\u8fdb\u5408\u8d44\u4f01\u4e1a\u3001\u63d0\u4f9b\u591a\u5e01\u79cd\u8d26\u6237\u548c\u8425\u8fd0\u8d44\u91d1\u878d\u8d44\u7b49\u65b9\u9762\u53d1\u6325\u4e86\u5173\u952e\u4f5c\u7528\u3002\u8fd9\u4e00\u6218\u7565\u5e03\u5c40\u4e0d\u4ec5\u4f7fOCBC\u7684\u8d37\u6b3e\u589e\u957f\u8d85\u8d8a\u65b0\u52a0\u5761\uff0c\u8fd8\u589e\u5f3a\u4e86\u5176\u5728\u4e1c\u76df\u4f01\u4e1a\u5e94\u5bf9\u5173\u7a0e\u51b2\u51fb\u548c\u4f9b\u5e94\u94fe\u533a\u57df\u5316\u8fc7\u7a0b\u4e2d\u7684\u76f8\u5173\u6027\u3002 \u901a\u8fc7\u4ee3\u5e01\u5316\u5546\u4e1a\u7968\u636e\u5b9e\u73b0\u521b\u65b0\u3002OCBC\u63a8\u51fa\u4e86\u4ef7\u503c10\u4ebf\u7f8e\u5143\u7684\u6570\u5b57\u7f8e\u56fd\u5546\u4e1a\u7968\u636e\uff08CP\uff09\u8ba1\u5212\uff0c\u8865\u5145\u5176\u73b0\u6709\u7684250\u4ebf\u7f8e\u5143\u4f20\u7edfCP\u6846\u67b6\u3002\u901a\u8fc7\u5229\u7528\u533a\u5757\u94fe\u6280\u672f\uff0c\u94f6\u884c\u53ef\u4ee5\u53d1\u884c\u4ee3\u5e01\u5316\u7684CP\uff0c\u8fdb\u5165\u4ef7\u503c1.4\u4e07\u4ebf\u7f8e\u5143\u7684\u7f8e\u56fdCP\u5e02\u573a\uff0c\u540c\u65f6\u964d\u4f4e\u878d\u8d44\u6210\u672c\u5e76\u63d0\u9ad8\u8fd0\u8425\u6548\u7387\u3002\u9996\u6b21\u53d1\u884c\u4e8e8\u670820\u65e5\u8fdb\u884c\uff0c\u7531\u6469\u6839\u5927\u901a\u62c5\u4efb\u552f\u4e00\u4ea4\u6613\u5546\u3002\u8fd9\u4e00\u4e3e\u63aa\u51f8\u663e\u4e86OCBC\u81f4\u529b\u4e8e\u5546\u4e1a\u5316\u65b0\u52a0\u5761\u5feb\u901f\u53d1\u5c55\u7684\u533a\u5757\u94fe\u751f\u6001\u7cfb\u7edf\u548c\u8d44\u4ea7\u4ee3\u5e01\u5316\u8d8b\u52bf\u3002\u83b7\u53d6\u66f4\u4fbf\u5b9c\u3001\u591a\u6837\u5316\u7684\u7f8e\u5143\u878d\u8d44\u6765\u6e90\u589e\u5f3a\u4e86\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u7075\u6d3b\u6027\uff0c\u652f\u6301\u5168\u7403\u6269\u5c55\u548c\u6d41\u52a8\u6027\u7ba1\u7406\u3002 \u5728\u5229\u6da6\u538b\u529b\u4e0b\u7684\u907f\u9669\u5730\u4f4d\u3002OCBC\u62a5\u544a2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u964d7%\uff0c\u964d\u81f318.2\u4ebf\u65b0\u5143\uff0c\u56e0\u5229\u7387\u4e0b\u964d\u5bf9\u51c0\u5229\u606f\u6536\u5165\u9020\u6210\u538b\u529b\uff0c\u540c\u6bd4\u4e0b\u964d6%\uff0c\u51c0\u5229\u606f\u5229\u6da6\u7387\u4e3a1.92%\uff0c\u4f4e\u4e8e\u53bb\u5e74\u76842.20%\u3002\u5c3d\u7ba1\u9762\u4e34\u8fd9\u4e9b\u6311\u6218\uff0c\u6536\u76ca\u4ecd\u8d85\u51fa\u5e02\u573a\u9884\u671f\uff0c\u5f97\u76ca\u4e8e\u7a33\u5b9a\u7684\u624b\u7eed\u8d39\u548c\u4ea4\u6613\u6536\u5165\u589e\u957f\uff0c\u8d22\u5bcc\u7ba1\u7406\u624b\u7eed\u8d39\u540c\u6bd4\u6fc0\u589e31.6%\uff0c\u663e\u793a\u51fa\u94f6\u884c\u591a\u5143\u5316\u6536\u5165\u6765\u6e90\u7684\u80fd\u529b\u3002\u6bcf\u80a1\u80a1\u606f\u51cf\u5c11\u81f341\u65b0\u5143\u5206\uff0c\u76f8\u5f53\u4e8e50%\u7684\u6d3e\u606f\u7387\u3002\u5728\u5168\u7403\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u548c\u7f8e\u56fd\u5173\u7a0e\u5f71\u54cd\u7684\u80cc\u666f\u4e0b\uff0cOCBC\u7ee7\u7eed\u53d7\u76ca\u4e8e\u65b0\u52a0\u5761\u7684\u91d1\u878d\u907f\u98ce\u6e2f\u5730\u4f4d\uff0c\u5438\u5f15\u533a\u57df\u8d22\u5bcc\u6d41\u52a8\u548c\u6295\u8d44\u9700\u6c42\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u4e0b\u534a\u5e74\u5168\u7403\u548c\u533a\u57df\u589e\u957f\u5c06\u653e\u7f13\uff0c\u4f46\u5176\u5f3a\u52b2\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u3001\u7a33\u5b9a\u7684\u4e0d\u826f\u8d37\u6b3e\u6bd4\u4f8b\u4e3a0.9%\u548c\u524d\u77bb\u6027\u62e8\u5907\u652f\u6491\u4e86\u5176\u97e7\u6027\u3002\u8d37\u6b3e\u589e\u957f\u4fdd\u6301\u7a33\u5b9a\uff0c\u4e3b\u8981\u7531\u4f4f\u623f\u3001\u6570\u636e\u4e2d\u5fc3\u548c\u533a\u57df\u4f01\u4e1a\u8d37\u6b3e\u9a71\u52a8\uff0c\u5f3a\u5316\u4e86\u5176\u5bf9\u4e1c\u76df\u548c\u5927\u4e2d\u534e\u533a\u673a\u4f1a\u7684\u957f\u671f\u79ef\u6781\u5c55\u671b\u3002 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002OCBC\u62a5\u544a2025\u5e74\u4e0a\u534a\u5e74\u603b\u6536\u5165\u4e3a72\u4ebf\u65b0\u5143\uff0c\u540c\u6bd4\u4e0b\u964d1%\u3002\u96c6\u56e2\u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u964d6%\uff0c\u964d\u81f337\u4ebf\u65b0\u5143\uff0c\u94f6\u884c\u4e1a\u52a1\u51c0\u5229\u6da6\u4e0b\u964d8%\uff0c\u964d\u81f331.5\u4ebf\u65b0\u5143\uff0c\u51c0\u5229\u606f\u5229\u6da6\u7387\u4e0b\u964d25\u4e2a\u57fa\u70b9\u81f31.98%\u3002\u572850%\u7684\u6d3e\u606f\u7387\u4e0b\uff0c\u5ba3\u5e03\u6bcf\u80a1\u80a1\u606f\u4e3a41\u65b0\u5143\u5206\u3002OCBC\u76842025\u5e74\u4e0a\u534a\u5e74\u6bcf\u80a1\u6536\u76ca\u4e3a1.64\u65b0\u5143\u3002\u96c6\u56e2\u4ecd\u81f4\u529b\u4e8e\u4e4b\u524d\u5ba3\u5e03\u768425\u4ebf\u65b0\u5143\u8d44\u672c\u56de\u62a5\u8ba1\u5212\uff0c\u5305\u62ec\u53602025\u8d22\u5e74\u96c6\u56e2\u51c0\u5229\u6da610%\u7684\u7279\u522b\u80a1\u606f\u548c\u4e3a\u671f\u4e24\u5e74\u7684\u80a1\u7968\u56de\u8d2d\uff0c\u9884\u8ba1\u57282026\u5e74\u5b8c\u6210\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u5168\u6c11\u7259\u533b\u96c6\u56e2(\u65b0\u52a0\u5761)(QNM SP): \u66f4\u591a\u624b\u6bb5\u4e13\u6ce8\u4e8e\u6269\u5f20 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.490\uff0c\u76ee\u6807\u4ef7\uff1a0.530\uff0c\u6b62\u635f\u4ef7\uff1a0.470 \u5168\u6c11\u7259\u533b\u96c6\u56e2(\u65b0\u52a0\u5761)\u6709\u9650\u516c\u53f8\u7ecf\u8425\u7259\u79d1\u8bca\u6240\u3002\u8be5\u516c\u53f8\u63d0\u4f9b\u7f8e\u5bb9\u3001\u513f\u7ae5\u548c\u7efc\u5408\u53e3\u8154\u79d1\uff1b\u914d\u6234\u7259\u5957\u3001\u5047\u7259\u548c\u7259\u9f7f\u5b9a\u4f4d\u5668\uff1b\u5e76\u63d0\u4f9b\u7259\u9f88\u51fa\u8840\u7684\u6cbb\u7597\u3001\u7259\u9f88\u5916\u79d1\u548c\u53e3\u8154\u5916\u79d1\uff1b\u8fd8\u6cbb\u7597\u6253\u9f3e\u548c\u78e8\u7259\u3002 \u7ee7\u7eed\u805a\u7126\u4e1a\u52a1\u6269\u5f20\u3002\u8be5\u96c6\u56e2\u5c06\u7ee7\u7eed\u81f4\u529b\u4e8e\u62d3\u5c55\u5176\u5728\u65b0\u52a0\u5761\u7684\u8bca\u6240\u7f51\u7edc\uff0c\u4e3b\u8981\u901a\u8fc7\u6709\u673a\u589e\u957f\uff0c\u5e76\u8f85\u4ee5\u80fd\u5e26\u6765\u589e\u503c\u6548\u76ca\u7684\u6536\u8d2d\u3002\u5728\u65b0\u52a0\u5761\u4ee5\u5916\uff0cQ&amp;M\u6b63\u79ef\u6781\u63a2\u7d22\u67d4\u4f5b-\u65b0\u52a0\u5761\u7ecf\u6d4e\u7279\u533a\uff08JS-SEZ\uff09\u7684\u673a\u9047\uff0c\u4ee5\u5e94\u5bf9\u5b9a\u4e8e2026\u5e7412\u6708\u542f\u52a8\u7684\u67d4\u4f5b\u65b0\u5c71-\u65b0\u52a0\u5761\u5730\u94c1\u7cfb\u7edf\uff08RTS\uff09\u53ef\u80fd\u5bfc\u81f4\u7684\u60a3\u8005\u6d41\u5931\uff0c\u56e0\u4e3a\u6709\u5229\u7684\u8d27\u5e01\u6c47\u7387\u53ef\u80fd\u4f1a\u6fc0\u52b1\u60a3\u8005\u5230\u67d4\u4f5b\u5bfb\u6c42\u8de8\u5883\u7259\u79d1\u62a4\u7406\u670d\u52a1\u3002\u5728\u4e2d\u56fd\uff0c\u968f\u7740\u7259\u79d1\u884c\u4e1a\u6574\u5408\u52a0\u901f\uff0cQ&amp;M\u6b63\u8c28\u614e\u8bc4\u4f30\u6269\u5f20\u673a\u4f1a\u3002\u4e3a\u4e86\u652f\u6301\u8fd9\u4e9b\u4e3e\u63aa\uff0c\u8be5\u96c6\u56e2\u8fd1\u671f\u6210\u529f\u53d1\u884c\u4e861.3\u4ebf\u65b0\u5143\u3001\u5229\u73873.95%\u7684\u7968\u636e\uff0c\u83b7\u5f97\u4e86\u6295\u8d44\u8005\u7684\u5f3a\u52b2\u9700\u6c42\u3002\u8fd9\u7b14\u8d44\u91d1\u8fde\u540c\u5176\u7a33\u5065\u7684\u73b0\u91d1\u72b6\u51b5\uff0c\u4e3aQ&amp;M\u63d0\u4f9b\u4e86\u8d22\u52a1\u7075\u6d3b\u6027\uff0c\u4f7f\u5176\u80fd\u591f\u540c\u65f6\u5bfb\u6c42\u5e76\u8d2d\u548c\u6709\u673a\u589e\u957f\u673a\u4f1a\u3002 \u9884\u8ba12025\u5e74\u4e0b\u534a\u5e74\u7259\u79d1\u8bca\u7597\u91cf\u5c06\u589e\u52a0\u3002Q&amp;M\u9884\u8ba12025\u5e74\u4e0b\u534a\u5e74\u7259\u79d1\u8bca\u7597\u9700\u6c42\u5c06\u66f4\u4e3a\u5f3a\u52b2\uff0c\u56e0\u4e3a\u5c4a\u65f6\u5c06\u6709\u66f4\u591a\u5458\u5de5\u5f00\u59cb\u4f7f\u7528\u516c\u53f8\u63d0\u4f9b\u7684\u7259\u79d1\u798f\u5229\u3002\u6b64\u5916\uff0c\u65b0\u52a0\u5761\u653f\u5e9c\u5ba3\u5e03\uff0c\u6839\u636eCHAS\u8ba1\u5212\uff0c\u5c06\u4ece2025\u5e74\u7b2c\u56db\u5b63\u5ea6\u8d77\u63d0\u9ad8\u7259\u79d1\u8865\u8d34\u3002\u8fd9\u4e9b\u8865\u8d34\u5c06\u6709\u52a9\u4e8e\u62b5\u6d88\u9ad8\u4ef7\u503c\u8bca\u7597\u7a0b\u5e8f\u7684\u8d39\u7528\uff0c\u9f13\u52b1\u66f4\u591a\u60a3\u8005\u5c31\u533b\u3002\u8fd9\u4e9b\u5229\u597d\u56e0\u7d20\u7684\u5171\u540c\u4f5c\u7528\u5e94\u4f1a\u5e26\u6765\u66f4\u9ad8\u7684\u60a3\u8005\u6570\u91cf\uff0c\u5e76\u652f\u6301\u8425\u6536\u589e\u957f\u3002 \u6574\u5408\u4e2d\u56fd\u4e1a\u52a1\u30022025\u5e74\u4e0a\u534a\u5e74\uff0cQ&amp;M\u5ba3\u5e03\u5c06Aoxin Q&amp;M\u4ece\u6743\u76ca\u6cd5\u6838\u7b97\u7684\u8054\u8425\u516c\u53f8\u6574\u5408\u4e3a\u5b50\u516c\u53f8\uff0c\u4ece\u800c\u83b7\u5f97\u4e86\u5bf9\u5176\u8d22\u52a1\u548c\u8fd0\u8425\u653f\u7b56\u66f4\u5927\u7684\u63a7\u5236\u6743\u3002\u6b64\u4e3e\u7b26\u5408Q&amp;M\u7684\u5e76\u8d2d\u9a71\u52a8\u578b\u589e\u957f\u6218\u7565\uff0c\u5e76\u5de9\u56fa\u4e86\u5176\u5728\u4e2d\u56fd\u5feb\u901f\u6574\u5408\u7684\u7259\u79d1\u5e02\u573a\u4e2d\u7684\u5730\u4f4d\u3002\u901a\u8fc7\u5c06Aoxin\u5b8c\u5168\u7eb3\u5165\u5176\u65d7\u4e0b\uff0cQ&amp;M\u80fd\u66f4\u597d\u5730\u5229\u7528\u5176\u8d44\u6e90\u548c\u4e13\u4e1a\u77e5\u8bc6\uff0c\u4ee5\u6293\u4f4f\u4e2d\u56fd\u672a\u6765\u7684\u6269\u5f20\u673a\u9047\u3002 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002Q &amp; M\u7259\u79d1\u96c6\u56e2\u62a5\u544a\u79f0\uff0c2025\u5e74\u4e0a\u534a\u5e74\u7684\u603b\u8425\u6536\u4e3a8,840\u4e07\u65b0\u5143\uff0c\u4e0e2024\u5e74\u4e0a\u534a\u5e74\u76848,880\u4e07\u65b0\u5143\u76f8\u6bd4\u6301\u5e73\u30022025\u5e74\u4e0a\u534a\u5e74\uff0c\u8be5\u96c6\u56e2\u6838\u5fc3\u7259\u79d1\u4e1a\u52a1\u7684\u8425\u6536\u8d21\u732e\u589e\u957f\u4e864%\uff0c\u8fbe\u52308,720\u4e07\u65b0\u5143\uff0c\u800c2024\u5e74\u540c\u671f\u4e3a8,420\u4e07\u65b0\u5143\uff0c\u4f46\u90e8\u5206\u88ab\u5176\u4ed6\u4e1a\u52a1\u6536\u5165\u7684\u4e0b\u964d\u6240\u62b5\u6d88\uff0c\u540e\u8005\u4ece\u4e00\u5e74\u524d\u7684456\u4e07\u65b0\u5143\u964d\u81f32025\u5e74\u4e0a\u534a\u5e74\u7684118\u4e07\u65b0\u5143\uff0c\u8fd9\u4e3b\u8981\u662f\u7531\u4e8e\u8be5\u96c6\u56e2\u533b\u7597\u5b9e\u9a8c\u5ba4\u4e1a\u52a1\u7684\u7ec8\u6b62\u3002\u7136\u800c\uff0c\u8be5\u96c6\u56e2\u57282025\u5e74\u4e0a\u534a\u5e74\u56e0\u5c06Aoxin Q &amp; M\u548cEM2AI\u4ece\u6743\u76ca\u6cd5\u6838\u7b97\u7684\u8054\u8425\u516c\u53f8\u6574\u5408\u4e3a\u96c6\u56e2\u5b50\u516c\u53f8\uff0c\u4e5f\u4ea7\u751f\u4e86440\u4e07\u65b0\u5143\u7684\u4e8f\u635f\u3002\u8c03\u6574\u540e\u7684\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f1.6%\uff0c\u8fbe\u5230841\u4e07\u65b0\u5143\uff0c\u800c2024\u5e74\u540c\u671f\u4e3a827\u4e07\u65b0\u5143\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u9f99\u6e90\u7535\u529b\u96c6\u56e2 (916 HK)\uff1a\u53d7\u76ca\u4e8e\u590f\u5b63\u5929\u6c14 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a6.90\uff0c\u76ee\u6807\u4ef7\uff1a7.70\uff0c\u6b62\u635f\u4ef7\uff1a6.50 \u9f99\u6e90\u7535\u529b\u96c6\u56e2\u80a1\u4efd\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u4ee5\u5f00\u53d1\u8fd0\u8425\u65b0\u80fd\u6e90\u4e3a\u4e3b\u7684\u7efc\u5408\u6027\u53d1\u7535\u7684\u4e2d\u56fd\u516c\u53f8\u3002\u8be5\u516c\u53f8\u7ecf\u8425\u56db\u4e2a\u5206\u90e8\u3002\u98ce\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u53ca\u8fd0\u8425\u98ce\u529b\u53d1\u7535\u5382\u4ee5\u53ca\u751f\u4ea7\u7535\u529b\u5e76\u51fa\u552e\u4e88\u7535\u7f51\u516c\u53f8\u3002\u706b\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u53ca\u8fd0\u8425\u7164\u70ad\u53d1\u7535\u5382\u4ee5\u53ca\u751f\u4ea7\u7535\u529b\u5e76\u51fa\u552e\u4e88\u7535\u7f51\u516c\u53f8\u3002\u5149\u4f0f\u53d1\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u548c\u8425\u8fd0\u5149\u4f0f\u53d1\u7535\u5382\u548c\u751f\u4ea7\u7535\u529b\uff0c\u51fa\u552e\u4e88\u5916\u95f4\u7535\u7f51\u516c\u53f8\u3002\u6240\u6709\u5176\u4ed6\u5206\u90e8\u4e3b\u8981\u4ece\u4e8b\u5236\u9020\u548c\u9500\u552e\u53d1\u7535\u8bbe\u5907\u3001\u63d0\u4f9b\u54a8\u8be2\u670d\u52a1\uff0c\u5411\u98ce\u529b\u4f01\u4e1a\u63d0\u4f9b\u7ef4\u62a4\u548c\u57f9\u8bad\u670d\u52a1\u53ca\u5176\u4ed6\u53ef\u518d\u751f\u80fd\u6e90\u53d1\u7535\u53ca\u9500\u552e\u3002 7\u6708\u7528\u7535\u91cf\u521b\u7eaa\u5f55\u3002\u6839\u636e\u56fd\u5bb6\u80fd\u6e90\u5c40\uff08NEA\uff09\u7684\u6570\u636e\uff0c\u4e2d\u56fd7\u6708\u7535\u529b\u9700\u6c42\u6fc0\u589e\u81f3\u5386\u53f2\u65b0\u9ad8\uff0c\u5168\u793e\u4f1a\u7528\u7535\u91cf\u8fbe\u52301.02\u4e07\u4ebf\u5343\u74e6\u65f6\uff0c\u540c\u6bd4\u589e\u957f8.6%\u3002\u521b\u7eaa\u5f55\u7684\u7528\u7535\u91cf\u5f97\u76ca\u4e8e\u56fd\u5185\u9700\u6c42\u7684\u97e7\u6027\u3001\u65b0\u8d28\u751f\u4ea7\u529b\u7684\u62d3\u5c55\u4ee5\u53ca\u5de5\u4e1a\u6d3b\u52a8\u548c\u51fa\u53e3\u597d\u4e8e\u9884\u671f\u7684\u53cd\u5f39\u3002\u8fd9\u79cd\u5f3a\u52b2\u7684\u9700\u6c42\u73af\u5883\u5e94\u80fd\u4e3a\u9f99\u6e90\u7535\u529b\u96c6\u56e2\u63d0\u4f9b\u8fd1\u671f\u652f\u6491\u3002 \u70ed\u6d6a\u63a8\u52a8\u8425\u6536\u589e\u957f\u3002\u636e\u4e2d\u56fd\u6c14\u8c61\u5c40\uff08CMA\uff09\u6570\u636e\uff0c\u4e2d\u56fd\u7ecf\u5386\u4e86\u6709\u8bb0\u5f55\u4ee5\u6765\u6700\u70ed\u7684\u590f\u5b63\uff0c6\u6708\u81f38\u6708\u5168\u56fd\u5e73\u5747\u6c14\u6e29\u8fbe\u523022.31\u00b0C\u3002\u957f\u65f6\u95f4\u7684\u70ed\u6d6a\uff0c\u5c24\u5176\u662f\u5728\u5357\u65b9\u5730\u533a\uff0c\u4fc3\u4f7f\u5bb6\u5ead\u548c\u4f01\u4e1a\u589e\u52a0\u4e86\u964d\u6e29\u9700\u6c42\uff0c\u8fdb\u4e00\u6b65\u63d0\u5347\u4e86\u7528\u7535\u91cf\u3002\u9884\u8ba1\u8fd9\u79cd\u9ad8\u4f4d\u9700\u6c42\u5c06\u4e3a\u9f99\u6e90\u7535\u529b\u5e26\u6765\u77ed\u671f\u7684\u8425\u6536\u63d0\u632f\u3002\" \/>\n\t\t<meta name=\"twitter:image\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BlogPosting\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-05-sep-2025-zh\\\/#blogposting\",\"name\":\"\\u4eca\\u65e5\\u7cbe\\u9009\\uff1a\\u80a1\\u7968 | 2025\\u5e749\\u67085\\u65e5: \\u2022 KGI Singapore Research\",\"headline\":\"\\u4eca\\u65e5\\u7cbe\\u9009\\uff1a\\u80a1\\u7968 | 2025\\u5e749\\u67085\\u65e5:\",\"author\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/keithtan\\\/#author\"},\"publisher\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#organization\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/2.png?wsr\",\"width\":652,\"height\":385},\"datePublished\":\"2025-09-05T07:17:00+08:00\",\"dateModified\":\"2025-09-05T10:12:57+08:00\",\"inLanguage\":\"en-US\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-05-sep-2025-zh\\\/#webpage\"},\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-05-sep-2025-zh\\\/#webpage\"},\"articleSection\":\"KGI Daily Trading Ideas (Chinese)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-05-sep-2025-zh\\\/#breadcrumblist\",\"itemListElement\":[{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research#listItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/kgi-daily-trading-ideas-chinese\\\/#listItem\",\"name\":\"KGI Daily Trading Ideas (Chinese)\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/kgi-daily-trading-ideas-chinese\\\/#listItem\",\"position\":2,\"name\":\"KGI Daily Trading Ideas (Chinese)\",\"item\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/kgi-daily-trading-ideas-chinese\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-05-sep-2025-zh\\\/#listItem\",\"name\":\"\\u4eca\\u65e5\\u7cbe\\u9009\\uff1a\\u80a1\\u7968 | 2025\\u5e749\\u67085\\u65e5:\"},\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research#listItem\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-05-sep-2025-zh\\\/#listItem\",\"position\":3,\"name\":\"\\u4eca\\u65e5\\u7cbe\\u9009\\uff1a\\u80a1\\u7968 | 2025\\u5e749\\u67085\\u65e5:\",\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/kgi-daily-trading-ideas-chinese\\\/#listItem\",\"name\":\"KGI Daily Trading Ideas (Chinese)\"}}]},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#organization\",\"name\":\"KGI Research Singapore\",\"description\":\"Singapore's leading broker offering Futures, FX, Equities and Wealth Management.\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/\",\"telephone\":\"+6562021188\",\"logo\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/wp-content\\\/uploads\\\/2020\\\/11\\\/cropped-Square-logo-PNG.png?wsr\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-05-sep-2025-zh\\\/#organizationLogo\",\"width\":512,\"height\":512},\"image\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-05-sep-2025-zh\\\/#organizationLogo\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/keithtan\\\/#author\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/keithtan\\\/\",\"name\":\"Keith Tan\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-05-sep-2025-zh\\\/#authorImage\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/6e081ee53ea613f8e7be4f0607b3f5c1a3d295ee583a0f5bb51e9c300635ad2e?s=96&d=mm&r=g\",\"width\":96,\"height\":96,\"caption\":\"Keith Tan\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-05-sep-2025-zh\\\/#webpage\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-05-sep-2025-zh\\\/\",\"name\":\"\\u4eca\\u65e5\\u7cbe\\u9009\\uff1a\\u80a1\\u7968 | 2025\\u5e749\\u67085\\u65e5: \\u2022 KGI Singapore Research\",\"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 \\u534e\\u4fa8\\u94f6\\u884c(OCBC SP): \\u5229\\u7528\\u533a\\u57df\\u4e13\\u4e1a\\u77e5\\u8bc6\\u5b9e\\u73b0\\u589e\\u957f \\u4e70\\u5165\\uff1a\\u4e70\\u5165\\u4ef7\\uff1a16.70\\uff0c\\u76ee\\u6807\\u4ef7\\uff1a17.60\\uff0c\\u6b62\\u635f\\u4ef7\\uff1a16.25 \\u534e\\u4fa8\\u94f6\\u884c\\u63d0\\u4f9b\\u5168\\u9762\\u7684\\u91d1\\u878d\\u670d\\u52a1\\u3002\\u516c\\u53f8\\u7684\\u670d\\u52a1\\u5305\\u62ec\\u5438\\u6536\\u5b58\\u6b3e\\u3001\\u4f01\\u4e1a\\u3001\\u4f01\\u4e1a\\u548c\\u4e2a\\u4eba\\u8d37\\u6b3e\\u3001\\u56fd\\u9645\\u8d38\\u6613\\u878d\\u8d44\\u3001\\u6295\\u8d44\\u94f6\\u884c\\u3001\\u79c1\\u4eba\\u94f6\\u884c\\u3001\\u8d22\\u52a1\\u7ba1\\u7406\\u3001\\u80a1\\u7968\\u7ecf\\u7eaa\\u3001\\u4fdd\\u9669\\u3001\\u4fe1\\u7528\\u5361\\u3001\\u73b0\\u91d1\\u7ba1\\u7406\\u3001\\u8d44\\u4ea7\\u7ba1\\u7406\\u53ca\\u5176\\u4ed6\\u91d1\\u878d\\u76f8\\u5173\\u670d\\u52a1\\u3002 \\u6df1\\u5316\\u5370\\u5ea6\\u5c3c\\u897f\\u4e9a\\u7684\\u533a\\u57df\\u4e1a\\u52a1\\u3002OCBC\\u5728\\u5370\\u5ea6\\u5c3c\\u897f\\u4e9a\\u62e5\\u6709\\u8d85\\u8fc7200\\u4e2a\\u5206\\u652f\\u673a\\u6784\\u7684\\u5e7f\\u6cdb\\u7f51\\u7edc\\uff0c\\u4f7f\\u5176\\u80fd\\u591f\\u6355\\u6349\\u5916\\u8d44\\u4f01\\u4e1a\\u5728\\u65b0\\u56fd\\u5185\\u4f9b\\u5e94\\u94fe\\u653f\\u7b56\\u4e0b\\u6269\\u5c55\\u672c\\u5730\\u4e1a\\u52a1\\u6240\\u5e26\\u6765\\u7684\\u878d\\u8d44\\u9700\\u6c42\\u3002\\u4f5c\\u4e3a\\u4e1c\\u5357\\u4e9a\\u6700\\u5927\\u7684\\u6d88\\u8d39\\u5e02\\u573a\\uff0c\\u5370\\u5ea6\\u5c3c\\u897f\\u4e9a\\u5438\\u5f15\\u4e86\\u5e0c\\u671b\\u672c\\u5730\\u5316\\u751f\\u4ea7\\u7684\\u5236\\u9020\\u5546\\u3001\\u98df\\u54c1\\u996e\\u6599\\u54c1\\u724c\\u548c\\u533b\\u7597\\u4fdd\\u5065\\u516c\\u53f8\\u3002OCBC\\u5728\\u4fc3\\u8fdb\\u5408\\u8d44\\u4f01\\u4e1a\\u3001\\u63d0\\u4f9b\\u591a\\u5e01\\u79cd\\u8d26\\u6237\\u548c\\u8425\\u8fd0\\u8d44\\u91d1\\u878d\\u8d44\\u7b49\\u65b9\\u9762\\u53d1\\u6325\\u4e86\\u5173\\u952e\\u4f5c\\u7528\\u3002\\u8fd9\\u4e00\\u6218\\u7565\\u5e03\\u5c40\\u4e0d\\u4ec5\\u4f7fOCBC\\u7684\\u8d37\\u6b3e\\u589e\\u957f\\u8d85\\u8d8a\\u65b0\\u52a0\\u5761\\uff0c\\u8fd8\\u589e\\u5f3a\\u4e86\\u5176\\u5728\\u4e1c\\u76df\\u4f01\\u4e1a\\u5e94\\u5bf9\\u5173\\u7a0e\\u51b2\\u51fb\\u548c\\u4f9b\\u5e94\\u94fe\\u533a\\u57df\\u5316\\u8fc7\\u7a0b\\u4e2d\\u7684\\u76f8\\u5173\\u6027\\u3002 \\u901a\\u8fc7\\u4ee3\\u5e01\\u5316\\u5546\\u4e1a\\u7968\\u636e\\u5b9e\\u73b0\\u521b\\u65b0\\u3002OCBC\\u63a8\\u51fa\\u4e86\\u4ef7\\u503c10\\u4ebf\\u7f8e\\u5143\\u7684\\u6570\\u5b57\\u7f8e\\u56fd\\u5546\\u4e1a\\u7968\\u636e\\uff08CP\\uff09\\u8ba1\\u5212\\uff0c\\u8865\\u5145\\u5176\\u73b0\\u6709\\u7684250\\u4ebf\\u7f8e\\u5143\\u4f20\\u7edfCP\\u6846\\u67b6\\u3002\\u901a\\u8fc7\\u5229\\u7528\\u533a\\u5757\\u94fe\\u6280\\u672f\\uff0c\\u94f6\\u884c\\u53ef\\u4ee5\\u53d1\\u884c\\u4ee3\\u5e01\\u5316\\u7684CP\\uff0c\\u8fdb\\u5165\\u4ef7\\u503c1.4\\u4e07\\u4ebf\\u7f8e\\u5143\\u7684\\u7f8e\\u56fdCP\\u5e02\\u573a\\uff0c\\u540c\\u65f6\\u964d\\u4f4e\\u878d\\u8d44\\u6210\\u672c\\u5e76\\u63d0\\u9ad8\\u8fd0\\u8425\\u6548\\u7387\\u3002\\u9996\\u6b21\\u53d1\\u884c\\u4e8e8\\u670820\\u65e5\\u8fdb\\u884c\\uff0c\\u7531\\u6469\\u6839\\u5927\\u901a\\u62c5\\u4efb\\u552f\\u4e00\\u4ea4\\u6613\\u5546\\u3002\\u8fd9\\u4e00\\u4e3e\\u63aa\\u51f8\\u663e\\u4e86OCBC\\u81f4\\u529b\\u4e8e\\u5546\\u4e1a\\u5316\\u65b0\\u52a0\\u5761\\u5feb\\u901f\\u53d1\\u5c55\\u7684\\u533a\\u5757\\u94fe\\u751f\\u6001\\u7cfb\\u7edf\\u548c\\u8d44\\u4ea7\\u4ee3\\u5e01\\u5316\\u8d8b\\u52bf\\u3002\\u83b7\\u53d6\\u66f4\\u4fbf\\u5b9c\\u3001\\u591a\\u6837\\u5316\\u7684\\u7f8e\\u5143\\u878d\\u8d44\\u6765\\u6e90\\u589e\\u5f3a\\u4e86\\u8d44\\u4ea7\\u8d1f\\u503a\\u8868\\u7684\\u7075\\u6d3b\\u6027\\uff0c\\u652f\\u6301\\u5168\\u7403\\u6269\\u5c55\\u548c\\u6d41\\u52a8\\u6027\\u7ba1\\u7406\\u3002 \\u5728\\u5229\\u6da6\\u538b\\u529b\\u4e0b\\u7684\\u907f\\u9669\\u5730\\u4f4d\\u3002OCBC\\u62a5\\u544a2025\\u5e74\\u7b2c\\u4e8c\\u5b63\\u5ea6\\u51c0\\u5229\\u6da6\\u540c\\u6bd4\\u4e0b\\u964d7%\\uff0c\\u964d\\u81f318.2\\u4ebf\\u65b0\\u5143\\uff0c\\u56e0\\u5229\\u7387\\u4e0b\\u964d\\u5bf9\\u51c0\\u5229\\u606f\\u6536\\u5165\\u9020\\u6210\\u538b\\u529b\\uff0c\\u540c\\u6bd4\\u4e0b\\u964d6%\\uff0c\\u51c0\\u5229\\u606f\\u5229\\u6da6\\u7387\\u4e3a1.92%\\uff0c\\u4f4e\\u4e8e\\u53bb\\u5e74\\u76842.20%\\u3002\\u5c3d\\u7ba1\\u9762\\u4e34\\u8fd9\\u4e9b\\u6311\\u6218\\uff0c\\u6536\\u76ca\\u4ecd\\u8d85\\u51fa\\u5e02\\u573a\\u9884\\u671f\\uff0c\\u5f97\\u76ca\\u4e8e\\u7a33\\u5b9a\\u7684\\u624b\\u7eed\\u8d39\\u548c\\u4ea4\\u6613\\u6536\\u5165\\u589e\\u957f\\uff0c\\u8d22\\u5bcc\\u7ba1\\u7406\\u624b\\u7eed\\u8d39\\u540c\\u6bd4\\u6fc0\\u589e31.6%\\uff0c\\u663e\\u793a\\u51fa\\u94f6\\u884c\\u591a\\u5143\\u5316\\u6536\\u5165\\u6765\\u6e90\\u7684\\u80fd\\u529b\\u3002\\u6bcf\\u80a1\\u80a1\\u606f\\u51cf\\u5c11\\u81f341\\u65b0\\u5143\\u5206\\uff0c\\u76f8\\u5f53\\u4e8e50%\\u7684\\u6d3e\\u606f\\u7387\\u3002\\u5728\\u5168\\u7403\\u7ecf\\u6d4e\\u4e0d\\u786e\\u5b9a\\u6027\\u548c\\u7f8e\\u56fd\\u5173\\u7a0e\\u5f71\\u54cd\\u7684\\u80cc\\u666f\\u4e0b\\uff0cOCBC\\u7ee7\\u7eed\\u53d7\\u76ca\\u4e8e\\u65b0\\u52a0\\u5761\\u7684\\u91d1\\u878d\\u907f\\u98ce\\u6e2f\\u5730\\u4f4d\\uff0c\\u5438\\u5f15\\u533a\\u57df\\u8d22\\u5bcc\\u6d41\\u52a8\\u548c\\u6295\\u8d44\\u9700\\u6c42\\u3002\\u7ba1\\u7406\\u5c42\\u9884\\u8ba1\\u4e0b\\u534a\\u5e74\\u5168\\u7403\\u548c\\u533a\\u57df\\u589e\\u957f\\u5c06\\u653e\\u7f13\\uff0c\\u4f46\\u5176\\u5f3a\\u52b2\\u7684\\u8d44\\u4ea7\\u8d1f\\u503a\\u8868\\u3001\\u7a33\\u5b9a\\u7684\\u4e0d\\u826f\\u8d37\\u6b3e\\u6bd4\\u4f8b\\u4e3a0.9%\\u548c\\u524d\\u77bb\\u6027\\u62e8\\u5907\\u652f\\u6491\\u4e86\\u5176\\u97e7\\u6027\\u3002\\u8d37\\u6b3e\\u589e\\u957f\\u4fdd\\u6301\\u7a33\\u5b9a\\uff0c\\u4e3b\\u8981\\u7531\\u4f4f\\u623f\\u3001\\u6570\\u636e\\u4e2d\\u5fc3\\u548c\\u533a\\u57df\\u4f01\\u4e1a\\u8d37\\u6b3e\\u9a71\\u52a8\\uff0c\\u5f3a\\u5316\\u4e86\\u5176\\u5bf9\\u4e1c\\u76df\\u548c\\u5927\\u4e2d\\u534e\\u533a\\u673a\\u4f1a\\u7684\\u957f\\u671f\\u79ef\\u6781\\u5c55\\u671b\\u3002 2025\\u5e74\\u4e0a\\u534a\\u5e74\\u8d22\\u52a1\\u4e1a\\u7ee9\\u3002OCBC\\u62a5\\u544a2025\\u5e74\\u4e0a\\u534a\\u5e74\\u603b\\u6536\\u5165\\u4e3a72\\u4ebf\\u65b0\\u5143\\uff0c\\u540c\\u6bd4\\u4e0b\\u964d1%\\u3002\\u96c6\\u56e2\\u51c0\\u5229\\u6da6\\u540c\\u6bd4\\u4e0b\\u964d6%\\uff0c\\u964d\\u81f337\\u4ebf\\u65b0\\u5143\\uff0c\\u94f6\\u884c\\u4e1a\\u52a1\\u51c0\\u5229\\u6da6\\u4e0b\\u964d8%\\uff0c\\u964d\\u81f331.5\\u4ebf\\u65b0\\u5143\\uff0c\\u51c0\\u5229\\u606f\\u5229\\u6da6\\u7387\\u4e0b\\u964d25\\u4e2a\\u57fa\\u70b9\\u81f31.98%\\u3002\\u572850%\\u7684\\u6d3e\\u606f\\u7387\\u4e0b\\uff0c\\u5ba3\\u5e03\\u6bcf\\u80a1\\u80a1\\u606f\\u4e3a41\\u65b0\\u5143\\u5206\\u3002OCBC\\u76842025\\u5e74\\u4e0a\\u534a\\u5e74\\u6bcf\\u80a1\\u6536\\u76ca\\u4e3a1.64\\u65b0\\u5143\\u3002\\u96c6\\u56e2\\u4ecd\\u81f4\\u529b\\u4e8e\\u4e4b\\u524d\\u5ba3\\u5e03\\u768425\\u4ebf\\u65b0\\u5143\\u8d44\\u672c\\u56de\\u62a5\\u8ba1\\u5212\\uff0c\\u5305\\u62ec\\u53602025\\u8d22\\u5e74\\u96c6\\u56e2\\u51c0\\u5229\\u6da610%\\u7684\\u7279\\u522b\\u80a1\\u606f\\u548c\\u4e3a\\u671f\\u4e24\\u5e74\\u7684\\u80a1\\u7968\\u56de\\u8d2d\\uff0c\\u9884\\u8ba1\\u57282026\\u5e74\\u5b8c\\u6210\\u3002 \\u5e02\\u573a\\u5171\\u8bc6 (Source: Bloomberg) \\u5168\\u6c11\\u7259\\u533b\\u96c6\\u56e2(\\u65b0\\u52a0\\u5761)(QNM SP): \\u66f4\\u591a\\u624b\\u6bb5\\u4e13\\u6ce8\\u4e8e\\u6269\\u5f20 \\u91cd\\u7533\\u4e70\\u5165\\uff1a\\u4e70\\u5165\\u4ef7\\uff1a0.490\\uff0c\\u76ee\\u6807\\u4ef7\\uff1a0.530\\uff0c\\u6b62\\u635f\\u4ef7\\uff1a0.470 \\u5168\\u6c11\\u7259\\u533b\\u96c6\\u56e2(\\u65b0\\u52a0\\u5761)\\u6709\\u9650\\u516c\\u53f8\\u7ecf\\u8425\\u7259\\u79d1\\u8bca\\u6240\\u3002\\u8be5\\u516c\\u53f8\\u63d0\\u4f9b\\u7f8e\\u5bb9\\u3001\\u513f\\u7ae5\\u548c\\u7efc\\u5408\\u53e3\\u8154\\u79d1\\uff1b\\u914d\\u6234\\u7259\\u5957\\u3001\\u5047\\u7259\\u548c\\u7259\\u9f7f\\u5b9a\\u4f4d\\u5668\\uff1b\\u5e76\\u63d0\\u4f9b\\u7259\\u9f88\\u51fa\\u8840\\u7684\\u6cbb\\u7597\\u3001\\u7259\\u9f88\\u5916\\u79d1\\u548c\\u53e3\\u8154\\u5916\\u79d1\\uff1b\\u8fd8\\u6cbb\\u7597\\u6253\\u9f3e\\u548c\\u78e8\\u7259\\u3002 \\u7ee7\\u7eed\\u805a\\u7126\\u4e1a\\u52a1\\u6269\\u5f20\\u3002\\u8be5\\u96c6\\u56e2\\u5c06\\u7ee7\\u7eed\\u81f4\\u529b\\u4e8e\\u62d3\\u5c55\\u5176\\u5728\\u65b0\\u52a0\\u5761\\u7684\\u8bca\\u6240\\u7f51\\u7edc\\uff0c\\u4e3b\\u8981\\u901a\\u8fc7\\u6709\\u673a\\u589e\\u957f\\uff0c\\u5e76\\u8f85\\u4ee5\\u80fd\\u5e26\\u6765\\u589e\\u503c\\u6548\\u76ca\\u7684\\u6536\\u8d2d\\u3002\\u5728\\u65b0\\u52a0\\u5761\\u4ee5\\u5916\\uff0cQ&M\\u6b63\\u79ef\\u6781\\u63a2\\u7d22\\u67d4\\u4f5b-\\u65b0\\u52a0\\u5761\\u7ecf\\u6d4e\\u7279\\u533a\\uff08JS-SEZ\\uff09\\u7684\\u673a\\u9047\\uff0c\\u4ee5\\u5e94\\u5bf9\\u5b9a\\u4e8e2026\\u5e7412\\u6708\\u542f\\u52a8\\u7684\\u67d4\\u4f5b\\u65b0\\u5c71-\\u65b0\\u52a0\\u5761\\u5730\\u94c1\\u7cfb\\u7edf\\uff08RTS\\uff09\\u53ef\\u80fd\\u5bfc\\u81f4\\u7684\\u60a3\\u8005\\u6d41\\u5931\\uff0c\\u56e0\\u4e3a\\u6709\\u5229\\u7684\\u8d27\\u5e01\\u6c47\\u7387\\u53ef\\u80fd\\u4f1a\\u6fc0\\u52b1\\u60a3\\u8005\\u5230\\u67d4\\u4f5b\\u5bfb\\u6c42\\u8de8\\u5883\\u7259\\u79d1\\u62a4\\u7406\\u670d\\u52a1\\u3002\\u5728\\u4e2d\\u56fd\\uff0c\\u968f\\u7740\\u7259\\u79d1\\u884c\\u4e1a\\u6574\\u5408\\u52a0\\u901f\\uff0cQ&M\\u6b63\\u8c28\\u614e\\u8bc4\\u4f30\\u6269\\u5f20\\u673a\\u4f1a\\u3002\\u4e3a\\u4e86\\u652f\\u6301\\u8fd9\\u4e9b\\u4e3e\\u63aa\\uff0c\\u8be5\\u96c6\\u56e2\\u8fd1\\u671f\\u6210\\u529f\\u53d1\\u884c\\u4e861.3\\u4ebf\\u65b0\\u5143\\u3001\\u5229\\u73873.95%\\u7684\\u7968\\u636e\\uff0c\\u83b7\\u5f97\\u4e86\\u6295\\u8d44\\u8005\\u7684\\u5f3a\\u52b2\\u9700\\u6c42\\u3002\\u8fd9\\u7b14\\u8d44\\u91d1\\u8fde\\u540c\\u5176\\u7a33\\u5065\\u7684\\u73b0\\u91d1\\u72b6\\u51b5\\uff0c\\u4e3aQ&M\\u63d0\\u4f9b\\u4e86\\u8d22\\u52a1\\u7075\\u6d3b\\u6027\\uff0c\\u4f7f\\u5176\\u80fd\\u591f\\u540c\\u65f6\\u5bfb\\u6c42\\u5e76\\u8d2d\\u548c\\u6709\\u673a\\u589e\\u957f\\u673a\\u4f1a\\u3002 \\u9884\\u8ba12025\\u5e74\\u4e0b\\u534a\\u5e74\\u7259\\u79d1\\u8bca\\u7597\\u91cf\\u5c06\\u589e\\u52a0\\u3002Q&M\\u9884\\u8ba12025\\u5e74\\u4e0b\\u534a\\u5e74\\u7259\\u79d1\\u8bca\\u7597\\u9700\\u6c42\\u5c06\\u66f4\\u4e3a\\u5f3a\\u52b2\\uff0c\\u56e0\\u4e3a\\u5c4a\\u65f6\\u5c06\\u6709\\u66f4\\u591a\\u5458\\u5de5\\u5f00\\u59cb\\u4f7f\\u7528\\u516c\\u53f8\\u63d0\\u4f9b\\u7684\\u7259\\u79d1\\u798f\\u5229\\u3002\\u6b64\\u5916\\uff0c\\u65b0\\u52a0\\u5761\\u653f\\u5e9c\\u5ba3\\u5e03\\uff0c\\u6839\\u636eCHAS\\u8ba1\\u5212\\uff0c\\u5c06\\u4ece2025\\u5e74\\u7b2c\\u56db\\u5b63\\u5ea6\\u8d77\\u63d0\\u9ad8\\u7259\\u79d1\\u8865\\u8d34\\u3002\\u8fd9\\u4e9b\\u8865\\u8d34\\u5c06\\u6709\\u52a9\\u4e8e\\u62b5\\u6d88\\u9ad8\\u4ef7\\u503c\\u8bca\\u7597\\u7a0b\\u5e8f\\u7684\\u8d39\\u7528\\uff0c\\u9f13\\u52b1\\u66f4\\u591a\\u60a3\\u8005\\u5c31\\u533b\\u3002\\u8fd9\\u4e9b\\u5229\\u597d\\u56e0\\u7d20\\u7684\\u5171\\u540c\\u4f5c\\u7528\\u5e94\\u4f1a\\u5e26\\u6765\\u66f4\\u9ad8\\u7684\\u60a3\\u8005\\u6570\\u91cf\\uff0c\\u5e76\\u652f\\u6301\\u8425\\u6536\\u589e\\u957f\\u3002 \\u6574\\u5408\\u4e2d\\u56fd\\u4e1a\\u52a1\\u30022025\\u5e74\\u4e0a\\u534a\\u5e74\\uff0cQ&M\\u5ba3\\u5e03\\u5c06Aoxin Q&M\\u4ece\\u6743\\u76ca\\u6cd5\\u6838\\u7b97\\u7684\\u8054\\u8425\\u516c\\u53f8\\u6574\\u5408\\u4e3a\\u5b50\\u516c\\u53f8\\uff0c\\u4ece\\u800c\\u83b7\\u5f97\\u4e86\\u5bf9\\u5176\\u8d22\\u52a1\\u548c\\u8fd0\\u8425\\u653f\\u7b56\\u66f4\\u5927\\u7684\\u63a7\\u5236\\u6743\\u3002\\u6b64\\u4e3e\\u7b26\\u5408Q&M\\u7684\\u5e76\\u8d2d\\u9a71\\u52a8\\u578b\\u589e\\u957f\\u6218\\u7565\\uff0c\\u5e76\\u5de9\\u56fa\\u4e86\\u5176\\u5728\\u4e2d\\u56fd\\u5feb\\u901f\\u6574\\u5408\\u7684\\u7259\\u79d1\\u5e02\\u573a\\u4e2d\\u7684\\u5730\\u4f4d\\u3002\\u901a\\u8fc7\\u5c06Aoxin\\u5b8c\\u5168\\u7eb3\\u5165\\u5176\\u65d7\\u4e0b\\uff0cQ&M\\u80fd\\u66f4\\u597d\\u5730\\u5229\\u7528\\u5176\\u8d44\\u6e90\\u548c\\u4e13\\u4e1a\\u77e5\\u8bc6\\uff0c\\u4ee5\\u6293\\u4f4f\\u4e2d\\u56fd\\u672a\\u6765\\u7684\\u6269\\u5f20\\u673a\\u9047\\u3002 2025\\u5e74\\u4e0a\\u534a\\u5e74\\u8d22\\u52a1\\u4e1a\\u7ee9\\u3002Q & M\\u7259\\u79d1\\u96c6\\u56e2\\u62a5\\u544a\\u79f0\\uff0c2025\\u5e74\\u4e0a\\u534a\\u5e74\\u7684\\u603b\\u8425\\u6536\\u4e3a8,840\\u4e07\\u65b0\\u5143\\uff0c\\u4e0e2024\\u5e74\\u4e0a\\u534a\\u5e74\\u76848,880\\u4e07\\u65b0\\u5143\\u76f8\\u6bd4\\u6301\\u5e73\\u30022025\\u5e74\\u4e0a\\u534a\\u5e74\\uff0c\\u8be5\\u96c6\\u56e2\\u6838\\u5fc3\\u7259\\u79d1\\u4e1a\\u52a1\\u7684\\u8425\\u6536\\u8d21\\u732e\\u589e\\u957f\\u4e864%\\uff0c\\u8fbe\\u52308,720\\u4e07\\u65b0\\u5143\\uff0c\\u800c2024\\u5e74\\u540c\\u671f\\u4e3a8,420\\u4e07\\u65b0\\u5143\\uff0c\\u4f46\\u90e8\\u5206\\u88ab\\u5176\\u4ed6\\u4e1a\\u52a1\\u6536\\u5165\\u7684\\u4e0b\\u964d\\u6240\\u62b5\\u6d88\\uff0c\\u540e\\u8005\\u4ece\\u4e00\\u5e74\\u524d\\u7684456\\u4e07\\u65b0\\u5143\\u964d\\u81f32025\\u5e74\\u4e0a\\u534a\\u5e74\\u7684118\\u4e07\\u65b0\\u5143\\uff0c\\u8fd9\\u4e3b\\u8981\\u662f\\u7531\\u4e8e\\u8be5\\u96c6\\u56e2\\u533b\\u7597\\u5b9e\\u9a8c\\u5ba4\\u4e1a\\u52a1\\u7684\\u7ec8\\u6b62\\u3002\\u7136\\u800c\\uff0c\\u8be5\\u96c6\\u56e2\\u57282025\\u5e74\\u4e0a\\u534a\\u5e74\\u56e0\\u5c06Aoxin Q & M\\u548cEM2AI\\u4ece\\u6743\\u76ca\\u6cd5\\u6838\\u7b97\\u7684\\u8054\\u8425\\u516c\\u53f8\\u6574\\u5408\\u4e3a\\u96c6\\u56e2\\u5b50\\u516c\\u53f8\\uff0c\\u4e5f\\u4ea7\\u751f\\u4e86440\\u4e07\\u65b0\\u5143\\u7684\\u4e8f\\u635f\\u3002\\u8c03\\u6574\\u540e\\u7684\\u51c0\\u5229\\u6da6\\u540c\\u6bd4\\u589e\\u957f1.6%\\uff0c\\u8fbe\\u5230841\\u4e07\\u65b0\\u5143\\uff0c\\u800c2024\\u5e74\\u540c\\u671f\\u4e3a827\\u4e07\\u65b0\\u5143\\u3002 \\u5e02\\u573a\\u5171\\u8bc6 (Source: Bloomberg) \\u9f99\\u6e90\\u7535\\u529b\\u96c6\\u56e2 (916 HK)\\uff1a\\u53d7\\u76ca\\u4e8e\\u590f\\u5b63\\u5929\\u6c14 \\u4e70\\u5165\\uff1a\\u4e70\\u5165\\u4ef7\\uff1a6.90\\uff0c\\u76ee\\u6807\\u4ef7\\uff1a7.70\\uff0c\\u6b62\\u635f\\u4ef7\\uff1a6.50 \\u9f99\\u6e90\\u7535\\u529b\\u96c6\\u56e2\\u80a1\\u4efd\\u6709\\u9650\\u516c\\u53f8\\u662f\\u4e00\\u5bb6\\u4ee5\\u5f00\\u53d1\\u8fd0\\u8425\\u65b0\\u80fd\\u6e90\\u4e3a\\u4e3b\\u7684\\u7efc\\u5408\\u6027\\u53d1\\u7535\\u7684\\u4e2d\\u56fd\\u516c\\u53f8\\u3002\\u8be5\\u516c\\u53f8\\u7ecf\\u8425\\u56db\\u4e2a\\u5206\\u90e8\\u3002\\u98ce\\u7535\\u5206\\u90e8\\u5efa\\u9020\\u3001\\u7ba1\\u7406\\u53ca\\u8fd0\\u8425\\u98ce\\u529b\\u53d1\\u7535\\u5382\\u4ee5\\u53ca\\u751f\\u4ea7\\u7535\\u529b\\u5e76\\u51fa\\u552e\\u4e88\\u7535\\u7f51\\u516c\\u53f8\\u3002\\u706b\\u7535\\u5206\\u90e8\\u5efa\\u9020\\u3001\\u7ba1\\u7406\\u53ca\\u8fd0\\u8425\\u7164\\u70ad\\u53d1\\u7535\\u5382\\u4ee5\\u53ca\\u751f\\u4ea7\\u7535\\u529b\\u5e76\\u51fa\\u552e\\u4e88\\u7535\\u7f51\\u516c\\u53f8\\u3002\\u5149\\u4f0f\\u53d1\\u7535\\u5206\\u90e8\\u5efa\\u9020\\u3001\\u7ba1\\u7406\\u548c\\u8425\\u8fd0\\u5149\\u4f0f\\u53d1\\u7535\\u5382\\u548c\\u751f\\u4ea7\\u7535\\u529b\\uff0c\\u51fa\\u552e\\u4e88\\u5916\\u95f4\\u7535\\u7f51\\u516c\\u53f8\\u3002\\u6240\\u6709\\u5176\\u4ed6\\u5206\\u90e8\\u4e3b\\u8981\\u4ece\\u4e8b\\u5236\\u9020\\u548c\\u9500\\u552e\\u53d1\\u7535\\u8bbe\\u5907\\u3001\\u63d0\\u4f9b\\u54a8\\u8be2\\u670d\\u52a1\\uff0c\\u5411\\u98ce\\u529b\\u4f01\\u4e1a\\u63d0\\u4f9b\\u7ef4\\u62a4\\u548c\\u57f9\\u8bad\\u670d\\u52a1\\u53ca\\u5176\\u4ed6\\u53ef\\u518d\\u751f\\u80fd\\u6e90\\u53d1\\u7535\\u53ca\\u9500\\u552e\\u3002 7\\u6708\\u7528\\u7535\\u91cf\\u521b\\u7eaa\\u5f55\\u3002\\u6839\\u636e\\u56fd\\u5bb6\\u80fd\\u6e90\\u5c40\\uff08NEA\\uff09\\u7684\\u6570\\u636e\\uff0c\\u4e2d\\u56fd7\\u6708\\u7535\\u529b\\u9700\\u6c42\\u6fc0\\u589e\\u81f3\\u5386\\u53f2\\u65b0\\u9ad8\\uff0c\\u5168\\u793e\\u4f1a\\u7528\\u7535\\u91cf\\u8fbe\\u52301.02\\u4e07\\u4ebf\\u5343\\u74e6\\u65f6\\uff0c\\u540c\\u6bd4\\u589e\\u957f8.6%\\u3002\\u521b\\u7eaa\\u5f55\\u7684\\u7528\\u7535\\u91cf\\u5f97\\u76ca\\u4e8e\\u56fd\\u5185\\u9700\\u6c42\\u7684\\u97e7\\u6027\\u3001\\u65b0\\u8d28\\u751f\\u4ea7\\u529b\\u7684\\u62d3\\u5c55\\u4ee5\\u53ca\\u5de5\\u4e1a\\u6d3b\\u52a8\\u548c\\u51fa\\u53e3\\u597d\\u4e8e\\u9884\\u671f\\u7684\\u53cd\\u5f39\\u3002\\u8fd9\\u79cd\\u5f3a\\u52b2\\u7684\\u9700\\u6c42\\u73af\\u5883\\u5e94\\u80fd\\u4e3a\\u9f99\\u6e90\\u7535\\u529b\\u96c6\\u56e2\\u63d0\\u4f9b\\u8fd1\\u671f\\u652f\\u6491\\u3002 \\u70ed\\u6d6a\\u63a8\\u52a8\\u8425\\u6536\\u589e\\u957f\\u3002\\u636e\\u4e2d\\u56fd\\u6c14\\u8c61\\u5c40\\uff08CMA\\uff09\\u6570\\u636e\\uff0c\\u4e2d\\u56fd\\u7ecf\\u5386\\u4e86\\u6709\\u8bb0\\u5f55\\u4ee5\\u6765\\u6700\\u70ed\\u7684\\u590f\\u5b63\\uff0c6\\u6708\\u81f38\\u6708\\u5168\\u56fd\\u5e73\\u5747\\u6c14\\u6e29\\u8fbe\\u523022.31\\u00b0C\\u3002\\u957f\\u65f6\\u95f4\\u7684\\u70ed\\u6d6a\\uff0c\\u5c24\\u5176\\u662f\\u5728\\u5357\\u65b9\\u5730\\u533a\\uff0c\\u4fc3\\u4f7f\\u5bb6\\u5ead\\u548c\\u4f01\\u4e1a\\u589e\\u52a0\\u4e86\\u964d\\u6e29\\u9700\\u6c42\\uff0c\\u8fdb\\u4e00\\u6b65\\u63d0\\u5347\\u4e86\\u7528\\u7535\\u91cf\\u3002\\u9884\\u8ba1\\u8fd9\\u79cd\\u9ad8\\u4f4d\\u9700\\u6c42\\u5c06\\u4e3a\\u9f99\\u6e90\\u7535\\u529b\\u5e26\\u6765\\u77ed\\u671f\\u7684\\u8425\\u6536\\u63d0\\u632f\\u3002\",\"inLanguage\":\"en-US\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#website\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-05-sep-2025-zh\\\/#breadcrumblist\"},\"author\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/keithtan\\\/#author\"},\"creator\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/keithtan\\\/#author\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/2.png?wsr\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-05-sep-2025-zh\\\/#mainImage\",\"width\":652,\"height\":385},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-05-sep-2025-zh\\\/#mainImage\"},\"datePublished\":\"2025-09-05T07:17:00+08:00\",\"dateModified\":\"2025-09-05T10:12:57+08:00\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#website\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/\",\"name\":\"KGI Singapore Research\",\"description\":\"Singapore's leading broker offering Futures, FX, Equities and Wealth Management.\",\"inLanguage\":\"en-US\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#organization\"}}]}\n\t\t<\/script>\n\t\t<!-- All in One SEO -->\n\n","aioseo_head_json":{"title":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e749\u67085\u65e5: \u2022 KGI Singapore Research","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 \u534e\u4fa8\u94f6\u884c(OCBC SP): \u5229\u7528\u533a\u57df\u4e13\u4e1a\u77e5\u8bc6\u5b9e\u73b0\u589e\u957f \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a16.70\uff0c\u76ee\u6807\u4ef7\uff1a17.60\uff0c\u6b62\u635f\u4ef7\uff1a16.25 \u534e\u4fa8\u94f6\u884c\u63d0\u4f9b\u5168\u9762\u7684\u91d1\u878d\u670d\u52a1\u3002\u516c\u53f8\u7684\u670d\u52a1\u5305\u62ec\u5438\u6536\u5b58\u6b3e\u3001\u4f01\u4e1a\u3001\u4f01\u4e1a\u548c\u4e2a\u4eba\u8d37\u6b3e\u3001\u56fd\u9645\u8d38\u6613\u878d\u8d44\u3001\u6295\u8d44\u94f6\u884c\u3001\u79c1\u4eba\u94f6\u884c\u3001\u8d22\u52a1\u7ba1\u7406\u3001\u80a1\u7968\u7ecf\u7eaa\u3001\u4fdd\u9669\u3001\u4fe1\u7528\u5361\u3001\u73b0\u91d1\u7ba1\u7406\u3001\u8d44\u4ea7\u7ba1\u7406\u53ca\u5176\u4ed6\u91d1\u878d\u76f8\u5173\u670d\u52a1\u3002 \u6df1\u5316\u5370\u5ea6\u5c3c\u897f\u4e9a\u7684\u533a\u57df\u4e1a\u52a1\u3002OCBC\u5728\u5370\u5ea6\u5c3c\u897f\u4e9a\u62e5\u6709\u8d85\u8fc7200\u4e2a\u5206\u652f\u673a\u6784\u7684\u5e7f\u6cdb\u7f51\u7edc\uff0c\u4f7f\u5176\u80fd\u591f\u6355\u6349\u5916\u8d44\u4f01\u4e1a\u5728\u65b0\u56fd\u5185\u4f9b\u5e94\u94fe\u653f\u7b56\u4e0b\u6269\u5c55\u672c\u5730\u4e1a\u52a1\u6240\u5e26\u6765\u7684\u878d\u8d44\u9700\u6c42\u3002\u4f5c\u4e3a\u4e1c\u5357\u4e9a\u6700\u5927\u7684\u6d88\u8d39\u5e02\u573a\uff0c\u5370\u5ea6\u5c3c\u897f\u4e9a\u5438\u5f15\u4e86\u5e0c\u671b\u672c\u5730\u5316\u751f\u4ea7\u7684\u5236\u9020\u5546\u3001\u98df\u54c1\u996e\u6599\u54c1\u724c\u548c\u533b\u7597\u4fdd\u5065\u516c\u53f8\u3002OCBC\u5728\u4fc3\u8fdb\u5408\u8d44\u4f01\u4e1a\u3001\u63d0\u4f9b\u591a\u5e01\u79cd\u8d26\u6237\u548c\u8425\u8fd0\u8d44\u91d1\u878d\u8d44\u7b49\u65b9\u9762\u53d1\u6325\u4e86\u5173\u952e\u4f5c\u7528\u3002\u8fd9\u4e00\u6218\u7565\u5e03\u5c40\u4e0d\u4ec5\u4f7fOCBC\u7684\u8d37\u6b3e\u589e\u957f\u8d85\u8d8a\u65b0\u52a0\u5761\uff0c\u8fd8\u589e\u5f3a\u4e86\u5176\u5728\u4e1c\u76df\u4f01\u4e1a\u5e94\u5bf9\u5173\u7a0e\u51b2\u51fb\u548c\u4f9b\u5e94\u94fe\u533a\u57df\u5316\u8fc7\u7a0b\u4e2d\u7684\u76f8\u5173\u6027\u3002 \u901a\u8fc7\u4ee3\u5e01\u5316\u5546\u4e1a\u7968\u636e\u5b9e\u73b0\u521b\u65b0\u3002OCBC\u63a8\u51fa\u4e86\u4ef7\u503c10\u4ebf\u7f8e\u5143\u7684\u6570\u5b57\u7f8e\u56fd\u5546\u4e1a\u7968\u636e\uff08CP\uff09\u8ba1\u5212\uff0c\u8865\u5145\u5176\u73b0\u6709\u7684250\u4ebf\u7f8e\u5143\u4f20\u7edfCP\u6846\u67b6\u3002\u901a\u8fc7\u5229\u7528\u533a\u5757\u94fe\u6280\u672f\uff0c\u94f6\u884c\u53ef\u4ee5\u53d1\u884c\u4ee3\u5e01\u5316\u7684CP\uff0c\u8fdb\u5165\u4ef7\u503c1.4\u4e07\u4ebf\u7f8e\u5143\u7684\u7f8e\u56fdCP\u5e02\u573a\uff0c\u540c\u65f6\u964d\u4f4e\u878d\u8d44\u6210\u672c\u5e76\u63d0\u9ad8\u8fd0\u8425\u6548\u7387\u3002\u9996\u6b21\u53d1\u884c\u4e8e8\u670820\u65e5\u8fdb\u884c\uff0c\u7531\u6469\u6839\u5927\u901a\u62c5\u4efb\u552f\u4e00\u4ea4\u6613\u5546\u3002\u8fd9\u4e00\u4e3e\u63aa\u51f8\u663e\u4e86OCBC\u81f4\u529b\u4e8e\u5546\u4e1a\u5316\u65b0\u52a0\u5761\u5feb\u901f\u53d1\u5c55\u7684\u533a\u5757\u94fe\u751f\u6001\u7cfb\u7edf\u548c\u8d44\u4ea7\u4ee3\u5e01\u5316\u8d8b\u52bf\u3002\u83b7\u53d6\u66f4\u4fbf\u5b9c\u3001\u591a\u6837\u5316\u7684\u7f8e\u5143\u878d\u8d44\u6765\u6e90\u589e\u5f3a\u4e86\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u7075\u6d3b\u6027\uff0c\u652f\u6301\u5168\u7403\u6269\u5c55\u548c\u6d41\u52a8\u6027\u7ba1\u7406\u3002 \u5728\u5229\u6da6\u538b\u529b\u4e0b\u7684\u907f\u9669\u5730\u4f4d\u3002OCBC\u62a5\u544a2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u964d7%\uff0c\u964d\u81f318.2\u4ebf\u65b0\u5143\uff0c\u56e0\u5229\u7387\u4e0b\u964d\u5bf9\u51c0\u5229\u606f\u6536\u5165\u9020\u6210\u538b\u529b\uff0c\u540c\u6bd4\u4e0b\u964d6%\uff0c\u51c0\u5229\u606f\u5229\u6da6\u7387\u4e3a1.92%\uff0c\u4f4e\u4e8e\u53bb\u5e74\u76842.20%\u3002\u5c3d\u7ba1\u9762\u4e34\u8fd9\u4e9b\u6311\u6218\uff0c\u6536\u76ca\u4ecd\u8d85\u51fa\u5e02\u573a\u9884\u671f\uff0c\u5f97\u76ca\u4e8e\u7a33\u5b9a\u7684\u624b\u7eed\u8d39\u548c\u4ea4\u6613\u6536\u5165\u589e\u957f\uff0c\u8d22\u5bcc\u7ba1\u7406\u624b\u7eed\u8d39\u540c\u6bd4\u6fc0\u589e31.6%\uff0c\u663e\u793a\u51fa\u94f6\u884c\u591a\u5143\u5316\u6536\u5165\u6765\u6e90\u7684\u80fd\u529b\u3002\u6bcf\u80a1\u80a1\u606f\u51cf\u5c11\u81f341\u65b0\u5143\u5206\uff0c\u76f8\u5f53\u4e8e50%\u7684\u6d3e\u606f\u7387\u3002\u5728\u5168\u7403\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u548c\u7f8e\u56fd\u5173\u7a0e\u5f71\u54cd\u7684\u80cc\u666f\u4e0b\uff0cOCBC\u7ee7\u7eed\u53d7\u76ca\u4e8e\u65b0\u52a0\u5761\u7684\u91d1\u878d\u907f\u98ce\u6e2f\u5730\u4f4d\uff0c\u5438\u5f15\u533a\u57df\u8d22\u5bcc\u6d41\u52a8\u548c\u6295\u8d44\u9700\u6c42\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u4e0b\u534a\u5e74\u5168\u7403\u548c\u533a\u57df\u589e\u957f\u5c06\u653e\u7f13\uff0c\u4f46\u5176\u5f3a\u52b2\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u3001\u7a33\u5b9a\u7684\u4e0d\u826f\u8d37\u6b3e\u6bd4\u4f8b\u4e3a0.9%\u548c\u524d\u77bb\u6027\u62e8\u5907\u652f\u6491\u4e86\u5176\u97e7\u6027\u3002\u8d37\u6b3e\u589e\u957f\u4fdd\u6301\u7a33\u5b9a\uff0c\u4e3b\u8981\u7531\u4f4f\u623f\u3001\u6570\u636e\u4e2d\u5fc3\u548c\u533a\u57df\u4f01\u4e1a\u8d37\u6b3e\u9a71\u52a8\uff0c\u5f3a\u5316\u4e86\u5176\u5bf9\u4e1c\u76df\u548c\u5927\u4e2d\u534e\u533a\u673a\u4f1a\u7684\u957f\u671f\u79ef\u6781\u5c55\u671b\u3002 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002OCBC\u62a5\u544a2025\u5e74\u4e0a\u534a\u5e74\u603b\u6536\u5165\u4e3a72\u4ebf\u65b0\u5143\uff0c\u540c\u6bd4\u4e0b\u964d1%\u3002\u96c6\u56e2\u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u964d6%\uff0c\u964d\u81f337\u4ebf\u65b0\u5143\uff0c\u94f6\u884c\u4e1a\u52a1\u51c0\u5229\u6da6\u4e0b\u964d8%\uff0c\u964d\u81f331.5\u4ebf\u65b0\u5143\uff0c\u51c0\u5229\u606f\u5229\u6da6\u7387\u4e0b\u964d25\u4e2a\u57fa\u70b9\u81f31.98%\u3002\u572850%\u7684\u6d3e\u606f\u7387\u4e0b\uff0c\u5ba3\u5e03\u6bcf\u80a1\u80a1\u606f\u4e3a41\u65b0\u5143\u5206\u3002OCBC\u76842025\u5e74\u4e0a\u534a\u5e74\u6bcf\u80a1\u6536\u76ca\u4e3a1.64\u65b0\u5143\u3002\u96c6\u56e2\u4ecd\u81f4\u529b\u4e8e\u4e4b\u524d\u5ba3\u5e03\u768425\u4ebf\u65b0\u5143\u8d44\u672c\u56de\u62a5\u8ba1\u5212\uff0c\u5305\u62ec\u53602025\u8d22\u5e74\u96c6\u56e2\u51c0\u5229\u6da610%\u7684\u7279\u522b\u80a1\u606f\u548c\u4e3a\u671f\u4e24\u5e74\u7684\u80a1\u7968\u56de\u8d2d\uff0c\u9884\u8ba1\u57282026\u5e74\u5b8c\u6210\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u5168\u6c11\u7259\u533b\u96c6\u56e2(\u65b0\u52a0\u5761)(QNM SP): \u66f4\u591a\u624b\u6bb5\u4e13\u6ce8\u4e8e\u6269\u5f20 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.490\uff0c\u76ee\u6807\u4ef7\uff1a0.530\uff0c\u6b62\u635f\u4ef7\uff1a0.470 \u5168\u6c11\u7259\u533b\u96c6\u56e2(\u65b0\u52a0\u5761)\u6709\u9650\u516c\u53f8\u7ecf\u8425\u7259\u79d1\u8bca\u6240\u3002\u8be5\u516c\u53f8\u63d0\u4f9b\u7f8e\u5bb9\u3001\u513f\u7ae5\u548c\u7efc\u5408\u53e3\u8154\u79d1\uff1b\u914d\u6234\u7259\u5957\u3001\u5047\u7259\u548c\u7259\u9f7f\u5b9a\u4f4d\u5668\uff1b\u5e76\u63d0\u4f9b\u7259\u9f88\u51fa\u8840\u7684\u6cbb\u7597\u3001\u7259\u9f88\u5916\u79d1\u548c\u53e3\u8154\u5916\u79d1\uff1b\u8fd8\u6cbb\u7597\u6253\u9f3e\u548c\u78e8\u7259\u3002 \u7ee7\u7eed\u805a\u7126\u4e1a\u52a1\u6269\u5f20\u3002\u8be5\u96c6\u56e2\u5c06\u7ee7\u7eed\u81f4\u529b\u4e8e\u62d3\u5c55\u5176\u5728\u65b0\u52a0\u5761\u7684\u8bca\u6240\u7f51\u7edc\uff0c\u4e3b\u8981\u901a\u8fc7\u6709\u673a\u589e\u957f\uff0c\u5e76\u8f85\u4ee5\u80fd\u5e26\u6765\u589e\u503c\u6548\u76ca\u7684\u6536\u8d2d\u3002\u5728\u65b0\u52a0\u5761\u4ee5\u5916\uff0cQ&M\u6b63\u79ef\u6781\u63a2\u7d22\u67d4\u4f5b-\u65b0\u52a0\u5761\u7ecf\u6d4e\u7279\u533a\uff08JS-SEZ\uff09\u7684\u673a\u9047\uff0c\u4ee5\u5e94\u5bf9\u5b9a\u4e8e2026\u5e7412\u6708\u542f\u52a8\u7684\u67d4\u4f5b\u65b0\u5c71-\u65b0\u52a0\u5761\u5730\u94c1\u7cfb\u7edf\uff08RTS\uff09\u53ef\u80fd\u5bfc\u81f4\u7684\u60a3\u8005\u6d41\u5931\uff0c\u56e0\u4e3a\u6709\u5229\u7684\u8d27\u5e01\u6c47\u7387\u53ef\u80fd\u4f1a\u6fc0\u52b1\u60a3\u8005\u5230\u67d4\u4f5b\u5bfb\u6c42\u8de8\u5883\u7259\u79d1\u62a4\u7406\u670d\u52a1\u3002\u5728\u4e2d\u56fd\uff0c\u968f\u7740\u7259\u79d1\u884c\u4e1a\u6574\u5408\u52a0\u901f\uff0cQ&M\u6b63\u8c28\u614e\u8bc4\u4f30\u6269\u5f20\u673a\u4f1a\u3002\u4e3a\u4e86\u652f\u6301\u8fd9\u4e9b\u4e3e\u63aa\uff0c\u8be5\u96c6\u56e2\u8fd1\u671f\u6210\u529f\u53d1\u884c\u4e861.3\u4ebf\u65b0\u5143\u3001\u5229\u73873.95%\u7684\u7968\u636e\uff0c\u83b7\u5f97\u4e86\u6295\u8d44\u8005\u7684\u5f3a\u52b2\u9700\u6c42\u3002\u8fd9\u7b14\u8d44\u91d1\u8fde\u540c\u5176\u7a33\u5065\u7684\u73b0\u91d1\u72b6\u51b5\uff0c\u4e3aQ&M\u63d0\u4f9b\u4e86\u8d22\u52a1\u7075\u6d3b\u6027\uff0c\u4f7f\u5176\u80fd\u591f\u540c\u65f6\u5bfb\u6c42\u5e76\u8d2d\u548c\u6709\u673a\u589e\u957f\u673a\u4f1a\u3002 \u9884\u8ba12025\u5e74\u4e0b\u534a\u5e74\u7259\u79d1\u8bca\u7597\u91cf\u5c06\u589e\u52a0\u3002Q&M\u9884\u8ba12025\u5e74\u4e0b\u534a\u5e74\u7259\u79d1\u8bca\u7597\u9700\u6c42\u5c06\u66f4\u4e3a\u5f3a\u52b2\uff0c\u56e0\u4e3a\u5c4a\u65f6\u5c06\u6709\u66f4\u591a\u5458\u5de5\u5f00\u59cb\u4f7f\u7528\u516c\u53f8\u63d0\u4f9b\u7684\u7259\u79d1\u798f\u5229\u3002\u6b64\u5916\uff0c\u65b0\u52a0\u5761\u653f\u5e9c\u5ba3\u5e03\uff0c\u6839\u636eCHAS\u8ba1\u5212\uff0c\u5c06\u4ece2025\u5e74\u7b2c\u56db\u5b63\u5ea6\u8d77\u63d0\u9ad8\u7259\u79d1\u8865\u8d34\u3002\u8fd9\u4e9b\u8865\u8d34\u5c06\u6709\u52a9\u4e8e\u62b5\u6d88\u9ad8\u4ef7\u503c\u8bca\u7597\u7a0b\u5e8f\u7684\u8d39\u7528\uff0c\u9f13\u52b1\u66f4\u591a\u60a3\u8005\u5c31\u533b\u3002\u8fd9\u4e9b\u5229\u597d\u56e0\u7d20\u7684\u5171\u540c\u4f5c\u7528\u5e94\u4f1a\u5e26\u6765\u66f4\u9ad8\u7684\u60a3\u8005\u6570\u91cf\uff0c\u5e76\u652f\u6301\u8425\u6536\u589e\u957f\u3002 \u6574\u5408\u4e2d\u56fd\u4e1a\u52a1\u30022025\u5e74\u4e0a\u534a\u5e74\uff0cQ&M\u5ba3\u5e03\u5c06Aoxin Q&M\u4ece\u6743\u76ca\u6cd5\u6838\u7b97\u7684\u8054\u8425\u516c\u53f8\u6574\u5408\u4e3a\u5b50\u516c\u53f8\uff0c\u4ece\u800c\u83b7\u5f97\u4e86\u5bf9\u5176\u8d22\u52a1\u548c\u8fd0\u8425\u653f\u7b56\u66f4\u5927\u7684\u63a7\u5236\u6743\u3002\u6b64\u4e3e\u7b26\u5408Q&M\u7684\u5e76\u8d2d\u9a71\u52a8\u578b\u589e\u957f\u6218\u7565\uff0c\u5e76\u5de9\u56fa\u4e86\u5176\u5728\u4e2d\u56fd\u5feb\u901f\u6574\u5408\u7684\u7259\u79d1\u5e02\u573a\u4e2d\u7684\u5730\u4f4d\u3002\u901a\u8fc7\u5c06Aoxin\u5b8c\u5168\u7eb3\u5165\u5176\u65d7\u4e0b\uff0cQ&M\u80fd\u66f4\u597d\u5730\u5229\u7528\u5176\u8d44\u6e90\u548c\u4e13\u4e1a\u77e5\u8bc6\uff0c\u4ee5\u6293\u4f4f\u4e2d\u56fd\u672a\u6765\u7684\u6269\u5f20\u673a\u9047\u3002 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002Q & M\u7259\u79d1\u96c6\u56e2\u62a5\u544a\u79f0\uff0c2025\u5e74\u4e0a\u534a\u5e74\u7684\u603b\u8425\u6536\u4e3a8,840\u4e07\u65b0\u5143\uff0c\u4e0e2024\u5e74\u4e0a\u534a\u5e74\u76848,880\u4e07\u65b0\u5143\u76f8\u6bd4\u6301\u5e73\u30022025\u5e74\u4e0a\u534a\u5e74\uff0c\u8be5\u96c6\u56e2\u6838\u5fc3\u7259\u79d1\u4e1a\u52a1\u7684\u8425\u6536\u8d21\u732e\u589e\u957f\u4e864%\uff0c\u8fbe\u52308,720\u4e07\u65b0\u5143\uff0c\u800c2024\u5e74\u540c\u671f\u4e3a8,420\u4e07\u65b0\u5143\uff0c\u4f46\u90e8\u5206\u88ab\u5176\u4ed6\u4e1a\u52a1\u6536\u5165\u7684\u4e0b\u964d\u6240\u62b5\u6d88\uff0c\u540e\u8005\u4ece\u4e00\u5e74\u524d\u7684456\u4e07\u65b0\u5143\u964d\u81f32025\u5e74\u4e0a\u534a\u5e74\u7684118\u4e07\u65b0\u5143\uff0c\u8fd9\u4e3b\u8981\u662f\u7531\u4e8e\u8be5\u96c6\u56e2\u533b\u7597\u5b9e\u9a8c\u5ba4\u4e1a\u52a1\u7684\u7ec8\u6b62\u3002\u7136\u800c\uff0c\u8be5\u96c6\u56e2\u57282025\u5e74\u4e0a\u534a\u5e74\u56e0\u5c06Aoxin Q & M\u548cEM2AI\u4ece\u6743\u76ca\u6cd5\u6838\u7b97\u7684\u8054\u8425\u516c\u53f8\u6574\u5408\u4e3a\u96c6\u56e2\u5b50\u516c\u53f8\uff0c\u4e5f\u4ea7\u751f\u4e86440\u4e07\u65b0\u5143\u7684\u4e8f\u635f\u3002\u8c03\u6574\u540e\u7684\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f1.6%\uff0c\u8fbe\u5230841\u4e07\u65b0\u5143\uff0c\u800c2024\u5e74\u540c\u671f\u4e3a827\u4e07\u65b0\u5143\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u9f99\u6e90\u7535\u529b\u96c6\u56e2 (916 HK)\uff1a\u53d7\u76ca\u4e8e\u590f\u5b63\u5929\u6c14 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a6.90\uff0c\u76ee\u6807\u4ef7\uff1a7.70\uff0c\u6b62\u635f\u4ef7\uff1a6.50 \u9f99\u6e90\u7535\u529b\u96c6\u56e2\u80a1\u4efd\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u4ee5\u5f00\u53d1\u8fd0\u8425\u65b0\u80fd\u6e90\u4e3a\u4e3b\u7684\u7efc\u5408\u6027\u53d1\u7535\u7684\u4e2d\u56fd\u516c\u53f8\u3002\u8be5\u516c\u53f8\u7ecf\u8425\u56db\u4e2a\u5206\u90e8\u3002\u98ce\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u53ca\u8fd0\u8425\u98ce\u529b\u53d1\u7535\u5382\u4ee5\u53ca\u751f\u4ea7\u7535\u529b\u5e76\u51fa\u552e\u4e88\u7535\u7f51\u516c\u53f8\u3002\u706b\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u53ca\u8fd0\u8425\u7164\u70ad\u53d1\u7535\u5382\u4ee5\u53ca\u751f\u4ea7\u7535\u529b\u5e76\u51fa\u552e\u4e88\u7535\u7f51\u516c\u53f8\u3002\u5149\u4f0f\u53d1\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u548c\u8425\u8fd0\u5149\u4f0f\u53d1\u7535\u5382\u548c\u751f\u4ea7\u7535\u529b\uff0c\u51fa\u552e\u4e88\u5916\u95f4\u7535\u7f51\u516c\u53f8\u3002\u6240\u6709\u5176\u4ed6\u5206\u90e8\u4e3b\u8981\u4ece\u4e8b\u5236\u9020\u548c\u9500\u552e\u53d1\u7535\u8bbe\u5907\u3001\u63d0\u4f9b\u54a8\u8be2\u670d\u52a1\uff0c\u5411\u98ce\u529b\u4f01\u4e1a\u63d0\u4f9b\u7ef4\u62a4\u548c\u57f9\u8bad\u670d\u52a1\u53ca\u5176\u4ed6\u53ef\u518d\u751f\u80fd\u6e90\u53d1\u7535\u53ca\u9500\u552e\u3002 7\u6708\u7528\u7535\u91cf\u521b\u7eaa\u5f55\u3002\u6839\u636e\u56fd\u5bb6\u80fd\u6e90\u5c40\uff08NEA\uff09\u7684\u6570\u636e\uff0c\u4e2d\u56fd7\u6708\u7535\u529b\u9700\u6c42\u6fc0\u589e\u81f3\u5386\u53f2\u65b0\u9ad8\uff0c\u5168\u793e\u4f1a\u7528\u7535\u91cf\u8fbe\u52301.02\u4e07\u4ebf\u5343\u74e6\u65f6\uff0c\u540c\u6bd4\u589e\u957f8.6%\u3002\u521b\u7eaa\u5f55\u7684\u7528\u7535\u91cf\u5f97\u76ca\u4e8e\u56fd\u5185\u9700\u6c42\u7684\u97e7\u6027\u3001\u65b0\u8d28\u751f\u4ea7\u529b\u7684\u62d3\u5c55\u4ee5\u53ca\u5de5\u4e1a\u6d3b\u52a8\u548c\u51fa\u53e3\u597d\u4e8e\u9884\u671f\u7684\u53cd\u5f39\u3002\u8fd9\u79cd\u5f3a\u52b2\u7684\u9700\u6c42\u73af\u5883\u5e94\u80fd\u4e3a\u9f99\u6e90\u7535\u529b\u96c6\u56e2\u63d0\u4f9b\u8fd1\u671f\u652f\u6491\u3002 \u70ed\u6d6a\u63a8\u52a8\u8425\u6536\u589e\u957f\u3002\u636e\u4e2d\u56fd\u6c14\u8c61\u5c40\uff08CMA\uff09\u6570\u636e\uff0c\u4e2d\u56fd\u7ecf\u5386\u4e86\u6709\u8bb0\u5f55\u4ee5\u6765\u6700\u70ed\u7684\u590f\u5b63\uff0c6\u6708\u81f38\u6708\u5168\u56fd\u5e73\u5747\u6c14\u6e29\u8fbe\u523022.31\u00b0C\u3002\u957f\u65f6\u95f4\u7684\u70ed\u6d6a\uff0c\u5c24\u5176\u662f\u5728\u5357\u65b9\u5730\u533a\uff0c\u4fc3\u4f7f\u5bb6\u5ead\u548c\u4f01\u4e1a\u589e\u52a0\u4e86\u964d\u6e29\u9700\u6c42\uff0c\u8fdb\u4e00\u6b65\u63d0\u5347\u4e86\u7528\u7535\u91cf\u3002\u9884\u8ba1\u8fd9\u79cd\u9ad8\u4f4d\u9700\u6c42\u5c06\u4e3a\u9f99\u6e90\u7535\u529b\u5e26\u6765\u77ed\u671f\u7684\u8425\u6536\u63d0\u632f\u3002","canonical_url":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-05-sep-2025-zh\/","robots":"max-image-preview:large","keywords":"kgi daily trading ideas (chinese)","webmasterTools":{"miscellaneous":""},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BlogPosting","@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-05-sep-2025-zh\/#blogposting","name":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e749\u67085\u65e5: \u2022 KGI Singapore Research","headline":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e749\u67085\u65e5:","author":{"@id":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/#author"},"publisher":{"@id":"https:\/\/www.kgieworld.sg\/research\/#organization"},"image":{"@type":"ImageObject","url":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/01\/2.png?wsr","width":652,"height":385},"datePublished":"2025-09-05T07:17:00+08:00","dateModified":"2025-09-05T10:12:57+08:00","inLanguage":"en-US","mainEntityOfPage":{"@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-05-sep-2025-zh\/#webpage"},"isPartOf":{"@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-05-sep-2025-zh\/#webpage"},"articleSection":"KGI Daily Trading Ideas (Chinese)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-05-sep-2025-zh\/#breadcrumblist","itemListElement":[{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research#listItem","position":1,"name":"Home","item":"https:\/\/www.kgieworld.sg\/research","nextItem":{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research\/category\/kgi-daily-trading-ideas-chinese\/#listItem","name":"KGI Daily Trading Ideas (Chinese)"}},{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research\/category\/kgi-daily-trading-ideas-chinese\/#listItem","position":2,"name":"KGI Daily Trading Ideas (Chinese)","item":"https:\/\/www.kgieworld.sg\/research\/category\/kgi-daily-trading-ideas-chinese\/","nextItem":{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-05-sep-2025-zh\/#listItem","name":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e749\u67085\u65e5:"},"previousItem":{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research#listItem","name":"Home"}},{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-05-sep-2025-zh\/#listItem","position":3,"name":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e749\u67085\u65e5:","previousItem":{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research\/category\/kgi-daily-trading-ideas-chinese\/#listItem","name":"KGI Daily Trading Ideas (Chinese)"}}]},{"@type":"Organization","@id":"https:\/\/www.kgieworld.sg\/research\/#organization","name":"KGI Research Singapore","description":"Singapore's leading broker offering Futures, FX, Equities and Wealth Management.","url":"https:\/\/www.kgieworld.sg\/research\/","telephone":"+6562021188","logo":{"@type":"ImageObject","url":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2020\/11\/cropped-Square-logo-PNG.png?wsr","@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-05-sep-2025-zh\/#organizationLogo","width":512,"height":512},"image":{"@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-05-sep-2025-zh\/#organizationLogo"}},{"@type":"Person","@id":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/#author","url":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/","name":"Keith Tan","image":{"@type":"ImageObject","@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-05-sep-2025-zh\/#authorImage","url":"https:\/\/secure.gravatar.com\/avatar\/6e081ee53ea613f8e7be4f0607b3f5c1a3d295ee583a0f5bb51e9c300635ad2e?s=96&d=mm&r=g","width":96,"height":96,"caption":"Keith Tan"}},{"@type":"WebPage","@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-05-sep-2025-zh\/#webpage","url":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-05-sep-2025-zh\/","name":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e749\u67085\u65e5: \u2022 KGI Singapore Research","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 \u534e\u4fa8\u94f6\u884c(OCBC SP): \u5229\u7528\u533a\u57df\u4e13\u4e1a\u77e5\u8bc6\u5b9e\u73b0\u589e\u957f \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a16.70\uff0c\u76ee\u6807\u4ef7\uff1a17.60\uff0c\u6b62\u635f\u4ef7\uff1a16.25 \u534e\u4fa8\u94f6\u884c\u63d0\u4f9b\u5168\u9762\u7684\u91d1\u878d\u670d\u52a1\u3002\u516c\u53f8\u7684\u670d\u52a1\u5305\u62ec\u5438\u6536\u5b58\u6b3e\u3001\u4f01\u4e1a\u3001\u4f01\u4e1a\u548c\u4e2a\u4eba\u8d37\u6b3e\u3001\u56fd\u9645\u8d38\u6613\u878d\u8d44\u3001\u6295\u8d44\u94f6\u884c\u3001\u79c1\u4eba\u94f6\u884c\u3001\u8d22\u52a1\u7ba1\u7406\u3001\u80a1\u7968\u7ecf\u7eaa\u3001\u4fdd\u9669\u3001\u4fe1\u7528\u5361\u3001\u73b0\u91d1\u7ba1\u7406\u3001\u8d44\u4ea7\u7ba1\u7406\u53ca\u5176\u4ed6\u91d1\u878d\u76f8\u5173\u670d\u52a1\u3002 \u6df1\u5316\u5370\u5ea6\u5c3c\u897f\u4e9a\u7684\u533a\u57df\u4e1a\u52a1\u3002OCBC\u5728\u5370\u5ea6\u5c3c\u897f\u4e9a\u62e5\u6709\u8d85\u8fc7200\u4e2a\u5206\u652f\u673a\u6784\u7684\u5e7f\u6cdb\u7f51\u7edc\uff0c\u4f7f\u5176\u80fd\u591f\u6355\u6349\u5916\u8d44\u4f01\u4e1a\u5728\u65b0\u56fd\u5185\u4f9b\u5e94\u94fe\u653f\u7b56\u4e0b\u6269\u5c55\u672c\u5730\u4e1a\u52a1\u6240\u5e26\u6765\u7684\u878d\u8d44\u9700\u6c42\u3002\u4f5c\u4e3a\u4e1c\u5357\u4e9a\u6700\u5927\u7684\u6d88\u8d39\u5e02\u573a\uff0c\u5370\u5ea6\u5c3c\u897f\u4e9a\u5438\u5f15\u4e86\u5e0c\u671b\u672c\u5730\u5316\u751f\u4ea7\u7684\u5236\u9020\u5546\u3001\u98df\u54c1\u996e\u6599\u54c1\u724c\u548c\u533b\u7597\u4fdd\u5065\u516c\u53f8\u3002OCBC\u5728\u4fc3\u8fdb\u5408\u8d44\u4f01\u4e1a\u3001\u63d0\u4f9b\u591a\u5e01\u79cd\u8d26\u6237\u548c\u8425\u8fd0\u8d44\u91d1\u878d\u8d44\u7b49\u65b9\u9762\u53d1\u6325\u4e86\u5173\u952e\u4f5c\u7528\u3002\u8fd9\u4e00\u6218\u7565\u5e03\u5c40\u4e0d\u4ec5\u4f7fOCBC\u7684\u8d37\u6b3e\u589e\u957f\u8d85\u8d8a\u65b0\u52a0\u5761\uff0c\u8fd8\u589e\u5f3a\u4e86\u5176\u5728\u4e1c\u76df\u4f01\u4e1a\u5e94\u5bf9\u5173\u7a0e\u51b2\u51fb\u548c\u4f9b\u5e94\u94fe\u533a\u57df\u5316\u8fc7\u7a0b\u4e2d\u7684\u76f8\u5173\u6027\u3002 \u901a\u8fc7\u4ee3\u5e01\u5316\u5546\u4e1a\u7968\u636e\u5b9e\u73b0\u521b\u65b0\u3002OCBC\u63a8\u51fa\u4e86\u4ef7\u503c10\u4ebf\u7f8e\u5143\u7684\u6570\u5b57\u7f8e\u56fd\u5546\u4e1a\u7968\u636e\uff08CP\uff09\u8ba1\u5212\uff0c\u8865\u5145\u5176\u73b0\u6709\u7684250\u4ebf\u7f8e\u5143\u4f20\u7edfCP\u6846\u67b6\u3002\u901a\u8fc7\u5229\u7528\u533a\u5757\u94fe\u6280\u672f\uff0c\u94f6\u884c\u53ef\u4ee5\u53d1\u884c\u4ee3\u5e01\u5316\u7684CP\uff0c\u8fdb\u5165\u4ef7\u503c1.4\u4e07\u4ebf\u7f8e\u5143\u7684\u7f8e\u56fdCP\u5e02\u573a\uff0c\u540c\u65f6\u964d\u4f4e\u878d\u8d44\u6210\u672c\u5e76\u63d0\u9ad8\u8fd0\u8425\u6548\u7387\u3002\u9996\u6b21\u53d1\u884c\u4e8e8\u670820\u65e5\u8fdb\u884c\uff0c\u7531\u6469\u6839\u5927\u901a\u62c5\u4efb\u552f\u4e00\u4ea4\u6613\u5546\u3002\u8fd9\u4e00\u4e3e\u63aa\u51f8\u663e\u4e86OCBC\u81f4\u529b\u4e8e\u5546\u4e1a\u5316\u65b0\u52a0\u5761\u5feb\u901f\u53d1\u5c55\u7684\u533a\u5757\u94fe\u751f\u6001\u7cfb\u7edf\u548c\u8d44\u4ea7\u4ee3\u5e01\u5316\u8d8b\u52bf\u3002\u83b7\u53d6\u66f4\u4fbf\u5b9c\u3001\u591a\u6837\u5316\u7684\u7f8e\u5143\u878d\u8d44\u6765\u6e90\u589e\u5f3a\u4e86\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u7075\u6d3b\u6027\uff0c\u652f\u6301\u5168\u7403\u6269\u5c55\u548c\u6d41\u52a8\u6027\u7ba1\u7406\u3002 \u5728\u5229\u6da6\u538b\u529b\u4e0b\u7684\u907f\u9669\u5730\u4f4d\u3002OCBC\u62a5\u544a2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u964d7%\uff0c\u964d\u81f318.2\u4ebf\u65b0\u5143\uff0c\u56e0\u5229\u7387\u4e0b\u964d\u5bf9\u51c0\u5229\u606f\u6536\u5165\u9020\u6210\u538b\u529b\uff0c\u540c\u6bd4\u4e0b\u964d6%\uff0c\u51c0\u5229\u606f\u5229\u6da6\u7387\u4e3a1.92%\uff0c\u4f4e\u4e8e\u53bb\u5e74\u76842.20%\u3002\u5c3d\u7ba1\u9762\u4e34\u8fd9\u4e9b\u6311\u6218\uff0c\u6536\u76ca\u4ecd\u8d85\u51fa\u5e02\u573a\u9884\u671f\uff0c\u5f97\u76ca\u4e8e\u7a33\u5b9a\u7684\u624b\u7eed\u8d39\u548c\u4ea4\u6613\u6536\u5165\u589e\u957f\uff0c\u8d22\u5bcc\u7ba1\u7406\u624b\u7eed\u8d39\u540c\u6bd4\u6fc0\u589e31.6%\uff0c\u663e\u793a\u51fa\u94f6\u884c\u591a\u5143\u5316\u6536\u5165\u6765\u6e90\u7684\u80fd\u529b\u3002\u6bcf\u80a1\u80a1\u606f\u51cf\u5c11\u81f341\u65b0\u5143\u5206\uff0c\u76f8\u5f53\u4e8e50%\u7684\u6d3e\u606f\u7387\u3002\u5728\u5168\u7403\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u548c\u7f8e\u56fd\u5173\u7a0e\u5f71\u54cd\u7684\u80cc\u666f\u4e0b\uff0cOCBC\u7ee7\u7eed\u53d7\u76ca\u4e8e\u65b0\u52a0\u5761\u7684\u91d1\u878d\u907f\u98ce\u6e2f\u5730\u4f4d\uff0c\u5438\u5f15\u533a\u57df\u8d22\u5bcc\u6d41\u52a8\u548c\u6295\u8d44\u9700\u6c42\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u4e0b\u534a\u5e74\u5168\u7403\u548c\u533a\u57df\u589e\u957f\u5c06\u653e\u7f13\uff0c\u4f46\u5176\u5f3a\u52b2\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u3001\u7a33\u5b9a\u7684\u4e0d\u826f\u8d37\u6b3e\u6bd4\u4f8b\u4e3a0.9%\u548c\u524d\u77bb\u6027\u62e8\u5907\u652f\u6491\u4e86\u5176\u97e7\u6027\u3002\u8d37\u6b3e\u589e\u957f\u4fdd\u6301\u7a33\u5b9a\uff0c\u4e3b\u8981\u7531\u4f4f\u623f\u3001\u6570\u636e\u4e2d\u5fc3\u548c\u533a\u57df\u4f01\u4e1a\u8d37\u6b3e\u9a71\u52a8\uff0c\u5f3a\u5316\u4e86\u5176\u5bf9\u4e1c\u76df\u548c\u5927\u4e2d\u534e\u533a\u673a\u4f1a\u7684\u957f\u671f\u79ef\u6781\u5c55\u671b\u3002 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002OCBC\u62a5\u544a2025\u5e74\u4e0a\u534a\u5e74\u603b\u6536\u5165\u4e3a72\u4ebf\u65b0\u5143\uff0c\u540c\u6bd4\u4e0b\u964d1%\u3002\u96c6\u56e2\u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u964d6%\uff0c\u964d\u81f337\u4ebf\u65b0\u5143\uff0c\u94f6\u884c\u4e1a\u52a1\u51c0\u5229\u6da6\u4e0b\u964d8%\uff0c\u964d\u81f331.5\u4ebf\u65b0\u5143\uff0c\u51c0\u5229\u606f\u5229\u6da6\u7387\u4e0b\u964d25\u4e2a\u57fa\u70b9\u81f31.98%\u3002\u572850%\u7684\u6d3e\u606f\u7387\u4e0b\uff0c\u5ba3\u5e03\u6bcf\u80a1\u80a1\u606f\u4e3a41\u65b0\u5143\u5206\u3002OCBC\u76842025\u5e74\u4e0a\u534a\u5e74\u6bcf\u80a1\u6536\u76ca\u4e3a1.64\u65b0\u5143\u3002\u96c6\u56e2\u4ecd\u81f4\u529b\u4e8e\u4e4b\u524d\u5ba3\u5e03\u768425\u4ebf\u65b0\u5143\u8d44\u672c\u56de\u62a5\u8ba1\u5212\uff0c\u5305\u62ec\u53602025\u8d22\u5e74\u96c6\u56e2\u51c0\u5229\u6da610%\u7684\u7279\u522b\u80a1\u606f\u548c\u4e3a\u671f\u4e24\u5e74\u7684\u80a1\u7968\u56de\u8d2d\uff0c\u9884\u8ba1\u57282026\u5e74\u5b8c\u6210\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u5168\u6c11\u7259\u533b\u96c6\u56e2(\u65b0\u52a0\u5761)(QNM SP): \u66f4\u591a\u624b\u6bb5\u4e13\u6ce8\u4e8e\u6269\u5f20 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.490\uff0c\u76ee\u6807\u4ef7\uff1a0.530\uff0c\u6b62\u635f\u4ef7\uff1a0.470 \u5168\u6c11\u7259\u533b\u96c6\u56e2(\u65b0\u52a0\u5761)\u6709\u9650\u516c\u53f8\u7ecf\u8425\u7259\u79d1\u8bca\u6240\u3002\u8be5\u516c\u53f8\u63d0\u4f9b\u7f8e\u5bb9\u3001\u513f\u7ae5\u548c\u7efc\u5408\u53e3\u8154\u79d1\uff1b\u914d\u6234\u7259\u5957\u3001\u5047\u7259\u548c\u7259\u9f7f\u5b9a\u4f4d\u5668\uff1b\u5e76\u63d0\u4f9b\u7259\u9f88\u51fa\u8840\u7684\u6cbb\u7597\u3001\u7259\u9f88\u5916\u79d1\u548c\u53e3\u8154\u5916\u79d1\uff1b\u8fd8\u6cbb\u7597\u6253\u9f3e\u548c\u78e8\u7259\u3002 \u7ee7\u7eed\u805a\u7126\u4e1a\u52a1\u6269\u5f20\u3002\u8be5\u96c6\u56e2\u5c06\u7ee7\u7eed\u81f4\u529b\u4e8e\u62d3\u5c55\u5176\u5728\u65b0\u52a0\u5761\u7684\u8bca\u6240\u7f51\u7edc\uff0c\u4e3b\u8981\u901a\u8fc7\u6709\u673a\u589e\u957f\uff0c\u5e76\u8f85\u4ee5\u80fd\u5e26\u6765\u589e\u503c\u6548\u76ca\u7684\u6536\u8d2d\u3002\u5728\u65b0\u52a0\u5761\u4ee5\u5916\uff0cQ&M\u6b63\u79ef\u6781\u63a2\u7d22\u67d4\u4f5b-\u65b0\u52a0\u5761\u7ecf\u6d4e\u7279\u533a\uff08JS-SEZ\uff09\u7684\u673a\u9047\uff0c\u4ee5\u5e94\u5bf9\u5b9a\u4e8e2026\u5e7412\u6708\u542f\u52a8\u7684\u67d4\u4f5b\u65b0\u5c71-\u65b0\u52a0\u5761\u5730\u94c1\u7cfb\u7edf\uff08RTS\uff09\u53ef\u80fd\u5bfc\u81f4\u7684\u60a3\u8005\u6d41\u5931\uff0c\u56e0\u4e3a\u6709\u5229\u7684\u8d27\u5e01\u6c47\u7387\u53ef\u80fd\u4f1a\u6fc0\u52b1\u60a3\u8005\u5230\u67d4\u4f5b\u5bfb\u6c42\u8de8\u5883\u7259\u79d1\u62a4\u7406\u670d\u52a1\u3002\u5728\u4e2d\u56fd\uff0c\u968f\u7740\u7259\u79d1\u884c\u4e1a\u6574\u5408\u52a0\u901f\uff0cQ&M\u6b63\u8c28\u614e\u8bc4\u4f30\u6269\u5f20\u673a\u4f1a\u3002\u4e3a\u4e86\u652f\u6301\u8fd9\u4e9b\u4e3e\u63aa\uff0c\u8be5\u96c6\u56e2\u8fd1\u671f\u6210\u529f\u53d1\u884c\u4e861.3\u4ebf\u65b0\u5143\u3001\u5229\u73873.95%\u7684\u7968\u636e\uff0c\u83b7\u5f97\u4e86\u6295\u8d44\u8005\u7684\u5f3a\u52b2\u9700\u6c42\u3002\u8fd9\u7b14\u8d44\u91d1\u8fde\u540c\u5176\u7a33\u5065\u7684\u73b0\u91d1\u72b6\u51b5\uff0c\u4e3aQ&M\u63d0\u4f9b\u4e86\u8d22\u52a1\u7075\u6d3b\u6027\uff0c\u4f7f\u5176\u80fd\u591f\u540c\u65f6\u5bfb\u6c42\u5e76\u8d2d\u548c\u6709\u673a\u589e\u957f\u673a\u4f1a\u3002 \u9884\u8ba12025\u5e74\u4e0b\u534a\u5e74\u7259\u79d1\u8bca\u7597\u91cf\u5c06\u589e\u52a0\u3002Q&M\u9884\u8ba12025\u5e74\u4e0b\u534a\u5e74\u7259\u79d1\u8bca\u7597\u9700\u6c42\u5c06\u66f4\u4e3a\u5f3a\u52b2\uff0c\u56e0\u4e3a\u5c4a\u65f6\u5c06\u6709\u66f4\u591a\u5458\u5de5\u5f00\u59cb\u4f7f\u7528\u516c\u53f8\u63d0\u4f9b\u7684\u7259\u79d1\u798f\u5229\u3002\u6b64\u5916\uff0c\u65b0\u52a0\u5761\u653f\u5e9c\u5ba3\u5e03\uff0c\u6839\u636eCHAS\u8ba1\u5212\uff0c\u5c06\u4ece2025\u5e74\u7b2c\u56db\u5b63\u5ea6\u8d77\u63d0\u9ad8\u7259\u79d1\u8865\u8d34\u3002\u8fd9\u4e9b\u8865\u8d34\u5c06\u6709\u52a9\u4e8e\u62b5\u6d88\u9ad8\u4ef7\u503c\u8bca\u7597\u7a0b\u5e8f\u7684\u8d39\u7528\uff0c\u9f13\u52b1\u66f4\u591a\u60a3\u8005\u5c31\u533b\u3002\u8fd9\u4e9b\u5229\u597d\u56e0\u7d20\u7684\u5171\u540c\u4f5c\u7528\u5e94\u4f1a\u5e26\u6765\u66f4\u9ad8\u7684\u60a3\u8005\u6570\u91cf\uff0c\u5e76\u652f\u6301\u8425\u6536\u589e\u957f\u3002 \u6574\u5408\u4e2d\u56fd\u4e1a\u52a1\u30022025\u5e74\u4e0a\u534a\u5e74\uff0cQ&M\u5ba3\u5e03\u5c06Aoxin Q&M\u4ece\u6743\u76ca\u6cd5\u6838\u7b97\u7684\u8054\u8425\u516c\u53f8\u6574\u5408\u4e3a\u5b50\u516c\u53f8\uff0c\u4ece\u800c\u83b7\u5f97\u4e86\u5bf9\u5176\u8d22\u52a1\u548c\u8fd0\u8425\u653f\u7b56\u66f4\u5927\u7684\u63a7\u5236\u6743\u3002\u6b64\u4e3e\u7b26\u5408Q&M\u7684\u5e76\u8d2d\u9a71\u52a8\u578b\u589e\u957f\u6218\u7565\uff0c\u5e76\u5de9\u56fa\u4e86\u5176\u5728\u4e2d\u56fd\u5feb\u901f\u6574\u5408\u7684\u7259\u79d1\u5e02\u573a\u4e2d\u7684\u5730\u4f4d\u3002\u901a\u8fc7\u5c06Aoxin\u5b8c\u5168\u7eb3\u5165\u5176\u65d7\u4e0b\uff0cQ&M\u80fd\u66f4\u597d\u5730\u5229\u7528\u5176\u8d44\u6e90\u548c\u4e13\u4e1a\u77e5\u8bc6\uff0c\u4ee5\u6293\u4f4f\u4e2d\u56fd\u672a\u6765\u7684\u6269\u5f20\u673a\u9047\u3002 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002Q & M\u7259\u79d1\u96c6\u56e2\u62a5\u544a\u79f0\uff0c2025\u5e74\u4e0a\u534a\u5e74\u7684\u603b\u8425\u6536\u4e3a8,840\u4e07\u65b0\u5143\uff0c\u4e0e2024\u5e74\u4e0a\u534a\u5e74\u76848,880\u4e07\u65b0\u5143\u76f8\u6bd4\u6301\u5e73\u30022025\u5e74\u4e0a\u534a\u5e74\uff0c\u8be5\u96c6\u56e2\u6838\u5fc3\u7259\u79d1\u4e1a\u52a1\u7684\u8425\u6536\u8d21\u732e\u589e\u957f\u4e864%\uff0c\u8fbe\u52308,720\u4e07\u65b0\u5143\uff0c\u800c2024\u5e74\u540c\u671f\u4e3a8,420\u4e07\u65b0\u5143\uff0c\u4f46\u90e8\u5206\u88ab\u5176\u4ed6\u4e1a\u52a1\u6536\u5165\u7684\u4e0b\u964d\u6240\u62b5\u6d88\uff0c\u540e\u8005\u4ece\u4e00\u5e74\u524d\u7684456\u4e07\u65b0\u5143\u964d\u81f32025\u5e74\u4e0a\u534a\u5e74\u7684118\u4e07\u65b0\u5143\uff0c\u8fd9\u4e3b\u8981\u662f\u7531\u4e8e\u8be5\u96c6\u56e2\u533b\u7597\u5b9e\u9a8c\u5ba4\u4e1a\u52a1\u7684\u7ec8\u6b62\u3002\u7136\u800c\uff0c\u8be5\u96c6\u56e2\u57282025\u5e74\u4e0a\u534a\u5e74\u56e0\u5c06Aoxin Q & M\u548cEM2AI\u4ece\u6743\u76ca\u6cd5\u6838\u7b97\u7684\u8054\u8425\u516c\u53f8\u6574\u5408\u4e3a\u96c6\u56e2\u5b50\u516c\u53f8\uff0c\u4e5f\u4ea7\u751f\u4e86440\u4e07\u65b0\u5143\u7684\u4e8f\u635f\u3002\u8c03\u6574\u540e\u7684\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f1.6%\uff0c\u8fbe\u5230841\u4e07\u65b0\u5143\uff0c\u800c2024\u5e74\u540c\u671f\u4e3a827\u4e07\u65b0\u5143\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u9f99\u6e90\u7535\u529b\u96c6\u56e2 (916 HK)\uff1a\u53d7\u76ca\u4e8e\u590f\u5b63\u5929\u6c14 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a6.90\uff0c\u76ee\u6807\u4ef7\uff1a7.70\uff0c\u6b62\u635f\u4ef7\uff1a6.50 \u9f99\u6e90\u7535\u529b\u96c6\u56e2\u80a1\u4efd\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u4ee5\u5f00\u53d1\u8fd0\u8425\u65b0\u80fd\u6e90\u4e3a\u4e3b\u7684\u7efc\u5408\u6027\u53d1\u7535\u7684\u4e2d\u56fd\u516c\u53f8\u3002\u8be5\u516c\u53f8\u7ecf\u8425\u56db\u4e2a\u5206\u90e8\u3002\u98ce\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u53ca\u8fd0\u8425\u98ce\u529b\u53d1\u7535\u5382\u4ee5\u53ca\u751f\u4ea7\u7535\u529b\u5e76\u51fa\u552e\u4e88\u7535\u7f51\u516c\u53f8\u3002\u706b\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u53ca\u8fd0\u8425\u7164\u70ad\u53d1\u7535\u5382\u4ee5\u53ca\u751f\u4ea7\u7535\u529b\u5e76\u51fa\u552e\u4e88\u7535\u7f51\u516c\u53f8\u3002\u5149\u4f0f\u53d1\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u548c\u8425\u8fd0\u5149\u4f0f\u53d1\u7535\u5382\u548c\u751f\u4ea7\u7535\u529b\uff0c\u51fa\u552e\u4e88\u5916\u95f4\u7535\u7f51\u516c\u53f8\u3002\u6240\u6709\u5176\u4ed6\u5206\u90e8\u4e3b\u8981\u4ece\u4e8b\u5236\u9020\u548c\u9500\u552e\u53d1\u7535\u8bbe\u5907\u3001\u63d0\u4f9b\u54a8\u8be2\u670d\u52a1\uff0c\u5411\u98ce\u529b\u4f01\u4e1a\u63d0\u4f9b\u7ef4\u62a4\u548c\u57f9\u8bad\u670d\u52a1\u53ca\u5176\u4ed6\u53ef\u518d\u751f\u80fd\u6e90\u53d1\u7535\u53ca\u9500\u552e\u3002 7\u6708\u7528\u7535\u91cf\u521b\u7eaa\u5f55\u3002\u6839\u636e\u56fd\u5bb6\u80fd\u6e90\u5c40\uff08NEA\uff09\u7684\u6570\u636e\uff0c\u4e2d\u56fd7\u6708\u7535\u529b\u9700\u6c42\u6fc0\u589e\u81f3\u5386\u53f2\u65b0\u9ad8\uff0c\u5168\u793e\u4f1a\u7528\u7535\u91cf\u8fbe\u52301.02\u4e07\u4ebf\u5343\u74e6\u65f6\uff0c\u540c\u6bd4\u589e\u957f8.6%\u3002\u521b\u7eaa\u5f55\u7684\u7528\u7535\u91cf\u5f97\u76ca\u4e8e\u56fd\u5185\u9700\u6c42\u7684\u97e7\u6027\u3001\u65b0\u8d28\u751f\u4ea7\u529b\u7684\u62d3\u5c55\u4ee5\u53ca\u5de5\u4e1a\u6d3b\u52a8\u548c\u51fa\u53e3\u597d\u4e8e\u9884\u671f\u7684\u53cd\u5f39\u3002\u8fd9\u79cd\u5f3a\u52b2\u7684\u9700\u6c42\u73af\u5883\u5e94\u80fd\u4e3a\u9f99\u6e90\u7535\u529b\u96c6\u56e2\u63d0\u4f9b\u8fd1\u671f\u652f\u6491\u3002 \u70ed\u6d6a\u63a8\u52a8\u8425\u6536\u589e\u957f\u3002\u636e\u4e2d\u56fd\u6c14\u8c61\u5c40\uff08CMA\uff09\u6570\u636e\uff0c\u4e2d\u56fd\u7ecf\u5386\u4e86\u6709\u8bb0\u5f55\u4ee5\u6765\u6700\u70ed\u7684\u590f\u5b63\uff0c6\u6708\u81f38\u6708\u5168\u56fd\u5e73\u5747\u6c14\u6e29\u8fbe\u523022.31\u00b0C\u3002\u957f\u65f6\u95f4\u7684\u70ed\u6d6a\uff0c\u5c24\u5176\u662f\u5728\u5357\u65b9\u5730\u533a\uff0c\u4fc3\u4f7f\u5bb6\u5ead\u548c\u4f01\u4e1a\u589e\u52a0\u4e86\u964d\u6e29\u9700\u6c42\uff0c\u8fdb\u4e00\u6b65\u63d0\u5347\u4e86\u7528\u7535\u91cf\u3002\u9884\u8ba1\u8fd9\u79cd\u9ad8\u4f4d\u9700\u6c42\u5c06\u4e3a\u9f99\u6e90\u7535\u529b\u5e26\u6765\u77ed\u671f\u7684\u8425\u6536\u63d0\u632f\u3002","inLanguage":"en-US","isPartOf":{"@id":"https:\/\/www.kgieworld.sg\/research\/#website"},"breadcrumb":{"@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-05-sep-2025-zh\/#breadcrumblist"},"author":{"@id":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/#author"},"creator":{"@id":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/#author"},"image":{"@type":"ImageObject","url":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/01\/2.png?wsr","@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-05-sep-2025-zh\/#mainImage","width":652,"height":385},"primaryImageOfPage":{"@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-05-sep-2025-zh\/#mainImage"},"datePublished":"2025-09-05T07:17:00+08:00","dateModified":"2025-09-05T10:12:57+08:00"},{"@type":"WebSite","@id":"https:\/\/www.kgieworld.sg\/research\/#website","url":"https:\/\/www.kgieworld.sg\/research\/","name":"KGI Singapore Research","description":"Singapore's leading broker offering Futures, FX, Equities and Wealth Management.","inLanguage":"en-US","publisher":{"@id":"https:\/\/www.kgieworld.sg\/research\/#organization"}}]},"og:locale":"en_US","og:site_name":"KGI Singapore Research \u2022 Singapore's leading broker offering Futures, FX, Equities and Wealth Management.","og:type":"article","og:title":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e749\u67085\u65e5: \u2022 KGI Singapore Research","og: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 \u534e\u4fa8\u94f6\u884c(OCBC SP): \u5229\u7528\u533a\u57df\u4e13\u4e1a\u77e5\u8bc6\u5b9e\u73b0\u589e\u957f \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a16.70\uff0c\u76ee\u6807\u4ef7\uff1a17.60\uff0c\u6b62\u635f\u4ef7\uff1a16.25 \u534e\u4fa8\u94f6\u884c\u63d0\u4f9b\u5168\u9762\u7684\u91d1\u878d\u670d\u52a1\u3002\u516c\u53f8\u7684\u670d\u52a1\u5305\u62ec\u5438\u6536\u5b58\u6b3e\u3001\u4f01\u4e1a\u3001\u4f01\u4e1a\u548c\u4e2a\u4eba\u8d37\u6b3e\u3001\u56fd\u9645\u8d38\u6613\u878d\u8d44\u3001\u6295\u8d44\u94f6\u884c\u3001\u79c1\u4eba\u94f6\u884c\u3001\u8d22\u52a1\u7ba1\u7406\u3001\u80a1\u7968\u7ecf\u7eaa\u3001\u4fdd\u9669\u3001\u4fe1\u7528\u5361\u3001\u73b0\u91d1\u7ba1\u7406\u3001\u8d44\u4ea7\u7ba1\u7406\u53ca\u5176\u4ed6\u91d1\u878d\u76f8\u5173\u670d\u52a1\u3002 \u6df1\u5316\u5370\u5ea6\u5c3c\u897f\u4e9a\u7684\u533a\u57df\u4e1a\u52a1\u3002OCBC\u5728\u5370\u5ea6\u5c3c\u897f\u4e9a\u62e5\u6709\u8d85\u8fc7200\u4e2a\u5206\u652f\u673a\u6784\u7684\u5e7f\u6cdb\u7f51\u7edc\uff0c\u4f7f\u5176\u80fd\u591f\u6355\u6349\u5916\u8d44\u4f01\u4e1a\u5728\u65b0\u56fd\u5185\u4f9b\u5e94\u94fe\u653f\u7b56\u4e0b\u6269\u5c55\u672c\u5730\u4e1a\u52a1\u6240\u5e26\u6765\u7684\u878d\u8d44\u9700\u6c42\u3002\u4f5c\u4e3a\u4e1c\u5357\u4e9a\u6700\u5927\u7684\u6d88\u8d39\u5e02\u573a\uff0c\u5370\u5ea6\u5c3c\u897f\u4e9a\u5438\u5f15\u4e86\u5e0c\u671b\u672c\u5730\u5316\u751f\u4ea7\u7684\u5236\u9020\u5546\u3001\u98df\u54c1\u996e\u6599\u54c1\u724c\u548c\u533b\u7597\u4fdd\u5065\u516c\u53f8\u3002OCBC\u5728\u4fc3\u8fdb\u5408\u8d44\u4f01\u4e1a\u3001\u63d0\u4f9b\u591a\u5e01\u79cd\u8d26\u6237\u548c\u8425\u8fd0\u8d44\u91d1\u878d\u8d44\u7b49\u65b9\u9762\u53d1\u6325\u4e86\u5173\u952e\u4f5c\u7528\u3002\u8fd9\u4e00\u6218\u7565\u5e03\u5c40\u4e0d\u4ec5\u4f7fOCBC\u7684\u8d37\u6b3e\u589e\u957f\u8d85\u8d8a\u65b0\u52a0\u5761\uff0c\u8fd8\u589e\u5f3a\u4e86\u5176\u5728\u4e1c\u76df\u4f01\u4e1a\u5e94\u5bf9\u5173\u7a0e\u51b2\u51fb\u548c\u4f9b\u5e94\u94fe\u533a\u57df\u5316\u8fc7\u7a0b\u4e2d\u7684\u76f8\u5173\u6027\u3002 \u901a\u8fc7\u4ee3\u5e01\u5316\u5546\u4e1a\u7968\u636e\u5b9e\u73b0\u521b\u65b0\u3002OCBC\u63a8\u51fa\u4e86\u4ef7\u503c10\u4ebf\u7f8e\u5143\u7684\u6570\u5b57\u7f8e\u56fd\u5546\u4e1a\u7968\u636e\uff08CP\uff09\u8ba1\u5212\uff0c\u8865\u5145\u5176\u73b0\u6709\u7684250\u4ebf\u7f8e\u5143\u4f20\u7edfCP\u6846\u67b6\u3002\u901a\u8fc7\u5229\u7528\u533a\u5757\u94fe\u6280\u672f\uff0c\u94f6\u884c\u53ef\u4ee5\u53d1\u884c\u4ee3\u5e01\u5316\u7684CP\uff0c\u8fdb\u5165\u4ef7\u503c1.4\u4e07\u4ebf\u7f8e\u5143\u7684\u7f8e\u56fdCP\u5e02\u573a\uff0c\u540c\u65f6\u964d\u4f4e\u878d\u8d44\u6210\u672c\u5e76\u63d0\u9ad8\u8fd0\u8425\u6548\u7387\u3002\u9996\u6b21\u53d1\u884c\u4e8e8\u670820\u65e5\u8fdb\u884c\uff0c\u7531\u6469\u6839\u5927\u901a\u62c5\u4efb\u552f\u4e00\u4ea4\u6613\u5546\u3002\u8fd9\u4e00\u4e3e\u63aa\u51f8\u663e\u4e86OCBC\u81f4\u529b\u4e8e\u5546\u4e1a\u5316\u65b0\u52a0\u5761\u5feb\u901f\u53d1\u5c55\u7684\u533a\u5757\u94fe\u751f\u6001\u7cfb\u7edf\u548c\u8d44\u4ea7\u4ee3\u5e01\u5316\u8d8b\u52bf\u3002\u83b7\u53d6\u66f4\u4fbf\u5b9c\u3001\u591a\u6837\u5316\u7684\u7f8e\u5143\u878d\u8d44\u6765\u6e90\u589e\u5f3a\u4e86\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u7075\u6d3b\u6027\uff0c\u652f\u6301\u5168\u7403\u6269\u5c55\u548c\u6d41\u52a8\u6027\u7ba1\u7406\u3002 \u5728\u5229\u6da6\u538b\u529b\u4e0b\u7684\u907f\u9669\u5730\u4f4d\u3002OCBC\u62a5\u544a2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u964d7%\uff0c\u964d\u81f318.2\u4ebf\u65b0\u5143\uff0c\u56e0\u5229\u7387\u4e0b\u964d\u5bf9\u51c0\u5229\u606f\u6536\u5165\u9020\u6210\u538b\u529b\uff0c\u540c\u6bd4\u4e0b\u964d6%\uff0c\u51c0\u5229\u606f\u5229\u6da6\u7387\u4e3a1.92%\uff0c\u4f4e\u4e8e\u53bb\u5e74\u76842.20%\u3002\u5c3d\u7ba1\u9762\u4e34\u8fd9\u4e9b\u6311\u6218\uff0c\u6536\u76ca\u4ecd\u8d85\u51fa\u5e02\u573a\u9884\u671f\uff0c\u5f97\u76ca\u4e8e\u7a33\u5b9a\u7684\u624b\u7eed\u8d39\u548c\u4ea4\u6613\u6536\u5165\u589e\u957f\uff0c\u8d22\u5bcc\u7ba1\u7406\u624b\u7eed\u8d39\u540c\u6bd4\u6fc0\u589e31.6%\uff0c\u663e\u793a\u51fa\u94f6\u884c\u591a\u5143\u5316\u6536\u5165\u6765\u6e90\u7684\u80fd\u529b\u3002\u6bcf\u80a1\u80a1\u606f\u51cf\u5c11\u81f341\u65b0\u5143\u5206\uff0c\u76f8\u5f53\u4e8e50%\u7684\u6d3e\u606f\u7387\u3002\u5728\u5168\u7403\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u548c\u7f8e\u56fd\u5173\u7a0e\u5f71\u54cd\u7684\u80cc\u666f\u4e0b\uff0cOCBC\u7ee7\u7eed\u53d7\u76ca\u4e8e\u65b0\u52a0\u5761\u7684\u91d1\u878d\u907f\u98ce\u6e2f\u5730\u4f4d\uff0c\u5438\u5f15\u533a\u57df\u8d22\u5bcc\u6d41\u52a8\u548c\u6295\u8d44\u9700\u6c42\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u4e0b\u534a\u5e74\u5168\u7403\u548c\u533a\u57df\u589e\u957f\u5c06\u653e\u7f13\uff0c\u4f46\u5176\u5f3a\u52b2\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u3001\u7a33\u5b9a\u7684\u4e0d\u826f\u8d37\u6b3e\u6bd4\u4f8b\u4e3a0.9%\u548c\u524d\u77bb\u6027\u62e8\u5907\u652f\u6491\u4e86\u5176\u97e7\u6027\u3002\u8d37\u6b3e\u589e\u957f\u4fdd\u6301\u7a33\u5b9a\uff0c\u4e3b\u8981\u7531\u4f4f\u623f\u3001\u6570\u636e\u4e2d\u5fc3\u548c\u533a\u57df\u4f01\u4e1a\u8d37\u6b3e\u9a71\u52a8\uff0c\u5f3a\u5316\u4e86\u5176\u5bf9\u4e1c\u76df\u548c\u5927\u4e2d\u534e\u533a\u673a\u4f1a\u7684\u957f\u671f\u79ef\u6781\u5c55\u671b\u3002 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002OCBC\u62a5\u544a2025\u5e74\u4e0a\u534a\u5e74\u603b\u6536\u5165\u4e3a72\u4ebf\u65b0\u5143\uff0c\u540c\u6bd4\u4e0b\u964d1%\u3002\u96c6\u56e2\u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u964d6%\uff0c\u964d\u81f337\u4ebf\u65b0\u5143\uff0c\u94f6\u884c\u4e1a\u52a1\u51c0\u5229\u6da6\u4e0b\u964d8%\uff0c\u964d\u81f331.5\u4ebf\u65b0\u5143\uff0c\u51c0\u5229\u606f\u5229\u6da6\u7387\u4e0b\u964d25\u4e2a\u57fa\u70b9\u81f31.98%\u3002\u572850%\u7684\u6d3e\u606f\u7387\u4e0b\uff0c\u5ba3\u5e03\u6bcf\u80a1\u80a1\u606f\u4e3a41\u65b0\u5143\u5206\u3002OCBC\u76842025\u5e74\u4e0a\u534a\u5e74\u6bcf\u80a1\u6536\u76ca\u4e3a1.64\u65b0\u5143\u3002\u96c6\u56e2\u4ecd\u81f4\u529b\u4e8e\u4e4b\u524d\u5ba3\u5e03\u768425\u4ebf\u65b0\u5143\u8d44\u672c\u56de\u62a5\u8ba1\u5212\uff0c\u5305\u62ec\u53602025\u8d22\u5e74\u96c6\u56e2\u51c0\u5229\u6da610%\u7684\u7279\u522b\u80a1\u606f\u548c\u4e3a\u671f\u4e24\u5e74\u7684\u80a1\u7968\u56de\u8d2d\uff0c\u9884\u8ba1\u57282026\u5e74\u5b8c\u6210\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u5168\u6c11\u7259\u533b\u96c6\u56e2(\u65b0\u52a0\u5761)(QNM SP): \u66f4\u591a\u624b\u6bb5\u4e13\u6ce8\u4e8e\u6269\u5f20 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.490\uff0c\u76ee\u6807\u4ef7\uff1a0.530\uff0c\u6b62\u635f\u4ef7\uff1a0.470 \u5168\u6c11\u7259\u533b\u96c6\u56e2(\u65b0\u52a0\u5761)\u6709\u9650\u516c\u53f8\u7ecf\u8425\u7259\u79d1\u8bca\u6240\u3002\u8be5\u516c\u53f8\u63d0\u4f9b\u7f8e\u5bb9\u3001\u513f\u7ae5\u548c\u7efc\u5408\u53e3\u8154\u79d1\uff1b\u914d\u6234\u7259\u5957\u3001\u5047\u7259\u548c\u7259\u9f7f\u5b9a\u4f4d\u5668\uff1b\u5e76\u63d0\u4f9b\u7259\u9f88\u51fa\u8840\u7684\u6cbb\u7597\u3001\u7259\u9f88\u5916\u79d1\u548c\u53e3\u8154\u5916\u79d1\uff1b\u8fd8\u6cbb\u7597\u6253\u9f3e\u548c\u78e8\u7259\u3002 \u7ee7\u7eed\u805a\u7126\u4e1a\u52a1\u6269\u5f20\u3002\u8be5\u96c6\u56e2\u5c06\u7ee7\u7eed\u81f4\u529b\u4e8e\u62d3\u5c55\u5176\u5728\u65b0\u52a0\u5761\u7684\u8bca\u6240\u7f51\u7edc\uff0c\u4e3b\u8981\u901a\u8fc7\u6709\u673a\u589e\u957f\uff0c\u5e76\u8f85\u4ee5\u80fd\u5e26\u6765\u589e\u503c\u6548\u76ca\u7684\u6536\u8d2d\u3002\u5728\u65b0\u52a0\u5761\u4ee5\u5916\uff0cQ&amp;M\u6b63\u79ef\u6781\u63a2\u7d22\u67d4\u4f5b-\u65b0\u52a0\u5761\u7ecf\u6d4e\u7279\u533a\uff08JS-SEZ\uff09\u7684\u673a\u9047\uff0c\u4ee5\u5e94\u5bf9\u5b9a\u4e8e2026\u5e7412\u6708\u542f\u52a8\u7684\u67d4\u4f5b\u65b0\u5c71-\u65b0\u52a0\u5761\u5730\u94c1\u7cfb\u7edf\uff08RTS\uff09\u53ef\u80fd\u5bfc\u81f4\u7684\u60a3\u8005\u6d41\u5931\uff0c\u56e0\u4e3a\u6709\u5229\u7684\u8d27\u5e01\u6c47\u7387\u53ef\u80fd\u4f1a\u6fc0\u52b1\u60a3\u8005\u5230\u67d4\u4f5b\u5bfb\u6c42\u8de8\u5883\u7259\u79d1\u62a4\u7406\u670d\u52a1\u3002\u5728\u4e2d\u56fd\uff0c\u968f\u7740\u7259\u79d1\u884c\u4e1a\u6574\u5408\u52a0\u901f\uff0cQ&amp;M\u6b63\u8c28\u614e\u8bc4\u4f30\u6269\u5f20\u673a\u4f1a\u3002\u4e3a\u4e86\u652f\u6301\u8fd9\u4e9b\u4e3e\u63aa\uff0c\u8be5\u96c6\u56e2\u8fd1\u671f\u6210\u529f\u53d1\u884c\u4e861.3\u4ebf\u65b0\u5143\u3001\u5229\u73873.95%\u7684\u7968\u636e\uff0c\u83b7\u5f97\u4e86\u6295\u8d44\u8005\u7684\u5f3a\u52b2\u9700\u6c42\u3002\u8fd9\u7b14\u8d44\u91d1\u8fde\u540c\u5176\u7a33\u5065\u7684\u73b0\u91d1\u72b6\u51b5\uff0c\u4e3aQ&amp;M\u63d0\u4f9b\u4e86\u8d22\u52a1\u7075\u6d3b\u6027\uff0c\u4f7f\u5176\u80fd\u591f\u540c\u65f6\u5bfb\u6c42\u5e76\u8d2d\u548c\u6709\u673a\u589e\u957f\u673a\u4f1a\u3002 \u9884\u8ba12025\u5e74\u4e0b\u534a\u5e74\u7259\u79d1\u8bca\u7597\u91cf\u5c06\u589e\u52a0\u3002Q&amp;M\u9884\u8ba12025\u5e74\u4e0b\u534a\u5e74\u7259\u79d1\u8bca\u7597\u9700\u6c42\u5c06\u66f4\u4e3a\u5f3a\u52b2\uff0c\u56e0\u4e3a\u5c4a\u65f6\u5c06\u6709\u66f4\u591a\u5458\u5de5\u5f00\u59cb\u4f7f\u7528\u516c\u53f8\u63d0\u4f9b\u7684\u7259\u79d1\u798f\u5229\u3002\u6b64\u5916\uff0c\u65b0\u52a0\u5761\u653f\u5e9c\u5ba3\u5e03\uff0c\u6839\u636eCHAS\u8ba1\u5212\uff0c\u5c06\u4ece2025\u5e74\u7b2c\u56db\u5b63\u5ea6\u8d77\u63d0\u9ad8\u7259\u79d1\u8865\u8d34\u3002\u8fd9\u4e9b\u8865\u8d34\u5c06\u6709\u52a9\u4e8e\u62b5\u6d88\u9ad8\u4ef7\u503c\u8bca\u7597\u7a0b\u5e8f\u7684\u8d39\u7528\uff0c\u9f13\u52b1\u66f4\u591a\u60a3\u8005\u5c31\u533b\u3002\u8fd9\u4e9b\u5229\u597d\u56e0\u7d20\u7684\u5171\u540c\u4f5c\u7528\u5e94\u4f1a\u5e26\u6765\u66f4\u9ad8\u7684\u60a3\u8005\u6570\u91cf\uff0c\u5e76\u652f\u6301\u8425\u6536\u589e\u957f\u3002 \u6574\u5408\u4e2d\u56fd\u4e1a\u52a1\u30022025\u5e74\u4e0a\u534a\u5e74\uff0cQ&amp;M\u5ba3\u5e03\u5c06Aoxin Q&amp;M\u4ece\u6743\u76ca\u6cd5\u6838\u7b97\u7684\u8054\u8425\u516c\u53f8\u6574\u5408\u4e3a\u5b50\u516c\u53f8\uff0c\u4ece\u800c\u83b7\u5f97\u4e86\u5bf9\u5176\u8d22\u52a1\u548c\u8fd0\u8425\u653f\u7b56\u66f4\u5927\u7684\u63a7\u5236\u6743\u3002\u6b64\u4e3e\u7b26\u5408Q&amp;M\u7684\u5e76\u8d2d\u9a71\u52a8\u578b\u589e\u957f\u6218\u7565\uff0c\u5e76\u5de9\u56fa\u4e86\u5176\u5728\u4e2d\u56fd\u5feb\u901f\u6574\u5408\u7684\u7259\u79d1\u5e02\u573a\u4e2d\u7684\u5730\u4f4d\u3002\u901a\u8fc7\u5c06Aoxin\u5b8c\u5168\u7eb3\u5165\u5176\u65d7\u4e0b\uff0cQ&amp;M\u80fd\u66f4\u597d\u5730\u5229\u7528\u5176\u8d44\u6e90\u548c\u4e13\u4e1a\u77e5\u8bc6\uff0c\u4ee5\u6293\u4f4f\u4e2d\u56fd\u672a\u6765\u7684\u6269\u5f20\u673a\u9047\u3002 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002Q &amp; M\u7259\u79d1\u96c6\u56e2\u62a5\u544a\u79f0\uff0c2025\u5e74\u4e0a\u534a\u5e74\u7684\u603b\u8425\u6536\u4e3a8,840\u4e07\u65b0\u5143\uff0c\u4e0e2024\u5e74\u4e0a\u534a\u5e74\u76848,880\u4e07\u65b0\u5143\u76f8\u6bd4\u6301\u5e73\u30022025\u5e74\u4e0a\u534a\u5e74\uff0c\u8be5\u96c6\u56e2\u6838\u5fc3\u7259\u79d1\u4e1a\u52a1\u7684\u8425\u6536\u8d21\u732e\u589e\u957f\u4e864%\uff0c\u8fbe\u52308,720\u4e07\u65b0\u5143\uff0c\u800c2024\u5e74\u540c\u671f\u4e3a8,420\u4e07\u65b0\u5143\uff0c\u4f46\u90e8\u5206\u88ab\u5176\u4ed6\u4e1a\u52a1\u6536\u5165\u7684\u4e0b\u964d\u6240\u62b5\u6d88\uff0c\u540e\u8005\u4ece\u4e00\u5e74\u524d\u7684456\u4e07\u65b0\u5143\u964d\u81f32025\u5e74\u4e0a\u534a\u5e74\u7684118\u4e07\u65b0\u5143\uff0c\u8fd9\u4e3b\u8981\u662f\u7531\u4e8e\u8be5\u96c6\u56e2\u533b\u7597\u5b9e\u9a8c\u5ba4\u4e1a\u52a1\u7684\u7ec8\u6b62\u3002\u7136\u800c\uff0c\u8be5\u96c6\u56e2\u57282025\u5e74\u4e0a\u534a\u5e74\u56e0\u5c06Aoxin Q &amp; M\u548cEM2AI\u4ece\u6743\u76ca\u6cd5\u6838\u7b97\u7684\u8054\u8425\u516c\u53f8\u6574\u5408\u4e3a\u96c6\u56e2\u5b50\u516c\u53f8\uff0c\u4e5f\u4ea7\u751f\u4e86440\u4e07\u65b0\u5143\u7684\u4e8f\u635f\u3002\u8c03\u6574\u540e\u7684\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f1.6%\uff0c\u8fbe\u5230841\u4e07\u65b0\u5143\uff0c\u800c2024\u5e74\u540c\u671f\u4e3a827\u4e07\u65b0\u5143\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u9f99\u6e90\u7535\u529b\u96c6\u56e2 (916 HK)\uff1a\u53d7\u76ca\u4e8e\u590f\u5b63\u5929\u6c14 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a6.90\uff0c\u76ee\u6807\u4ef7\uff1a7.70\uff0c\u6b62\u635f\u4ef7\uff1a6.50 \u9f99\u6e90\u7535\u529b\u96c6\u56e2\u80a1\u4efd\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u4ee5\u5f00\u53d1\u8fd0\u8425\u65b0\u80fd\u6e90\u4e3a\u4e3b\u7684\u7efc\u5408\u6027\u53d1\u7535\u7684\u4e2d\u56fd\u516c\u53f8\u3002\u8be5\u516c\u53f8\u7ecf\u8425\u56db\u4e2a\u5206\u90e8\u3002\u98ce\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u53ca\u8fd0\u8425\u98ce\u529b\u53d1\u7535\u5382\u4ee5\u53ca\u751f\u4ea7\u7535\u529b\u5e76\u51fa\u552e\u4e88\u7535\u7f51\u516c\u53f8\u3002\u706b\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u53ca\u8fd0\u8425\u7164\u70ad\u53d1\u7535\u5382\u4ee5\u53ca\u751f\u4ea7\u7535\u529b\u5e76\u51fa\u552e\u4e88\u7535\u7f51\u516c\u53f8\u3002\u5149\u4f0f\u53d1\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u548c\u8425\u8fd0\u5149\u4f0f\u53d1\u7535\u5382\u548c\u751f\u4ea7\u7535\u529b\uff0c\u51fa\u552e\u4e88\u5916\u95f4\u7535\u7f51\u516c\u53f8\u3002\u6240\u6709\u5176\u4ed6\u5206\u90e8\u4e3b\u8981\u4ece\u4e8b\u5236\u9020\u548c\u9500\u552e\u53d1\u7535\u8bbe\u5907\u3001\u63d0\u4f9b\u54a8\u8be2\u670d\u52a1\uff0c\u5411\u98ce\u529b\u4f01\u4e1a\u63d0\u4f9b\u7ef4\u62a4\u548c\u57f9\u8bad\u670d\u52a1\u53ca\u5176\u4ed6\u53ef\u518d\u751f\u80fd\u6e90\u53d1\u7535\u53ca\u9500\u552e\u3002 7\u6708\u7528\u7535\u91cf\u521b\u7eaa\u5f55\u3002\u6839\u636e\u56fd\u5bb6\u80fd\u6e90\u5c40\uff08NEA\uff09\u7684\u6570\u636e\uff0c\u4e2d\u56fd7\u6708\u7535\u529b\u9700\u6c42\u6fc0\u589e\u81f3\u5386\u53f2\u65b0\u9ad8\uff0c\u5168\u793e\u4f1a\u7528\u7535\u91cf\u8fbe\u52301.02\u4e07\u4ebf\u5343\u74e6\u65f6\uff0c\u540c\u6bd4\u589e\u957f8.6%\u3002\u521b\u7eaa\u5f55\u7684\u7528\u7535\u91cf\u5f97\u76ca\u4e8e\u56fd\u5185\u9700\u6c42\u7684\u97e7\u6027\u3001\u65b0\u8d28\u751f\u4ea7\u529b\u7684\u62d3\u5c55\u4ee5\u53ca\u5de5\u4e1a\u6d3b\u52a8\u548c\u51fa\u53e3\u597d\u4e8e\u9884\u671f\u7684\u53cd\u5f39\u3002\u8fd9\u79cd\u5f3a\u52b2\u7684\u9700\u6c42\u73af\u5883\u5e94\u80fd\u4e3a\u9f99\u6e90\u7535\u529b\u96c6\u56e2\u63d0\u4f9b\u8fd1\u671f\u652f\u6491\u3002 \u70ed\u6d6a\u63a8\u52a8\u8425\u6536\u589e\u957f\u3002\u636e\u4e2d\u56fd\u6c14\u8c61\u5c40\uff08CMA\uff09\u6570\u636e\uff0c\u4e2d\u56fd\u7ecf\u5386\u4e86\u6709\u8bb0\u5f55\u4ee5\u6765\u6700\u70ed\u7684\u590f\u5b63\uff0c6\u6708\u81f38\u6708\u5168\u56fd\u5e73\u5747\u6c14\u6e29\u8fbe\u523022.31\u00b0C\u3002\u957f\u65f6\u95f4\u7684\u70ed\u6d6a\uff0c\u5c24\u5176\u662f\u5728\u5357\u65b9\u5730\u533a\uff0c\u4fc3\u4f7f\u5bb6\u5ead\u548c\u4f01\u4e1a\u589e\u52a0\u4e86\u964d\u6e29\u9700\u6c42\uff0c\u8fdb\u4e00\u6b65\u63d0\u5347\u4e86\u7528\u7535\u91cf\u3002\u9884\u8ba1\u8fd9\u79cd\u9ad8\u4f4d\u9700\u6c42\u5c06\u4e3a\u9f99\u6e90\u7535\u529b\u5e26\u6765\u77ed\u671f\u7684\u8425\u6536\u63d0\u632f\u3002","og:url":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-05-sep-2025-zh\/","og:image":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr","og:image:secure_url":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr","article:published_time":"2025-09-04T23:17:00+00:00","article:modified_time":"2025-09-05T02:12:57+00:00","twitter:card":"summary","twitter:title":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e749\u67085\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 \u534e\u4fa8\u94f6\u884c(OCBC SP): \u5229\u7528\u533a\u57df\u4e13\u4e1a\u77e5\u8bc6\u5b9e\u73b0\u589e\u957f \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a16.70\uff0c\u76ee\u6807\u4ef7\uff1a17.60\uff0c\u6b62\u635f\u4ef7\uff1a16.25 \u534e\u4fa8\u94f6\u884c\u63d0\u4f9b\u5168\u9762\u7684\u91d1\u878d\u670d\u52a1\u3002\u516c\u53f8\u7684\u670d\u52a1\u5305\u62ec\u5438\u6536\u5b58\u6b3e\u3001\u4f01\u4e1a\u3001\u4f01\u4e1a\u548c\u4e2a\u4eba\u8d37\u6b3e\u3001\u56fd\u9645\u8d38\u6613\u878d\u8d44\u3001\u6295\u8d44\u94f6\u884c\u3001\u79c1\u4eba\u94f6\u884c\u3001\u8d22\u52a1\u7ba1\u7406\u3001\u80a1\u7968\u7ecf\u7eaa\u3001\u4fdd\u9669\u3001\u4fe1\u7528\u5361\u3001\u73b0\u91d1\u7ba1\u7406\u3001\u8d44\u4ea7\u7ba1\u7406\u53ca\u5176\u4ed6\u91d1\u878d\u76f8\u5173\u670d\u52a1\u3002 \u6df1\u5316\u5370\u5ea6\u5c3c\u897f\u4e9a\u7684\u533a\u57df\u4e1a\u52a1\u3002OCBC\u5728\u5370\u5ea6\u5c3c\u897f\u4e9a\u62e5\u6709\u8d85\u8fc7200\u4e2a\u5206\u652f\u673a\u6784\u7684\u5e7f\u6cdb\u7f51\u7edc\uff0c\u4f7f\u5176\u80fd\u591f\u6355\u6349\u5916\u8d44\u4f01\u4e1a\u5728\u65b0\u56fd\u5185\u4f9b\u5e94\u94fe\u653f\u7b56\u4e0b\u6269\u5c55\u672c\u5730\u4e1a\u52a1\u6240\u5e26\u6765\u7684\u878d\u8d44\u9700\u6c42\u3002\u4f5c\u4e3a\u4e1c\u5357\u4e9a\u6700\u5927\u7684\u6d88\u8d39\u5e02\u573a\uff0c\u5370\u5ea6\u5c3c\u897f\u4e9a\u5438\u5f15\u4e86\u5e0c\u671b\u672c\u5730\u5316\u751f\u4ea7\u7684\u5236\u9020\u5546\u3001\u98df\u54c1\u996e\u6599\u54c1\u724c\u548c\u533b\u7597\u4fdd\u5065\u516c\u53f8\u3002OCBC\u5728\u4fc3\u8fdb\u5408\u8d44\u4f01\u4e1a\u3001\u63d0\u4f9b\u591a\u5e01\u79cd\u8d26\u6237\u548c\u8425\u8fd0\u8d44\u91d1\u878d\u8d44\u7b49\u65b9\u9762\u53d1\u6325\u4e86\u5173\u952e\u4f5c\u7528\u3002\u8fd9\u4e00\u6218\u7565\u5e03\u5c40\u4e0d\u4ec5\u4f7fOCBC\u7684\u8d37\u6b3e\u589e\u957f\u8d85\u8d8a\u65b0\u52a0\u5761\uff0c\u8fd8\u589e\u5f3a\u4e86\u5176\u5728\u4e1c\u76df\u4f01\u4e1a\u5e94\u5bf9\u5173\u7a0e\u51b2\u51fb\u548c\u4f9b\u5e94\u94fe\u533a\u57df\u5316\u8fc7\u7a0b\u4e2d\u7684\u76f8\u5173\u6027\u3002 \u901a\u8fc7\u4ee3\u5e01\u5316\u5546\u4e1a\u7968\u636e\u5b9e\u73b0\u521b\u65b0\u3002OCBC\u63a8\u51fa\u4e86\u4ef7\u503c10\u4ebf\u7f8e\u5143\u7684\u6570\u5b57\u7f8e\u56fd\u5546\u4e1a\u7968\u636e\uff08CP\uff09\u8ba1\u5212\uff0c\u8865\u5145\u5176\u73b0\u6709\u7684250\u4ebf\u7f8e\u5143\u4f20\u7edfCP\u6846\u67b6\u3002\u901a\u8fc7\u5229\u7528\u533a\u5757\u94fe\u6280\u672f\uff0c\u94f6\u884c\u53ef\u4ee5\u53d1\u884c\u4ee3\u5e01\u5316\u7684CP\uff0c\u8fdb\u5165\u4ef7\u503c1.4\u4e07\u4ebf\u7f8e\u5143\u7684\u7f8e\u56fdCP\u5e02\u573a\uff0c\u540c\u65f6\u964d\u4f4e\u878d\u8d44\u6210\u672c\u5e76\u63d0\u9ad8\u8fd0\u8425\u6548\u7387\u3002\u9996\u6b21\u53d1\u884c\u4e8e8\u670820\u65e5\u8fdb\u884c\uff0c\u7531\u6469\u6839\u5927\u901a\u62c5\u4efb\u552f\u4e00\u4ea4\u6613\u5546\u3002\u8fd9\u4e00\u4e3e\u63aa\u51f8\u663e\u4e86OCBC\u81f4\u529b\u4e8e\u5546\u4e1a\u5316\u65b0\u52a0\u5761\u5feb\u901f\u53d1\u5c55\u7684\u533a\u5757\u94fe\u751f\u6001\u7cfb\u7edf\u548c\u8d44\u4ea7\u4ee3\u5e01\u5316\u8d8b\u52bf\u3002\u83b7\u53d6\u66f4\u4fbf\u5b9c\u3001\u591a\u6837\u5316\u7684\u7f8e\u5143\u878d\u8d44\u6765\u6e90\u589e\u5f3a\u4e86\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u7075\u6d3b\u6027\uff0c\u652f\u6301\u5168\u7403\u6269\u5c55\u548c\u6d41\u52a8\u6027\u7ba1\u7406\u3002 \u5728\u5229\u6da6\u538b\u529b\u4e0b\u7684\u907f\u9669\u5730\u4f4d\u3002OCBC\u62a5\u544a2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u964d7%\uff0c\u964d\u81f318.2\u4ebf\u65b0\u5143\uff0c\u56e0\u5229\u7387\u4e0b\u964d\u5bf9\u51c0\u5229\u606f\u6536\u5165\u9020\u6210\u538b\u529b\uff0c\u540c\u6bd4\u4e0b\u964d6%\uff0c\u51c0\u5229\u606f\u5229\u6da6\u7387\u4e3a1.92%\uff0c\u4f4e\u4e8e\u53bb\u5e74\u76842.20%\u3002\u5c3d\u7ba1\u9762\u4e34\u8fd9\u4e9b\u6311\u6218\uff0c\u6536\u76ca\u4ecd\u8d85\u51fa\u5e02\u573a\u9884\u671f\uff0c\u5f97\u76ca\u4e8e\u7a33\u5b9a\u7684\u624b\u7eed\u8d39\u548c\u4ea4\u6613\u6536\u5165\u589e\u957f\uff0c\u8d22\u5bcc\u7ba1\u7406\u624b\u7eed\u8d39\u540c\u6bd4\u6fc0\u589e31.6%\uff0c\u663e\u793a\u51fa\u94f6\u884c\u591a\u5143\u5316\u6536\u5165\u6765\u6e90\u7684\u80fd\u529b\u3002\u6bcf\u80a1\u80a1\u606f\u51cf\u5c11\u81f341\u65b0\u5143\u5206\uff0c\u76f8\u5f53\u4e8e50%\u7684\u6d3e\u606f\u7387\u3002\u5728\u5168\u7403\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u548c\u7f8e\u56fd\u5173\u7a0e\u5f71\u54cd\u7684\u80cc\u666f\u4e0b\uff0cOCBC\u7ee7\u7eed\u53d7\u76ca\u4e8e\u65b0\u52a0\u5761\u7684\u91d1\u878d\u907f\u98ce\u6e2f\u5730\u4f4d\uff0c\u5438\u5f15\u533a\u57df\u8d22\u5bcc\u6d41\u52a8\u548c\u6295\u8d44\u9700\u6c42\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u4e0b\u534a\u5e74\u5168\u7403\u548c\u533a\u57df\u589e\u957f\u5c06\u653e\u7f13\uff0c\u4f46\u5176\u5f3a\u52b2\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u3001\u7a33\u5b9a\u7684\u4e0d\u826f\u8d37\u6b3e\u6bd4\u4f8b\u4e3a0.9%\u548c\u524d\u77bb\u6027\u62e8\u5907\u652f\u6491\u4e86\u5176\u97e7\u6027\u3002\u8d37\u6b3e\u589e\u957f\u4fdd\u6301\u7a33\u5b9a\uff0c\u4e3b\u8981\u7531\u4f4f\u623f\u3001\u6570\u636e\u4e2d\u5fc3\u548c\u533a\u57df\u4f01\u4e1a\u8d37\u6b3e\u9a71\u52a8\uff0c\u5f3a\u5316\u4e86\u5176\u5bf9\u4e1c\u76df\u548c\u5927\u4e2d\u534e\u533a\u673a\u4f1a\u7684\u957f\u671f\u79ef\u6781\u5c55\u671b\u3002 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002OCBC\u62a5\u544a2025\u5e74\u4e0a\u534a\u5e74\u603b\u6536\u5165\u4e3a72\u4ebf\u65b0\u5143\uff0c\u540c\u6bd4\u4e0b\u964d1%\u3002\u96c6\u56e2\u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u964d6%\uff0c\u964d\u81f337\u4ebf\u65b0\u5143\uff0c\u94f6\u884c\u4e1a\u52a1\u51c0\u5229\u6da6\u4e0b\u964d8%\uff0c\u964d\u81f331.5\u4ebf\u65b0\u5143\uff0c\u51c0\u5229\u606f\u5229\u6da6\u7387\u4e0b\u964d25\u4e2a\u57fa\u70b9\u81f31.98%\u3002\u572850%\u7684\u6d3e\u606f\u7387\u4e0b\uff0c\u5ba3\u5e03\u6bcf\u80a1\u80a1\u606f\u4e3a41\u65b0\u5143\u5206\u3002OCBC\u76842025\u5e74\u4e0a\u534a\u5e74\u6bcf\u80a1\u6536\u76ca\u4e3a1.64\u65b0\u5143\u3002\u96c6\u56e2\u4ecd\u81f4\u529b\u4e8e\u4e4b\u524d\u5ba3\u5e03\u768425\u4ebf\u65b0\u5143\u8d44\u672c\u56de\u62a5\u8ba1\u5212\uff0c\u5305\u62ec\u53602025\u8d22\u5e74\u96c6\u56e2\u51c0\u5229\u6da610%\u7684\u7279\u522b\u80a1\u606f\u548c\u4e3a\u671f\u4e24\u5e74\u7684\u80a1\u7968\u56de\u8d2d\uff0c\u9884\u8ba1\u57282026\u5e74\u5b8c\u6210\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u5168\u6c11\u7259\u533b\u96c6\u56e2(\u65b0\u52a0\u5761)(QNM SP): \u66f4\u591a\u624b\u6bb5\u4e13\u6ce8\u4e8e\u6269\u5f20 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.490\uff0c\u76ee\u6807\u4ef7\uff1a0.530\uff0c\u6b62\u635f\u4ef7\uff1a0.470 \u5168\u6c11\u7259\u533b\u96c6\u56e2(\u65b0\u52a0\u5761)\u6709\u9650\u516c\u53f8\u7ecf\u8425\u7259\u79d1\u8bca\u6240\u3002\u8be5\u516c\u53f8\u63d0\u4f9b\u7f8e\u5bb9\u3001\u513f\u7ae5\u548c\u7efc\u5408\u53e3\u8154\u79d1\uff1b\u914d\u6234\u7259\u5957\u3001\u5047\u7259\u548c\u7259\u9f7f\u5b9a\u4f4d\u5668\uff1b\u5e76\u63d0\u4f9b\u7259\u9f88\u51fa\u8840\u7684\u6cbb\u7597\u3001\u7259\u9f88\u5916\u79d1\u548c\u53e3\u8154\u5916\u79d1\uff1b\u8fd8\u6cbb\u7597\u6253\u9f3e\u548c\u78e8\u7259\u3002 \u7ee7\u7eed\u805a\u7126\u4e1a\u52a1\u6269\u5f20\u3002\u8be5\u96c6\u56e2\u5c06\u7ee7\u7eed\u81f4\u529b\u4e8e\u62d3\u5c55\u5176\u5728\u65b0\u52a0\u5761\u7684\u8bca\u6240\u7f51\u7edc\uff0c\u4e3b\u8981\u901a\u8fc7\u6709\u673a\u589e\u957f\uff0c\u5e76\u8f85\u4ee5\u80fd\u5e26\u6765\u589e\u503c\u6548\u76ca\u7684\u6536\u8d2d\u3002\u5728\u65b0\u52a0\u5761\u4ee5\u5916\uff0cQ&amp;M\u6b63\u79ef\u6781\u63a2\u7d22\u67d4\u4f5b-\u65b0\u52a0\u5761\u7ecf\u6d4e\u7279\u533a\uff08JS-SEZ\uff09\u7684\u673a\u9047\uff0c\u4ee5\u5e94\u5bf9\u5b9a\u4e8e2026\u5e7412\u6708\u542f\u52a8\u7684\u67d4\u4f5b\u65b0\u5c71-\u65b0\u52a0\u5761\u5730\u94c1\u7cfb\u7edf\uff08RTS\uff09\u53ef\u80fd\u5bfc\u81f4\u7684\u60a3\u8005\u6d41\u5931\uff0c\u56e0\u4e3a\u6709\u5229\u7684\u8d27\u5e01\u6c47\u7387\u53ef\u80fd\u4f1a\u6fc0\u52b1\u60a3\u8005\u5230\u67d4\u4f5b\u5bfb\u6c42\u8de8\u5883\u7259\u79d1\u62a4\u7406\u670d\u52a1\u3002\u5728\u4e2d\u56fd\uff0c\u968f\u7740\u7259\u79d1\u884c\u4e1a\u6574\u5408\u52a0\u901f\uff0cQ&amp;M\u6b63\u8c28\u614e\u8bc4\u4f30\u6269\u5f20\u673a\u4f1a\u3002\u4e3a\u4e86\u652f\u6301\u8fd9\u4e9b\u4e3e\u63aa\uff0c\u8be5\u96c6\u56e2\u8fd1\u671f\u6210\u529f\u53d1\u884c\u4e861.3\u4ebf\u65b0\u5143\u3001\u5229\u73873.95%\u7684\u7968\u636e\uff0c\u83b7\u5f97\u4e86\u6295\u8d44\u8005\u7684\u5f3a\u52b2\u9700\u6c42\u3002\u8fd9\u7b14\u8d44\u91d1\u8fde\u540c\u5176\u7a33\u5065\u7684\u73b0\u91d1\u72b6\u51b5\uff0c\u4e3aQ&amp;M\u63d0\u4f9b\u4e86\u8d22\u52a1\u7075\u6d3b\u6027\uff0c\u4f7f\u5176\u80fd\u591f\u540c\u65f6\u5bfb\u6c42\u5e76\u8d2d\u548c\u6709\u673a\u589e\u957f\u673a\u4f1a\u3002 \u9884\u8ba12025\u5e74\u4e0b\u534a\u5e74\u7259\u79d1\u8bca\u7597\u91cf\u5c06\u589e\u52a0\u3002Q&amp;M\u9884\u8ba12025\u5e74\u4e0b\u534a\u5e74\u7259\u79d1\u8bca\u7597\u9700\u6c42\u5c06\u66f4\u4e3a\u5f3a\u52b2\uff0c\u56e0\u4e3a\u5c4a\u65f6\u5c06\u6709\u66f4\u591a\u5458\u5de5\u5f00\u59cb\u4f7f\u7528\u516c\u53f8\u63d0\u4f9b\u7684\u7259\u79d1\u798f\u5229\u3002\u6b64\u5916\uff0c\u65b0\u52a0\u5761\u653f\u5e9c\u5ba3\u5e03\uff0c\u6839\u636eCHAS\u8ba1\u5212\uff0c\u5c06\u4ece2025\u5e74\u7b2c\u56db\u5b63\u5ea6\u8d77\u63d0\u9ad8\u7259\u79d1\u8865\u8d34\u3002\u8fd9\u4e9b\u8865\u8d34\u5c06\u6709\u52a9\u4e8e\u62b5\u6d88\u9ad8\u4ef7\u503c\u8bca\u7597\u7a0b\u5e8f\u7684\u8d39\u7528\uff0c\u9f13\u52b1\u66f4\u591a\u60a3\u8005\u5c31\u533b\u3002\u8fd9\u4e9b\u5229\u597d\u56e0\u7d20\u7684\u5171\u540c\u4f5c\u7528\u5e94\u4f1a\u5e26\u6765\u66f4\u9ad8\u7684\u60a3\u8005\u6570\u91cf\uff0c\u5e76\u652f\u6301\u8425\u6536\u589e\u957f\u3002 \u6574\u5408\u4e2d\u56fd\u4e1a\u52a1\u30022025\u5e74\u4e0a\u534a\u5e74\uff0cQ&amp;M\u5ba3\u5e03\u5c06Aoxin Q&amp;M\u4ece\u6743\u76ca\u6cd5\u6838\u7b97\u7684\u8054\u8425\u516c\u53f8\u6574\u5408\u4e3a\u5b50\u516c\u53f8\uff0c\u4ece\u800c\u83b7\u5f97\u4e86\u5bf9\u5176\u8d22\u52a1\u548c\u8fd0\u8425\u653f\u7b56\u66f4\u5927\u7684\u63a7\u5236\u6743\u3002\u6b64\u4e3e\u7b26\u5408Q&amp;M\u7684\u5e76\u8d2d\u9a71\u52a8\u578b\u589e\u957f\u6218\u7565\uff0c\u5e76\u5de9\u56fa\u4e86\u5176\u5728\u4e2d\u56fd\u5feb\u901f\u6574\u5408\u7684\u7259\u79d1\u5e02\u573a\u4e2d\u7684\u5730\u4f4d\u3002\u901a\u8fc7\u5c06Aoxin\u5b8c\u5168\u7eb3\u5165\u5176\u65d7\u4e0b\uff0cQ&amp;M\u80fd\u66f4\u597d\u5730\u5229\u7528\u5176\u8d44\u6e90\u548c\u4e13\u4e1a\u77e5\u8bc6\uff0c\u4ee5\u6293\u4f4f\u4e2d\u56fd\u672a\u6765\u7684\u6269\u5f20\u673a\u9047\u3002 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002Q &amp; M\u7259\u79d1\u96c6\u56e2\u62a5\u544a\u79f0\uff0c2025\u5e74\u4e0a\u534a\u5e74\u7684\u603b\u8425\u6536\u4e3a8,840\u4e07\u65b0\u5143\uff0c\u4e0e2024\u5e74\u4e0a\u534a\u5e74\u76848,880\u4e07\u65b0\u5143\u76f8\u6bd4\u6301\u5e73\u30022025\u5e74\u4e0a\u534a\u5e74\uff0c\u8be5\u96c6\u56e2\u6838\u5fc3\u7259\u79d1\u4e1a\u52a1\u7684\u8425\u6536\u8d21\u732e\u589e\u957f\u4e864%\uff0c\u8fbe\u52308,720\u4e07\u65b0\u5143\uff0c\u800c2024\u5e74\u540c\u671f\u4e3a8,420\u4e07\u65b0\u5143\uff0c\u4f46\u90e8\u5206\u88ab\u5176\u4ed6\u4e1a\u52a1\u6536\u5165\u7684\u4e0b\u964d\u6240\u62b5\u6d88\uff0c\u540e\u8005\u4ece\u4e00\u5e74\u524d\u7684456\u4e07\u65b0\u5143\u964d\u81f32025\u5e74\u4e0a\u534a\u5e74\u7684118\u4e07\u65b0\u5143\uff0c\u8fd9\u4e3b\u8981\u662f\u7531\u4e8e\u8be5\u96c6\u56e2\u533b\u7597\u5b9e\u9a8c\u5ba4\u4e1a\u52a1\u7684\u7ec8\u6b62\u3002\u7136\u800c\uff0c\u8be5\u96c6\u56e2\u57282025\u5e74\u4e0a\u534a\u5e74\u56e0\u5c06Aoxin Q &amp; M\u548cEM2AI\u4ece\u6743\u76ca\u6cd5\u6838\u7b97\u7684\u8054\u8425\u516c\u53f8\u6574\u5408\u4e3a\u96c6\u56e2\u5b50\u516c\u53f8\uff0c\u4e5f\u4ea7\u751f\u4e86440\u4e07\u65b0\u5143\u7684\u4e8f\u635f\u3002\u8c03\u6574\u540e\u7684\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f1.6%\uff0c\u8fbe\u5230841\u4e07\u65b0\u5143\uff0c\u800c2024\u5e74\u540c\u671f\u4e3a827\u4e07\u65b0\u5143\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u9f99\u6e90\u7535\u529b\u96c6\u56e2 (916 HK)\uff1a\u53d7\u76ca\u4e8e\u590f\u5b63\u5929\u6c14 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a6.90\uff0c\u76ee\u6807\u4ef7\uff1a7.70\uff0c\u6b62\u635f\u4ef7\uff1a6.50 \u9f99\u6e90\u7535\u529b\u96c6\u56e2\u80a1\u4efd\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u4ee5\u5f00\u53d1\u8fd0\u8425\u65b0\u80fd\u6e90\u4e3a\u4e3b\u7684\u7efc\u5408\u6027\u53d1\u7535\u7684\u4e2d\u56fd\u516c\u53f8\u3002\u8be5\u516c\u53f8\u7ecf\u8425\u56db\u4e2a\u5206\u90e8\u3002\u98ce\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u53ca\u8fd0\u8425\u98ce\u529b\u53d1\u7535\u5382\u4ee5\u53ca\u751f\u4ea7\u7535\u529b\u5e76\u51fa\u552e\u4e88\u7535\u7f51\u516c\u53f8\u3002\u706b\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u53ca\u8fd0\u8425\u7164\u70ad\u53d1\u7535\u5382\u4ee5\u53ca\u751f\u4ea7\u7535\u529b\u5e76\u51fa\u552e\u4e88\u7535\u7f51\u516c\u53f8\u3002\u5149\u4f0f\u53d1\u7535\u5206\u90e8\u5efa\u9020\u3001\u7ba1\u7406\u548c\u8425\u8fd0\u5149\u4f0f\u53d1\u7535\u5382\u548c\u751f\u4ea7\u7535\u529b\uff0c\u51fa\u552e\u4e88\u5916\u95f4\u7535\u7f51\u516c\u53f8\u3002\u6240\u6709\u5176\u4ed6\u5206\u90e8\u4e3b\u8981\u4ece\u4e8b\u5236\u9020\u548c\u9500\u552e\u53d1\u7535\u8bbe\u5907\u3001\u63d0\u4f9b\u54a8\u8be2\u670d\u52a1\uff0c\u5411\u98ce\u529b\u4f01\u4e1a\u63d0\u4f9b\u7ef4\u62a4\u548c\u57f9\u8bad\u670d\u52a1\u53ca\u5176\u4ed6\u53ef\u518d\u751f\u80fd\u6e90\u53d1\u7535\u53ca\u9500\u552e\u3002 7\u6708\u7528\u7535\u91cf\u521b\u7eaa\u5f55\u3002\u6839\u636e\u56fd\u5bb6\u80fd\u6e90\u5c40\uff08NEA\uff09\u7684\u6570\u636e\uff0c\u4e2d\u56fd7\u6708\u7535\u529b\u9700\u6c42\u6fc0\u589e\u81f3\u5386\u53f2\u65b0\u9ad8\uff0c\u5168\u793e\u4f1a\u7528\u7535\u91cf\u8fbe\u52301.02\u4e07\u4ebf\u5343\u74e6\u65f6\uff0c\u540c\u6bd4\u589e\u957f8.6%\u3002\u521b\u7eaa\u5f55\u7684\u7528\u7535\u91cf\u5f97\u76ca\u4e8e\u56fd\u5185\u9700\u6c42\u7684\u97e7\u6027\u3001\u65b0\u8d28\u751f\u4ea7\u529b\u7684\u62d3\u5c55\u4ee5\u53ca\u5de5\u4e1a\u6d3b\u52a8\u548c\u51fa\u53e3\u597d\u4e8e\u9884\u671f\u7684\u53cd\u5f39\u3002\u8fd9\u79cd\u5f3a\u52b2\u7684\u9700\u6c42\u73af\u5883\u5e94\u80fd\u4e3a\u9f99\u6e90\u7535\u529b\u96c6\u56e2\u63d0\u4f9b\u8fd1\u671f\u652f\u6491\u3002 \u70ed\u6d6a\u63a8\u52a8\u8425\u6536\u589e\u957f\u3002\u636e\u4e2d\u56fd\u6c14\u8c61\u5c40\uff08CMA\uff09\u6570\u636e\uff0c\u4e2d\u56fd\u7ecf\u5386\u4e86\u6709\u8bb0\u5f55\u4ee5\u6765\u6700\u70ed\u7684\u590f\u5b63\uff0c6\u6708\u81f38\u6708\u5168\u56fd\u5e73\u5747\u6c14\u6e29\u8fbe\u523022.31\u00b0C\u3002\u957f\u65f6\u95f4\u7684\u70ed\u6d6a\uff0c\u5c24\u5176\u662f\u5728\u5357\u65b9\u5730\u533a\uff0c\u4fc3\u4f7f\u5bb6\u5ead\u548c\u4f01\u4e1a\u589e\u52a0\u4e86\u964d\u6e29\u9700\u6c42\uff0c\u8fdb\u4e00\u6b65\u63d0\u5347\u4e86\u7528\u7535\u91cf\u3002\u9884\u8ba1\u8fd9\u79cd\u9ad8\u4f4d\u9700\u6c42\u5c06\u4e3a\u9f99\u6e90\u7535\u529b\u5e26\u6765\u77ed\u671f\u7684\u8425\u6536\u63d0\u632f\u3002","twitter:image":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr"},"aioseo_meta_data":{"post_id":"76000","title":null,"description":null,"keywords":null,"keyphrases":{"focus":{"keyphrase":"","score":0,"analysis":{"keyphraseInTitle":{"score":0,"maxScore":9,"error":1}}},"additional":[]},"primary_term":null,"canonical_url":null,"og_title":null,"og_description":null,"og_object_type":"default","og_image_type":"default","og_image_url":null,"og_image_width":null,"og_image_height":null,"og_image_custom_url":null,"og_image_custom_fields":null,"og_video":"","og_custom_url":null,"og_article_section":null,"og_article_tags":null,"twitter_use_og":false,"twitter_card":"default","twitter_image_type":"default","twitter_image_url":null,"twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":{"id":"#aioseo-article-67073429edeea","slug":"article","graphName":"Article","label":"Article","properties":{"type":"BlogPosting","name":"#post_title","headline":"#post_title","description":"#post_excerpt","image":"","keywords":"","author":{"name":"#author_name","url":"#author_url"},"dates":{"include":true,"datePublished":"","dateModified":""}}},"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"BlogPosting","isEnabled":true},"graphs":[]},"schema_type":"default","schema_type_options":"{\"article\":{\"articleType\":\"BlogPosting\"},\"course\":{\"name\":\"\",\"description\":\"\",\"provider\":\"\"},\"faq\":{\"pages\":[]},\"product\":{\"reviews\":[]},\"recipe\":{\"ingredients\":[],\"instructions\":[],\"keywords\":[]},\"software\":{\"reviews\":[],\"operatingSystems\":[]},\"webPage\":{\"webPageType\":\"WebPage\"}}","pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":"-1","robots_max_videopreview":"-1","robots_max_imagepreview":"large","priority":null,"frequency":"default","local_seo":null,"breadcrumb_settings":null,"limit_modified_date":false,"ai":{"faqs":[],"keyPoints":[],"titles":[],"descriptions":[],"socialPosts":{"email":[],"linkedin":[],"twitter":[],"facebook":[],"instagram":[]}},"created":"2025-09-04 07:17:36","updated":"2025-09-25 16:24:49","seo_analyzer_scan_date":null},"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":"Keith Tan","author_link":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/"},"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 \u00a0 \u9999\u6e2f \u00a0 ^ Back To Top \u534e\u4fa8\u94f6\u884c(OCBC SP): \u5229\u7528\u533a\u57df\u4e13\u4e1a\u77e5\u8bc6\u5b9e\u73b0\u589e\u957f (Source: Bloomberg) \u00a0 \u5168\u6c11\u7259\u533b\u96c6\u56e2(\u65b0\u52a0\u5761)(QNM SP): \u66f4\u591a\u624b\u6bb5\u4e13\u6ce8\u4e8e\u6269\u5f20 (Source: Bloomberg) \u9f99\u6e90\u7535\u529b\u96c6\u56e2 (916 HK)\uff1a\u53d7\u76ca\u4e8e\u590f\u5b63\u5929\u6c14 (Source: Bloomberg) \u5c0f\u7c73\u96c6\u56e2 (1810 HK)\uff1a\u5404\u65b9\u9762\u5747\u5f3a\u52b2\u589e\u957f (Source: Bloomberg) \u7ebd\u8499\u7279\u77ff\u4e1a(NEM US): \u8ffd\u6c42\u9ec4\u91d1\uff01 (Source: Bloomberg) Arm Holdings Plc (ARM US): \u63d0\u9ad8\u589e\u957f\u96c4\u5fc3 (Source: Bloomberg) ^ Back To Top&hellip;","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/76000","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\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/comments?post=76000"}],"version-history":[{"count":7,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/76000\/revisions"}],"predecessor-version":[{"id":76144,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/76000\/revisions\/76144"}],"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=76000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/categories?post=76000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/tags?post=76000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}