{"id":82878,"date":"2025-12-24T07:32:00","date_gmt":"2025-12-23T23:32:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=82878"},"modified":"2025-12-24T10:55:38","modified_gmt":"2025-12-24T02:55:38","slug":"our-top-picks-today-stocks-24-december-2025-ch","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/our-top-picks-today-stocks-24-december-2025-ch\/","title":{"rendered":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e7412\u670824\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-82878-_tiry8p5xvcqk\"><\/a>\u7f8e\u56fd<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"1574\" height=\"887\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screenshot-of-a-computer-ai-generated-content-m-10.png\" alt=\"A screenshot of a computer\n\nAI-generated content may be incorrect.\" class=\"wp-image-82971\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screenshot-of-a-computer-ai-generated-content-m-10.png 1574w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screenshot-of-a-computer-ai-generated-content-m-10-300x169.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screenshot-of-a-computer-ai-generated-content-m-10-1024x577.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screenshot-of-a-computer-ai-generated-content-m-10-768x433.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screenshot-of-a-computer-ai-generated-content-m-10-1536x866.png 1536w\" sizes=\"(max-width: 1574px) 100vw, 1574px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"915\" height=\"282\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screen-shot-of-a-chart-ai-generated-content-may-4.png\" alt=\"A screen shot of a chart\n\nAI-generated content may be incorrect.\" class=\"wp-image-82972\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screen-shot-of-a-chart-ai-generated-content-may-4.png 915w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screen-shot-of-a-chart-ai-generated-content-may-4-300x92.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screen-shot-of-a-chart-ai-generated-content-may-4-768x237.png 768w\" sizes=\"(max-width: 915px) 100vw, 915px\" \/><\/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=\"1071\" height=\"274\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screen-shot-of-a-chart-ai-generated-content-may-5.png\" alt=\"A screen shot of a chart\n\nAI-generated content may be incorrect.\" class=\"wp-image-82973\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screen-shot-of-a-chart-ai-generated-content-may-5.png 1071w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screen-shot-of-a-chart-ai-generated-content-may-5-300x77.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screen-shot-of-a-chart-ai-generated-content-may-5-1024x262.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screen-shot-of-a-chart-ai-generated-content-may-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=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-4-1.png\" alt=\"\" class=\"wp-image-82974\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-4-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-4-1-300x64.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-82878-_qqv3rtx8nazp\"><\/a><strong>\u9999\u6e2f<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"941\" height=\"530\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-356.png\" alt=\"\" class=\"wp-image-83005\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-356.png 941w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-356-300x169.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-356-768x433.png 768w\" sizes=\"(max-width: 941px) 100vw, 941px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a id=\"post-82878-_ylayyh7qqd99\"><\/a>\n<\/p>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\" title=\"\">^ Back To Top<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-6-1.png\" alt=\"\" class=\"wp-image-82976\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-6-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-6-1-300x64.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\"><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\" id=\"sg\"><img loading=\"lazy\" decoding=\"async\" width=\"940\" height=\"200\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-357.png\" alt=\"\" class=\"wp-image-83006\" style=\"aspect-ratio:4.700445921133165;width:631px;height:auto\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-357.png 940w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-357-300x64.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-357-768x163.png 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><a id=\"post-82878-_Hlk216348493\"><\/a>\u4e30\u9686\u4e9a\u6d32\u6709\u9650\u516c\u53f8\uff08HLA SP\uff09\uff1a\u53cc\u5f15\u64ce\u5468\u671f\u56de\u5347\u3001\u73b0\u91d1\u5b9e\u529b\u5f3a\u52b2\u3001\u4e1c\u76df\u6269\u5f20\u8dd1\u9053\u6e05\u6670<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a2.25\uff0c\u76ee\u6807\u4ef7\uff1a2.55\uff0c\u6b62\u635f\u4ef7\uff1a2.10<\/strong><br>  <\/li>\n\n\n\n<li>\u4e30\u9686\u4e9a\u6d32\u6709\u9650\u516c\u53f8\u662f\u65b0\u52a0\u5761\u4e30\u9686\u96c6\u56e2\u65d7\u4e0b\u7684\u5de5\u8d38\u4e1a\u52a1\u5e73\u53f0\uff0c\u7ba1\u7406\u4e1a\u52a1\u7ec4\u5408\u6db5\u76d6\u67f4\u6cb9\u53d1\u52a8\u673a\u3001\u5efa\u7b51\u6750\u6599\u4f9b\u5e94\u94fe\u3001\u786c\u8d28\u5851\u6599\u5305\u88c5\u3001\u7a7a\u8c03\u7cfb\u7edf\uff0c\u4ee5\u53ca\u9152\u5e97\u4e0e\u623f\u5730\u4ea7\u5f00\u53d1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5efa\u7b51\u5468\u671f\u6301\u7eed\u6d3b\u8dc3\uff1b\u4e2d\u56fd\u91cd\u5361\u9700\u6c42\u91cd\u56de\u52a0\u901f\u3002<\/strong>\u65b0\u52a0\u5761\u5efa\u5c4b\u53d1\u5c55\u5c40\uff08BCA\uff09\u9884\u8ba12025\u5e74\u5efa\u7b51\u4e1a\u9700\u6c42\u8fbe470\u2013530\u4ebf\u65b0\u5143\uff0c2026\u20132029\u5e74\u9879\u76ee\u7ba1\u9053\u4fdd\u6301\u5065\u5eb7\uff1b\u9a6c\u6765\u897f\u4e9a\u5efa\u7b51\u4e1a\u4ea6\u5c06\u4e8e2025\u5e74\u8fce\u6765\u4e0a\u884c\u62d0\u70b9\uff0c\u53d7\u76ca\u4e8e\u516c\u5171\u5de5\u7a0b\u53ca\u6570\u636e\u4e2d\u5fc3\u5efa\u8bbe\u63d0\u901f\u3002\u4e2d\u56fd\u65b9\u9762\uff0c\u91cd\u578b\u5361\u8f66\u9500\u91cf\u5df2\u8fde\u7eed\u591a\u6708\u5b9e\u73b0\u540c\u6bd4\u6b63\u589e\u957f\uff0810\u201311\u6708\u6570\u636e\uff09\uff0c\u653f\u7b56\u6301\u7eed\u63a8\u52a8\u5927\u89c4\u6a21\u8bbe\u5907\u66f4\u65b0\u53ca\u4e13\u9879\u503a\u652f\u6301\u7684\u57fa\u5efa\u6295\u8d44\u3002\u8be5\u73af\u5883\u5229\u597d\u5efa\u7b51\u6750\u6599\u9500\u91cf\u53ca\u7389\u67f4\uff08Yuchai\uff09OEM\u8ba2\u5355\uff0c\u652f\u64912026\u5e74\u53cc\u4e1a\u52a1\u677f\u5757\u589e\u957f\u3002<br>  <\/li>\n\n\n\n<li><strong>\u53cc\u652f\u67f1\u5747\u5177\u591a\u91cd\u50ac\u5316\u5242\u3002<\/strong>HLA\u4e8e2025\u5e74\u4e0a\u534a\u5e74\u672b\u6301\u6709\u51c0\u73b0\u91d17.49\u4ebf\u65b0\u5143\uff0c\u81ea\u7531\u73b0\u91d1\u6d413.37\u4ebf\u65b0\u5143\uff0c\u5e76\u5c06\u4e2d\u671f\u80a1\u606f\u7ffb\u500d\u81f3\u6bcf\u80a12.0\u5206\u3002\u7389\u67f4\u4e8e2025\u5e747\u6708\u6d3e\u53d1\u6bcf\u80a10.53\u7f8e\u5143\u80a1\u606f\uff0c\u5f3a\u5316\u4e0a\u6e38\u73b0\u91d1\u56de\u6d41\u96c6\u56e2\u3002\u5145\u88d5\u8d44\u91d1\u652f\u6301\u65b0\u52a0\u5761\u5de5\u5382\u5347\u7ea7\u3001\u9a6c\u6765\u897f\u4e9a\u4ea7\u80fd\u6269\u5f20\uff0c\u4ee5\u53ca\u4e1c\u76df\u52a8\u529b\u603b\u6210\u9886\u57df\u9009\u62e9\u6027\u589e\u957f\uff0c\u4e14\u65e0\u9700\u4f9d\u8d56\u80a1\u6743\u878d\u8d44\u3002<br>  <\/li>\n\n\n\n<li><strong>\u623f\u5730\u4ea7\u4e1a\u52a1\u63d0\u4f9b\u989d\u5916\u4e0a\u884c\u5f39\u6027\u3002<\/strong>\u65b0\u52a0\u5761\u65b9\u9762\uff0c\u88d5\u5eca\u6e2f\u5546\u54c1\u6df7\u51dd\u571f\uff08RMC\uff09\u751f\u6001\u4f53\u7cfb\u53ca\u699c\u9e45\u6dfb\u6469\uff08Punggol Timor\uff09\u65b0\u589e\u6405\u62cc\u4ea7\u80fd\uff0c\u5c06\u52a9\u529b\u9884\u62cc\u6df7\u51dd\u571f\u4e1a\u52a1\u5728\u5efa\u5c4b\u5c40\uff08HDB\uff09\u4e0e\u57fa\u5efa\u9879\u76ee\u62db\u6807\u653e\u91cf\u4e2d\u63d0\u5347\u5e02\u5360\u7387\u3002\u52a8\u529b\u603b\u6210\u65b9\u9762\uff0c\u4e1c\u76df\u672c\u5730\u5316\u6301\u7eed\u63a8\u8fdb\u2014\u2014\u6cf0\u56fdK08\u53d1\u52a8\u673a\u5df2\u6295\u4ea7\uff0c\u8d8a\u5357\u5408\u4f5c\u534f\u5b9a\u843d\u5730\uff1b\u7389\u67f4\u65b0\u80fd\u6e90\u8def\u7ebf\u56fe\uff08\u6df7\u52a8\u3001\u7535\u9a71\u6865\u3001\u6c22\u71c3\u6599\uff09\u4ea6\u4e3a\u5361\u8f66\u7535\u52a8\u5316\u8d8b\u52bf\u4e0b\u7684\u5355\u8f66\u4ef7\u503c\u91cf\u63d0\u4f9b\u4fdd\u969c\u3002<br>  <\/li>\n\n\n\n<li><strong>2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>\u8425\u653628.289\u4ebf\u65b0\u5143\uff08+25.7% YoY\uff09\uff1b\u51c0\u5229\u6da61.212\u4ebf\u65b0\u5143\uff08+30.9% YoY\uff09\uff1b\u80a1\u4e1c\u5e94\u5360\u5229\u6da6\uff08PATMI\uff095,600\u4e07\u65b0\u5143\uff08+13.1% YoY\uff09\uff1b\u6bcf\u80a1\u6536\u76ca7.49\u5206\uff1b\u4e2d\u671f\u80a1\u606f2.0\u5206\u3002\u5206\u90e8\u8868\u73b0\uff1a\u52a8\u529b\u603b\u6210\u89e3\u51b3\u65b9\u6848\u9500\u91cf250,396\u53f0\uff08+29.9% YoY\uff09\uff0c\u8425\u653625.087\u4ebf\u65b0\u5143\uff08+30.8%\uff09\uff0c\u7a0e\u540e\u5229\u6da6\uff08PAT\uff099,680\u4e07\u65b0\u5143\uff08+56.4%\uff09\uff1b\u5efa\u7b51\u6750\u6599\u8425\u65363.102\u4ebf\u65b0\u5143\uff08\u22123.5%\uff09\uff0c\u7a0e\u540e\u5229\u6da63,740\u4e07\u65b0\u5143\uff08\u221210.7%\uff09\uff0c\u4e3b\u56e0\u65b0\u52a0\u5761\u9884\u62cc\u6df7\u51dd\u571f\u9500\u91cf\u53d7\u4ea7\u80fd\u8fc7\u6e21\u5f71\u54cd\uff0c\u90e8\u5206\u88ab\u9884\u5236\u6784\u4ef6\u589e\u957f\u53ca\u9a6c\u6765\u897f\u4e9a\u4e1a\u52a1\u6539\u5584\u6240\u62b5\u6d88\u3002\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><br>    <figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-82978\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-numbers-16.png\" alt=\"A blue and white rectangular object with numbers\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-numbers-16.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-numbers-16-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\n  <img loading=\"lazy\" decoding=\"async\" width=\"1556\" height=\"602\" alt=\"A graph on a white background\n\nAI-generated content may be incorrect.\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-14.jpeg\" class=\"wp-image-82979\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-14.jpeg 1556w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-14-300x116.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-14-1024x396.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-14-768x297.jpeg 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-14-1536x594.jpeg 1536w\" sizes=\"(max-width: 1556px) 100vw, 1556px\" \/>\n   (Source: Bloomberg)\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"752\" height=\"160\" alt=\"A long line of a white background\n\nDescription automatically generated with medium confidence\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-long-line-of-a-white-background-description-aut-4.jpeg\" class=\"wp-image-82980\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-long-line-of-a-white-background-description-aut-4.jpeg 752w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-long-line-of-a-white-background-description-aut-4-300x64.jpeg 300w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><\/figure> <\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u6052\u8363\u96c6\u56e2\uff08EGUH SP\uff09\uff1a\u901a\u8fc7\u6218\u7565\u6536\u8d2d\u5efa\u7acb\u89c4\u6a21<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.69\uff0c\u76ee\u6807\u4ef7\uff1a0.77\uff0c\u6b62\u635f\u4ef7\uff1a0.65<\/strong><br>  <\/li>\n\n\n\n<li>\u6052\u8363\u96c6\u56e2\u4f5c\u4e3a\u4e00\u5bb6\u63a7\u80a1\u516c\u53f8\u8fd0\u8425\u3002\u516c\u53f8\u901a\u8fc7\u5176\u5b50\u516c\u53f8\u63d0\u4f9b\u673a\u68b0\u548c\u7535\u6c14\u5de5\u7a0b\u670d\u52a1\uff0c\u670d\u52a1\u5ba2\u6237\u4e3b\u8981\u5728\u65b0\u52a0\u5761\u3002<br>  <\/li>\n\n\n\n<li><strong>\u4ece\u7ec6\u5206\u627f\u5305\u5546\u5230\u7efc\u5408\u5e73\u53f0\u3002 <\/strong>\u6052\u8363\u96c6\u56e2\uff08EGU\uff09\u901a\u8fc7\u4e24\u6b21\u6218\u7565\u6536\u8d2d\uff08\u6d88\u9632\u5de5\u7a0b\u516c\u53f8\uff08Fire-Guard Engineering\uff09\uff082024\u5e742\u6708\uff09\u548c\u53e4\u5179\u91cc\u5de5\u7a0b\uff08Guthrie Engineering, GE\uff09\uff082025\u5e747\u6708\uff09\uff09\u4ece\u4e00\u5bb6\u4e2d\u578b\u673a\u68b0\u548c\u7535\u6c14\u627f\u5305\u5546\u8f6c\u53d8\u4e3a\u4e00\u5bb6\u591a\u5143\u5316\u5de5\u7a0b\u96c6\u56e2\u3002\u53e4\u5179\u91cc\u4ea4\u6613\u4ee3\u8868\u4e86\u4e00\u4e2a\u91cd\u8981\u7684\u91cc\u7a0b\u7891\uff0c\u589e\u52a0\u4e863.12\u4ebf\u65b0\u5143\u7684\u8ba2\u5355\uff0c\u5e76\u83b7\u5f97\u4e86\u5148\u524d\u65e0\u6cd5\u63a5\u89e6\u7684\u5927\u578b\u9879\u76ee\u3002\u5408\u5e76\u540e\u7684\u5b9e\u4f53\u73b0\u5728\u5177\u5907\u4e86\u7ade\u4e89\u65b0\u52a0\u5761\u6700\u5927\u57fa\u7840\u8bbe\u65bd\u62db\u6807\u6240\u9700\u7684\u6280\u672f\u6df1\u5ea6\u3001\u8bb8\u53ef\u5e7f\u5ea6\u548c\u4e1a\u7ee9\u8bb0\u5f55\u3002<br>  <\/li>\n\n\n\n<li><strong>\u57fa\u7840\u8bbe\u65bd\u8d85\u7ea7\u5468\u671f\u63d0\u4f9b\u591a\u5e74\u7684\u53ef\u89c1\u6027\u3002 <\/strong>\u9884\u8ba1\u65b0\u52a0\u5761\u7684\u5efa\u7b51\u9700\u6c42\u57282025\u5e74\u5c06\u8fbe\u5230470\u4ebf\u81f3530\u4ebf\u65b0\u5143\uff0c\u53d7\u5230\u5305\u62ec\u6a1f\u5b9c\u673a\u573a\u7b2c\u4e94\u822a\u7ad9\u697c\u3001\u8de8\u5c9b\u7ebf\u3001\u533b\u9662\u5f00\u53d1\u4ee5\u53ca2025-2027\u5e74\u8ba1\u5212\u63a8\u51fa\u768455,000\u4e2aBTO\uff08\u5efa\u9020\u548c\u8f6c\u8ba9\u8ba1\u5212\uff09\u9879\u76ee\u7b49\u5927\u578b\u9879\u76ee\u7684\u63a8\u52a8\u3002\u6052\u8363\u96c6\u56e2\u7684\u8ba2\u5355\u4e3b\u8981\u6765\u81ea\u516c\u5171\u90e8\u95e8\uff0c\u4e0e\u8fd9\u4e00\u653f\u7b56\u5bfc\u5411\u7684\u7ba1\u9053\u76f4\u63a5\u5bf9\u63a5\u3002\u81ea\u53e4\u5179\u91cc\u4ea4\u6613\u540e\uff0c\u5f53\u524d\u8ba2\u5355\u5df2\u8d85\u8fc75\u4ebf\u65b0\u5143\uff0c\u7ba1\u7406\u5c42\u76ee\u6807\u5728\u5e74\u5e95\u524d\u8fbe\u5230\u7ea67\u4ebf\u65b0\u5143\uff0c\u6536\u5165\u53ef\u89c1\u6027\u5ef6\u7eed\u52302027-2028\u8d22\u5e74\u3002<br>  <\/li>\n\n\n\n<li><strong>\u7269\u4e1a\u9009\u62e9\u6027\u589e\u52a0\u4e0a\u884c\u7a7a\u95f4\u3002 <\/strong>\u8be5\u96c6\u56e2\u6301\u6709\u4e24\u4e2a\u5408\u8d44\u5f00\u53d1\u9879\u76ee\u7684\u5c11\u6570\u80a1\u6743\uff0c\u4e00\u4e2a\u662f\u5728\u7b2c14\u533a\u7684\u4f4f\u5b85\u5408\u8d44\u4f01\u4e1a\uff0c\u53e6\u4e00\u4e2a\u662f\u5728Mandai\u7684\u5de5\u4e1a\u9879\u76ee\u3002\u5c3d\u7ba1\u76ee\u524d\u8fd9\u4e9b\u9879\u76ee\u4ecd\u7136\u4e0d\u662f\u6838\u5fc3\u4e1a\u52a1\uff08\u53602024\u8d22\u5e74\u6536\u5165\u7684\u4e0d\u52305%\uff09\uff0c\u4f46\u968f\u7740\u9879\u76ee\u7684\u53d8\u73b0\uff0c\u5b83\u4eec\u63d0\u4f9b\u4e86\u9009\u62e9\u4ef7\u503c\u3002\u7ba1\u7406\u5c42\u5df2\u7ecf\u8868\u793a\u51fa\u5bf9\u9009\u62e9\u6027\u7269\u4e1a\u6295\u8d44\u7684\u5174\u8da3\uff0c\u5229\u7528\u673a\u68b0\u548c\u7535\u6c14\u4e13\u4e1a\u77e5\u8bc6\u5f00\u53d1\u7efc\u5408\u9879\u76ee\u7684\u673a\u4f1a\u3002<br>  <\/li>\n\n\n\n<li><strong>2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002 <\/strong>2025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u4e3a2860\u4e07\u65b0\u5143\uff0c\u540c\u6bd4\u4e0b\u964d11%\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a3210\u4e07\u65b0\u5143\u3002\u8fd9\u53cd\u6620\u4e862024\u5e74\u7b2c\u56db\u5b63\u5ea6\u5927\u578b\u5408\u540c\u7684\u81ea\u7136\u5b8c\u6210\u5468\u671f\uff0c\u800c\u65b0\u83b7\u5f97\u7684\u5408\u540c\u5c1a\u672a\u5e26\u6765\u6536\u5165\u3002\u6bdb\u5229\u6da6\u4e3a530\u4e07\u65b0\u5143\uff0c\u51c0\u5229\u6da6\u8fbe\u5230466\u4e07\u65b0\u5143\u3002\u6bdb\u5229\u7387\u4e3a18.7%\uff0c\u4f4e\u4e8e\u53bb\u5e74\u540c\u671f\u768420.9%\uff0c\u540e\u8005\u5f97\u76ca\u4e8e\u9ad8\u5229\u6da6\u7387\u8001\u65e7\u9879\u76ee\u7684\u672b\u671f\u5b8c\u6210\uff0c\u800c2025\u5e74\u4e0a\u534a\u5e74\u5219\u6709\u8f83\u5927\u6bd4\u4f8b\u7684\u65b0\u83b7\u5f97\u5408\u540c\u4ee5\u66f4\u7d27\u7684\u4ef7\u683c\u8fdb\u884c\u6295\u6807\u3002<br>  <\/li>\n\n\n\n<li>\u6211\u4eec\u6709\u57fa\u672c\u9762\u8986\u76d6\uff0c\u7ed9\u4e88\u201c\u4e70\u5165\u201d\u63a8\u8350\uff0c\u76ee\u6807\u4ef7\u4e3a1.20\u65b0\u5143\u3002\u8bf7\u5728\u6b64\u9605\u8bfb\u5b8c\u6574<a href=\"https:\/\/www.kgieworld.sg\/research\/company-report-ever-glory-united-holdings-ltd-eguh-sp-zkx-si\/\">\u62a5\u544a<\/a>\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><br>    <figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-82981\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-white-tex-4.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\/12\/a-blue-and-white-rectangular-object-with-white-tex-4.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-white-tex-4-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\n  <img loading=\"lazy\" decoding=\"async\" width=\"1556\" height=\"602\" alt=\"A graph on a screen\n\nAI-generated content may be incorrect.\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-screen-ai-generated-content-may-be-i-6.jpeg\" class=\"wp-image-82982\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-screen-ai-generated-content-may-be-i-6.jpeg 1556w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-screen-ai-generated-content-may-be-i-6-300x116.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-screen-ai-generated-content-may-be-i-6-1024x396.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-screen-ai-generated-content-may-be-i-6-768x297.jpeg 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-screen-ai-generated-content-may-be-i-6-1536x594.jpeg 1536w\" sizes=\"(max-width: 1556px) 100vw, 1556px\" \/>\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-13-1.png\" class=\"wp-image-82983\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-13-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-13-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"hk\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-14-1.png\" class=\"wp-image-82984\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-14-1.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-14-1-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure><a id=\"post-82878-_34eo5yf8y7pj\"><\/a><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e2d\u56fd\u795e\u534e\u80fd\u6e90\uff081088 HK\uff09\uff1a\u51ac\u5b63\u9700\u6c42\u3001\u653f\u7b56\u50a8\u5907\u4e0e\u9ad8\u73b0\u91d1\u56de\u62a5\u652f\u6491\u80a1\u4ef7<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a37\uff0c\u76ee\u6807\u4ef7\uff1a43\uff0c\u6b62\u635f\u4ef7\uff1a34<\/strong><br>  <\/li>\n\n\n\n<li>\u4e2d\u56fd\u795e\u534e\u80fd\u6e90\u80a1\u4efd\u6709\u9650\u516c\u53f8\u4ece\u4e8b\u7164\u70ad\u4ea7\u54c1\u7684\u5f00\u91c7\u4e0e\u9500\u552e\uff0c\u4ea7\u54c1\u5305\u62ec\u8910\u7164\u3001\u70df\u7164\u3001\u65e0\u70df\u7164\u3001\u70bc\u7126\u7164\u53ca\u5176\u4ed6\u76f8\u5173\u4ea7\u54c1\uff1b\u540c\u65f6\u8fd0\u8425\u53d1\u7535\u3001\u94c1\u8def\u8fd0\u8f93\u53ca\u5176\u4ed6\u4e1a\u52a1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u7535\u529b\u4fdd\u4f9b\u6ea2\u4ef7\u3002<\/strong>\u4e2d\u56fd\u6b63\u8fdb\u5165\u51ac\u5b63\u7528\u7535\u9ad8\u5cf0\uff0c\u653f\u7b56\u660e\u786e\u4fdd\u969c\u7164\u70ad\u4f9b\u5e94\u5145\u8db3\u3002\u56fd\u5bb6\u53d1\u6539\u59d4\u5df2\u6b63\u5f0f\u5efa\u7acb\u7164\u70ad\u4ea7\u80fd\u50a8\u5907\u5236\u5ea6\u53ca\u957f\u671f\u8d2d\u552e\u7535\u534f\u8bae\uff08PPA\uff09\uff0c\u786e\u4fdd\u7164\u7535\u57fa\u672c\u5229\u7528\u5c0f\u65f6\u6570\uff0c\u5f3a\u5316\u7164\u70ad\u7a33\u5b9a\u6d88\u7eb3\u30022023\u5e74\u5168\u56fd\u539f\u7164\u4ea7\u91cf\u8fbe\u521b\u7eaa\u5f55\u768446.6\u4ebf\u5428\uff0c\u51ac\u5b63\u50a8\u5907\u6301\u7eed\u63a8\u8fdb\uff1b\u653f\u7b56\u8981\u6c42\u7535\u5382\u7ef4\u6301\u6700\u4f4e\u5e93\u5b58\uff0c\u9632\u8303\u4f9b\u5e94\u77ed\u7f3a\u3002\u8be5\u653f\u7b56\u73af\u5883\u4e3a\u795e\u534e\u4e00\u4f53\u5316\u4ea7\u4e1a\u94fe\u63d0\u4f9b\u9ad8\u786e\u5b9a\u6027\u9700\u6c42\u652f\u6491\u3002<br>  <\/li>\n\n\n\n<li><strong>\u4e0a\u534a\u5e74\u504f\u5f31\u540e\uff0c\u73b0\u91d1\u56de\u62a5\u6784\u6210\u575a\u5b9e\u652f\u6491\u3002<\/strong>2025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u4e3a1,381.09\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u5bf9\u6bd42024\u5e74\u4e0a\u534a\u5e741,691.21\u4ebf\u5143\u4eba\u6c11\u5e01\uff1b\u5f52\u5c5e\u4e8e\u80a1\u4e1c\u51c0\u5229\u6da6\u4e3a267.06\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u5bf9\u6bd4\u4e0a\u5e74\u540c\u671f313.56\u4ebf\u5143\u4eba\u6c11\u5e01\u3002\u8463\u4e8b\u4f1a\u5efa\u8bae\u6d3e\u53d1\u4e2d\u671f\u80a1\u606f\u6bcf\u80a10.98\u5143\u4eba\u6c11\u5e01\uff0c\u5408\u8ba1\u7ea6194.71\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u7ea6\u53602025\u5e74\u4e0a\u534a\u5e74IFRS\u51c0\u5229\u6da6\u768473%\uff1bH\u80a1\u6d3e\u606f\u65e5\u4e3a2025\u5e7412\u670824\u65e5\u3002\u5373\u4f7f\u7164\u4ef7\u56de\u5f52\u5e38\u6001\u6c34\u5e73\uff0c\u8be5\u9ad8\u6bd4\u4f8b\u5206\u7ea2\u4ecd\u6709\u529b\u652f\u6491\u80a1\u6743\u4ef7\u503c\uff0c\u5e76\u7f13\u51b2\u4e0b\u884c\u98ce\u9669\u3002<br>  <\/li>\n\n\n\n<li><strong>\u4e00\u4f53\u5316\u62a4\u57ce\u6cb3\u4e0e\u534f\u540c\u6269\u5f20\u671f\u6743\u6027\u3002<\/strong>\u94c1\u8def\u2013\u6e2f\u53e3\u2013\u7535\u529b\u4e00\u4f53\u5316\u6301\u7eed\u63d0\u5347\u8fd0\u8425\u97e7\u6027\u300211\u6708\u6570\u636e\u663e\u793a\uff0c\u94c1\u8def\u5468\u8f6c\u91cf\u540c\u6bd4\u589e\u957f4%\uff0c\u6e2f\u53e3\u541e\u5410\u91cf\u5c0f\u5e45\u4e0a\u5347\uff0c\u5c3d\u7ba1\u7164\u70ad\u9500\u91cf\u4e0b\u964d\uff0c\u51f8\u663e\u7cfb\u7edf\u8c03\u8282\u7075\u6d3b\u6027\u3002\u540c\u65f6\uff0c\u795e\u534e\u6b63\u8bc4\u4f30\u4e00\u9879\u6db5\u76d6\u7164\u70ad\u3001\u7535\u529b\u3001\u6e2f\u53e3\u3001\u822a\u8fd0\u53ca\u8d38\u6613\u7684\u5173\u8054\u8d44\u4ea7\u6536\u8d2d\u65b9\u6848\uff0c\u82e5\u843d\u5730\u6267\u884c\uff0c\u6709\u671b\u8fdb\u4e00\u6b65\u63d0\u5347\u4e00\u4f53\u5316\u534f\u540c\u6548\u5e94\u4e0e\u89c4\u6a21\u4f18\u52bf\u3002<br>  <\/li>\n\n\n\n<li><strong>2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>\u6536\u51651,381\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u540c\u6bd4\u4e0b\u964d18%\uff08\u4e3b\u56e0\u7164\u4ef7\u53ca\u822a\u8fd0\u91cf\u4e0b\u964d\uff09\uff1b\u9500\u552e\u6210\u672c944\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u540c\u6bd4\u4e0b\u964d21%\uff08\u91c7\u8d2d\u7164\u4ef7\u53ca\u8fd0\u8f93\u6210\u672c\u4e0b\u964d\uff09\uff1b\u5f52\u5c5e\u4e8e\u80a1\u4e1c\u51c0\u5229\u6da6267\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u540c\u6bd4\u4e0b\u964d15%\uff1b\u4e2d\u671f\u80a1\u606f\u6bcf\u80a10.98\u5143\u4eba\u6c11\u5e01\uff0c\u7ea6\u53602025\u5e74\u4e0a\u534a\u5e74IFRS\u51c0\u5229\u6da6\u768473%\uff1bH\u80a1\u6d3e\u606f\u65e5\u4e3a2025\u5e7412\u670824\u65e5\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><br>    <figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-82985\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-numbers-17.png\" alt=\"A blue and white rectangular object with numbers\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-numbers-17.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-numbers-17-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><br>  <\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1556\" height=\"602\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-computer-screen-ai-generated-content-4.jpeg\" alt=\"A graph on a computer screen\n\nAI-generated content may be incorrect.\" class=\"wp-image-82986\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-computer-screen-ai-generated-content-4.jpeg 1556w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-computer-screen-ai-generated-content-4-300x116.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-computer-screen-ai-generated-content-4-1024x396.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-computer-screen-ai-generated-content-4-768x297.jpeg 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-computer-screen-ai-generated-content-4-1536x594.jpeg 1536w\" sizes=\"(max-width: 1556px) 100vw, 1556px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-17-1.png\" class=\"wp-image-82987\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-17-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-17-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">\n  \u91d1\u98ce\u79d1\u6280\u6709\u9650\u516c\u53f8\uff082208 HK\uff09\uff1a\u8ba2\u5355\u79ef\u538b\u6fc0\u589e\u4e0e\u4ef7\u683c\u91cd\u7f6e\n<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a12.0\uff0c\u76ee\u6807\u4ef7\uff1a15.0\uff0c\u6b62\u635f\u4ef7\uff1a10.5<\/strong><br>  <\/li>\n\n\n\n<li>\u91d1\u98ce\u79d1\u6280\u6709\u9650\u516c\u53f8\u4e13\u6ce8\u4e8e\u98ce\u80fd\u8bbe\u5907\u7684\u5236\u9020\u3002\u516c\u53f8\u751f\u4ea7\u98ce\u529b\u6da1\u8f6e\u673a\u3001\u6da1\u8f6e\u673a\u7ec4\u4ef6\u3001\u98ce\u7535\u53d1\u7535\u673a\u7ec4\u53ca\u5176\u4ed6\u8bbe\u5907\u3002\u540c\u65f6\uff0c\u91d1\u98ce\u79d1\u6280\u8fd8\u4ece\u4e8b\u98ce\u7535\u573a\u5f00\u53d1\u3001\u5149\u4f0f\u4ea7\u54c1\u5236\u9020\u7b49\u4e1a\u52a1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u4e2d\u56fd\u7684\u62db\u6807\u7ba1\u9053\u548c\u4ef7\u683c\u91cd\u7f6e\u652f\u6301\u591a\u5e74\u7684\u9500\u552e\u91cf\u3002<\/strong>2025\u5e74\u4e0a\u534a\u5e74\uff0c\u56fd\u5185\u516c\u5171\u62db\u6807\u603b\u91cf\u8fbe\u523071.9 GW\uff0c6\u6708\u5e73\u5747\u6295\u6807\u4ef7\u683c\u4e3a\u6bcf\u5343\u74e6\u4eba\u6c11\u5e011,616\u5143\u3002\u5317\u4eac\u76842025\u5e74\u80fd\u6e90\u8ba1\u5212\u76ee\u6807\u662f\u975e\u5316\u77f3\u80fd\u6e90\u5bb9\u91cf\u5360\u7ea660%\uff0c\u975e\u5316\u77f3\u80fd\u6e90\u6d88\u8d39\u5360\u7ea620%\uff0c\u800c\u7535\u4ef7\u6539\u9769\u63a8\u52a8\u53ef\u518d\u751f\u80fd\u6e90\u66f4\u6df1\u5165\u5e02\u573a\u5316\u4ea4\u6613\u3002\u8fd9\u4e00\u7ec4\u5408\u4e3a\u9886\u5148\u7684\u539f\u59cb\u8bbe\u5907\u5236\u9020\u5546\uff08OEM\uff09\u63d0\u4f9b\u4e86\u7a33\u5b9a\u7684\u8ba2\u5355\u6765\u6e90\u3002<br>  <\/li>\n\n\n\n<li><strong>\u9500\u552e\u7ec4\u5408\u5347\u7ea7\u548c\u89c4\u6a21\u5728\u6570\u636e\u4e2d\u663e\u73b0\u3002<\/strong>\u91d1\u98ce\u57282025\u5e74\u4e0a\u534a\u5e74\u5916\u90e8\u9500\u552e\u8fbe10,641 MW\uff0c\u540c\u6bd4\u589e\u957f106.6%\uff0c\u5176\u4e2d81.5%\u7684\u9500\u552e\u6765\u81ea\u22656 MW\u7684\u5e73\u53f0\u3002\u5e74\u4e2d\u8ba2\u5355\u79ef\u538b\u4e3a54.8 GW\uff0c\u5305\u62ec51.8 GW\u7684\u5916\u90e8\u8ba2\u5355\uff0c\u7b2c\u4e09\u5b63\u5ea6\u4e3a52.5 GW\u3002\u4ea7\u54c1\u5411\u66f4\u5927\u6da1\u8f6e\u673a\u7684\u8f6c\u578b\u53ca\u8ba2\u5355\u79ef\u538b\u7684\u89c4\u6a21\u652f\u6301\u4e86\u4ea7\u51fa\u548c\u5229\u6da6\u7387\u57282026\u5e74\u7684\u6062\u590d\u3002<br>  <\/li>\n\n\n\n<li><strong>\u670d\u52a1\u4e0e\u5229\u6da6\u7387\u7684\u6062\u590d\u589e\u52a0\u4e86\u8fd0\u8425\u6760\u6746\u3002<\/strong>2025\u5e74\u4e0a\u534a\u5e74\uff0c\u6536\u5165\u4e3a\u4eba\u6c11\u5e01284.9\u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f41.5%\u3002\u6574\u4f53\u6bdb\u5229\u7387\u4e3a15.27%\u3002\u98ce\u529b\u6da1\u8f6e\u673a\u7684\u6bdb\u5229\u7387\u4ece\u4e00\u5e74\u524d\u76843.90%\u63d0\u5347\u81f37.88%\u3002\u98ce\u7535\u670d\u52a1\u5b9e\u73b0\u6536\u516528\u4ebf\u5143\uff0c\u6bdb\u5229\u7387\u4e3a22.48%\uff0c\u968f\u7740\u5df2\u88c5\u673a\u7ec4\u7684\u8001\u5316\uff0c\u589e\u52a0\u4e86\u4e00\u4e2a\u7ecf\u5e38\u6027\u7684\u6536\u5165\u57fa\u7840\u3002\u8fd9\u4e00\u4ea7\u54c1\u7ec4\u5408\u63d0\u5347\u4e86\u6536\u76ca\u8d28\u91cf\uff0c\u5e76\u7f13\u51b2\u4e86\u5468\u671f\u6027\u6ce2\u52a8\u3002<br>  <\/li>\n\n\n\n<li><strong>2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>\u6536\u5165\u4e3a\u4eba\u6c11\u5e01284.94\u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f41.5%\u3002\u5f52\u5c5e\u4e8e\u666e\u901a\u80a1\u4e1c\u7684\u5229\u6da6\u4e3a\u4eba\u6c11\u5e0114.875\u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f7.3%\u3002\u6574\u4f53\u6bdb\u5229\u7387\u4e3a15.27%\u3002\u98ce\u529b\u6da1\u8f6e\u673a\u677f\u5757\u6bdb\u5229\u7387\u4e3a7.88%\u3002\u5916\u90e8\u9500\u552e\u80fd\u529b\u4e3a10,641 MW\uff0c\u540c\u6bd4\u589e\u957f106.6%\u3002\u622a\u81f32025\u5e746\u670830\u65e5\uff0c\u8ba2\u5355\u79ef\u538b\u4e3a54.8 GW\uff0c\u5176\u4e2d51.8 GW\u4e3a\u5916\u90e8\u8ba2\u5355\uff0c84%\u7684\u5916\u90e8\u79ef\u538b\u5728\u22656 MW\u5355\u4f4d\u4e2d\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><br>    <figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-82989\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-numbers-18.png\" alt=\"A blue and white rectangular object with numbers\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-numbers-18.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-numbers-18-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><br>  <\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1556\" height=\"602\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-screen-ai-generated-content-may-be-i-7.jpeg\" alt=\"A graph on a screen\n\nAI-generated content may be incorrect.\" class=\"wp-image-82990\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-screen-ai-generated-content-may-be-i-7.jpeg 1556w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-screen-ai-generated-content-may-be-i-7-300x116.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-screen-ai-generated-content-may-be-i-7-1024x396.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-screen-ai-generated-content-may-be-i-7-768x297.jpeg 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-screen-ai-generated-content-may-be-i-7-1536x594.jpeg 1536w\" sizes=\"(max-width: 1556px) 100vw, 1556px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-20-1.png\" alt=\"\" class=\"wp-image-82991\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-20-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-20-1-300x64.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\/12\/word-image-82878-21-1.png\" alt=\"\" class=\"wp-image-82992\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-21-1.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-21-1-300x64.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\"><a id=\"post-82878-OLE_LINK2\"><\/a>Rocket Lab Corp. (RKLB US): \u5782\u76f4\u6574\u5408\u7684\u592a\u7a7a\u5e73\u53f0\u4e0e\u4e2d\u5b50\u50ac\u5316\u5242<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a65\uff0c \u76ee\u6807\u4ef7\uff1a75\uff0c \u6b62\u635f\u4ef7\uff1a60<\/strong><br>  <\/li>\n\n\n\n<li>Rocket Lab Corporation \u4f5c\u4e3a\u4e00\u5bb6\u592a\u7a7a\u516c\u53f8\u8fd0\u8425\u3002\u516c\u53f8\u4e3a\u5546\u4e1a\u3001\u6c11\u7528\u548c\u56fd\u9632\u5e02\u573a\u63d0\u4f9b\u3001\u8bbe\u8ba1\u548c\u5236\u9020\u536b\u661f\u3001\u5b50\u7cfb\u7edf\u548c\u822a\u5929\u5668\u90e8\u4ef6\u3002Rocket Lab \u670d\u52a1\u5168\u7403\u5ba2\u6237\u3002<br>  <\/li>\n\n\n\n<li><strong>\u521b\u7eaa\u5f55\u7684\u6536\u5165\u548c\u672a\u5b8c\u6210\u8ba2\u5355\u589e\u957f\u3002<\/strong>Rocket Lab \u57282025\u5e74\u7b2c\u4e09\u5b63\u5ea6\u62a5\u544a\u4e86\u521b\u7eaa\u5f55\u7684\u5b63\u5ea6\u6536\u5165\u4e3a1.5508\u4ebf\u7f8e\u91d1\uff0c\u540c\u6bd4\u589e\u52a048%\uff0cGAAP\u6bdb\u5229\u7387\u8fbe\u5230\u5386\u53f2\u9ad8\u4f4d\u768437%\uff0c\u8fd9\u5f97\u76ca\u4e8e\u53d1\u5c04\u670d\u52a1\u548c\u592a\u7a7a\u7cfb\u7edf\u7684\u589e\u957f\u3002\u516c\u53f8\u5728\u672c\u5b63\u5ea6\u8fd8\u83b7\u5f97\u4e8617\u4e2a\u4e13\u5c5e\u7684\u7535\u5b50\u706b\u7bad\u53d1\u5c04\u5408\u540c\uff0c\u9884\u8ba1\u57282025\u5e74\u8d85\u8fc720\u6b21\u603b\u53d1\u5c04\uff0c\u7a81\u663e\u51fa\u5f3a\u52b2\u7684\u5ba2\u6237\u9700\u6c42\u548c\u6269\u5927\u7684\u672a\u5b8c\u6210\u8ba2\u5355\u3002<br>  <\/li>\n\n\n\n<li><strong>\u6218\u7565\u6027\u5e76\u8d2d\u548c\u6d41\u52a8\u6027\u72b6\u51b5\u652f\u6301\u56fd\u5bb6\u5b89\u5168\u548c\u8d27\u7269\u589e\u957f\u3002<\/strong>\u5728\u7b2c\u4e09\u5b63\u5ea6\uff0cRocket Lab \u5b8c\u6210\u4e86\u5bf9\u7535\u5149\u548c\u7ea2\u5916\u4f20\u611f\u5668\u5236\u9020\u5546 Geost \u7684\u6536\u8d2d\uff0c\u5e76\u63a8\u8fdb\u4e86\u5fb7\u56fd\u6fc0\u5149\u901a\u4fe1\u76ee\u6807 Mynaric \u7684\u91cd\u7ec4\uff0c\u6269\u5c55\u4e86\u516c\u53f8\u5bf9\u7f8e\u56fd\u56fd\u5bb6\u5b89\u5168\u5ba2\u6237\u7684\u7aef\u5230\u7aef\u80fd\u529b\u3002\u516c\u53f8\u5728\u5b63\u5ea6\u672b\u62e5\u6709\u8d85\u8fc710\u4ebf\u7f8e\u91d1\u7684\u6d41\u52a8\u6027\uff0c\u5f3a\u5316\u4e86\u5176\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u4ee5\u8ffd\u6c42\u4e0e\u4e0b\u4e00\u4ee3\u56fd\u9632\u592a\u7a7a\u8ba1\u5212\u4e00\u81f4\u7684\u8fdb\u4e00\u6b65\u5e76\u8d2d\u3002<br>  <\/li>\n\n\n\n<li><strong>\u4e2d\u5b50\u706b\u7bad\u7684\u53d1\u5c55\u6269\u5c55\u4e86\u5e02\u573a\u548c\u957f\u671f\u589e\u957f\u6f5c\u529b\u3002<\/strong>Rocket Lab \u6b63\u5f0f\u542f\u7528\u4e86\u53d1\u5c04\u590d\u5408\u4f533\uff0c\u8fd9\u662f\u4e2d\u578b\u53ef\u91cd\u590d\u4f7f\u7528\u706b\u7bad Neutron \u7684\u6d4b\u8bd5\u548c\u53d1\u5c04\u57fa\u5730\uff0c\u8ba1\u5212\u4e8e2026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u53d1\u5c04\uff0c\u4f7f\u516c\u53f8\u80fd\u591f\u8fdb\u5165\u8d85\u8d8a\u5c0f\u578b\u53d1\u5c04\u670d\u52a1\u7684\u66f4\u5927\u8f7d\u8377\u3001\u661f\u5ea7\u548c\u56fd\u9632\u4efb\u52a1\u3002\u5982\u679c\u6210\u529f\u5b9e\u65bd\uff0c\u4e2d\u5b50\u706b\u7bad\u5c06\u663e\u8457\u6269\u5c55\u516c\u53f8\u7684\u603b\u53ef\u670d\u52a1\u5e02\u573a\uff0c\u5e76\u63d0\u5347\u957f\u671f\u589e\u957f\u548c\u4f30\u503c\u6f5c\u529b\uff0c\u968f\u7740\u592a\u7a7a\u57fa\u7840\u8bbe\u65bd\u5e02\u573a\u7684\u6301\u7eed\u6269\u5f20\u3002<br>  <\/li>\n\n\n\n<li><strong>2025\u5e74\u7b2c\u4e09\u5b63\u5ea6\u4e1a\u7ee9\u3002<\/strong>\u516c\u53f8\u7b2c\u4e09\u5b63\u5ea6\u6536\u5165\u540c\u6bd4\u589e\u957f48%\uff0c\u8fbe\u52301.5508\u4ebf\u7f8e\u91d1\uff0c\u8d85\u51fa\u9884\u671f336\u4e07\u7f8e\u91d1\u3002\u5176GAAP\u6bcf\u80a1\u6536\u76ca\u4e3a-0.03\u7f8e\u91d1\uff0c\u8d85\u51fa\u9884\u671f0.07\u7f8e\u91d1\u3002\u5728\u7b2c\u4e09\u5b63\u5ea6\u5b8c\u6210\u4e86\u56db\u6b21\u53d1\u5c04\uff0c\u4efb\u52a1\u6210\u529f\u7387\u8fbe\u5230100%\uff0c\u5e76\u4ecd\u5728\u671d\u7740\u5e74\u5e95\u8d85\u8fc720\u6b21\u53d1\u5c04\u7684\u76ee\u6807\u524d\u8fdb\u3002\u5bf9\u4e8e\u7b2c\u56db\u5b63\u5ea6\uff0c\u516c\u53f8\u9884\u8ba1\u6536\u5165\u5c06\u57281.7\u4ebf\u52301.8\u4ebf\u7f8e\u91d1\u4e4b\u95f4\uff0c\u540c\u65f6\u592a\u7a7a\u7cfb\u7edf\u548c\u53d1\u5c04\u6536\u5165\u5747\u5c06\u540c\u6bd4\u589e\u957f\uff0c\u8c03\u6574\u540e\u7684EBITDA\u635f\u5931\u57282300\u4e07\u52302900\u4e07\u7f8e\u91d1\u4e4b\u95f4\u3002\u5bf9\u4e8e\u5168\u5e74\uff0c\u516c\u53f8\u9884\u8ba1\u6536\u5165\u5c06\u57285.921\u4ebf\u52306.021\u4ebf\u7f8e\u91d1\u4e4b\u95f4\uff0cGAAP\u6bdb\u5229\u7387\u4e3a34.1%\u523034.7%\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><br>  <\/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\/12\/a-blue-and-white-rectangular-box-with-white-text-4.png\" alt=\"A blue and white rectangular box with white text\n\nAI-generated content may be incorrect.\" class=\"wp-image-82993\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-box-with-white-text-4.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-box-with-white-text-4-300x64.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=\"1556\" height=\"602\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-15.jpeg\" alt=\"A graph on a white background\n\nAI-generated content may be incorrect.\" class=\"wp-image-82994\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-15.jpeg 1556w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-15-300x116.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-15-1024x396.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-15-768x297.jpeg 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-15-1536x594.jpeg 1536w\" sizes=\"(max-width: 1556px) 100vw, 1556px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"940\" height=\"200\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-long-line-of-a-flag-description-automatically-g-4.png\" alt=\"A long line of a flag\n\nDescription automatically generated with medium confidence\" class=\"wp-image-82995\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-long-line-of-a-flag-description-automatically-g-4.png 940w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-long-line-of-a-flag-description-automatically-g-4-300x64.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-long-line-of-a-flag-description-automatically-g-4-768x163.png 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Honeywell International Ltd\uff08HON US\uff09\uff1a\u5373\u5c06\u8fdb\u884c\u7684\u822a\u7a7a\u822a\u5929\u6280\u672f\u5206\u62c6<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a198\uff0c \u76ee\u6807\u4ef7\uff1a220\uff0c \u6b62\u635f\u4ef7\uff1a187<\/strong><br>  <\/li>\n\n\n\n<li>Honeywell International Ltd. \u662f\u4e00\u5bb6\u5168\u7403\u6027\u7684\u6280\u672f\u548c\u5236\u9020\u516c\u53f8\u3002\u516c\u53f8\u63d0\u4f9b\u822a\u7a7a\u822a\u5929\u4ea7\u54c1\u548c\u670d\u52a1\u3001\u5546\u4e1a\u5efa\u7b51\u7684\u63a7\u5236\u3001\u4f20\u611f\u548c\u5b89\u5168\u6280\u672f\u3001\u5b89\u5168\u548c\u751f\u4ea7\u529b\u89e3\u51b3\u65b9\u6848\u3001\u7279\u79cd\u5316\u5b66\u54c1\u3001\u5148\u8fdb\u6750\u6599\u3001\u7cbe\u70bc\u548c\u77f3\u6cb9\u5316\u5de5\u7684\u5de5\u827a\u6280\u672f\uff0c\u4ee5\u53ca\u8282\u80fd\u4ea7\u54c1\u548c\u89e3\u51b3\u65b9\u6848\u3002<br><\/li>\n\n\n\n<li><strong>\u822a\u7a7a\u822a\u5929\u548c\u592a\u7a7a\u7684\u589e\u957f\u7531\u9ad8\u5229\u6da6\u3001\u7a33\u5b9a\u7684\u6536\u5165\u9a71\u52a8\u3002 <\/strong>Honeywell\u7684\u822a\u7a7a\u822a\u5929\u6280\u672f\u90e8\u95e8\u5728\u7b2c\u4e09\u5b63\u5ea6\u5b9e\u73b0\u4e86\u4e24\u4f4d\u6570\u7684\u6709\u673a\u9500\u552e\u589e\u957f\uff0c\u4e3b\u8981\u53d7\u5230\u5546\u4e1a\u552e\u540e\u3001\u56fd\u9632\u548c\u592a\u7a7a\u9886\u57df\u7684\u652f\u6301\uff0c\u5176\u8ba2\u5355\u4e0e\u53d1\u8d27\u6bd4\u7387\u4e3a1.2\u500d\uff0c\u8868\u660e\u9700\u6c42\u6301\u7eed\u3002\u5173\u952e\u4efb\u52a1\u7684\u822a\u7a7a\u7535\u5b50\u8bbe\u5907\u3001\u63a7\u5236\u7cfb\u7edf\u548c\u592a\u7a7a\u7cfb\u7edf\u53d7\u76ca\u4e8e\u957f\u671f\u751f\u547d\u5468\u671f\u5e73\u53f0\u548c\u7ecf\u5e38\u6027\u552e\u540e\u6536\u5165\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u7b2c\u56db\u5b63\u5ea6\u9500\u552e\u589e\u957f\u5c06\u8fbe\u5230\u4e24\u4f4d\u6570\uff0c\u5168\u5e74\u589e\u957f\u5c06\u8fbe\u5230\u4f4e\u53cc\u4f4d\u6570\uff0c\u8fd9\u5f97\u76ca\u4e8e\u539f\u59cb\u8bbe\u5907\u5236\u9020\u5546\uff08OEM\uff09\u7684\u6539\u5584\u4ea7\u51fa\u548c\u5f3a\u52b2\u7684\u552e\u540e\u52a8\u529b\u3002<br>  <\/li>\n\n\n\n<li><strong>\u56fd\u9632\u548c\u592a\u7a7a\u9886\u57df\u7684\u66dd\u5149\u53d7\u5230\u5168\u7403\u9884\u7b97\u548c\u53d1\u5c04\u6d3b\u52a8\u7ed3\u6784\u6027\u63d0\u9ad8\u7684\u652f\u6301\u3002 <\/strong>\u5168\u7403\u56fd\u9632\u652f\u51fa\u5c06\u57282026\u5e74\u7ee7\u7eed\u4e0a\u5347\uff0c\u4e3aHoneywell\u7684\u56fd\u9632\u3001\u592a\u7a7a\u548c\u53d1\u5c04\u652f\u6301\u6280\u672f\u63d0\u4f9b\u4e86\u5f3a\u52b2\u7684\u9700\u6c42\u80cc\u666f\u3002\u5317\u7ea6\u7684\u56fd\u9632\u652f\u51fa\u9884\u8ba1\u5c06\u8fbe\u52302.42\u4e07\u4ebf\u6b27\u5143\uff0c\u800c\u7f8e\u56fd\u5df2\u6279\u51c69010\u4ebf\u7f8e\u5143\u76842026\u8d22\u5e74\u56fd\u9632\u9884\u7b97\u3002\u5728\u4e9a\u6d32\uff0c\u65e5\u672c\u8ba1\u5212\u521b\u7eaa\u5f55\u76849\u4e07\u4ebf\u65e5\u5143\uff08\u7ea6580\u4ebf\u7f8e\u5143\uff09\u56fd\u9632\u9884\u7b97\uff0c\u5305\u62ec\u7528\u4e8e\u8fdc\u7a0b\u5bfc\u5f39\u3001\u9ad8\u8d85\u97f3\u901f\u6b66\u5668\u3001\u4e0b\u4e00\u4ee3\u6218\u6597\u673a\u3001\u65e0\u4eba\u673a\u548c\u4e0e\u592a\u7a7a\u76f8\u5173\u7684\u56fd\u9632\u7cfb\u7edf\u7684\u652f\u51fa\uff1b\u53f0\u6e7e\u6253\u7b97\u5c06\u56fd\u9632\u652f\u51fa\u63d0\u9ad8\u81f39495\u4ebf\u65b0\u53f0\u5e01\uff08\u5360GDP\u76843.32%\uff09\uff1b\u97e9\u56fd\u8ba1\u5212\u5c06\u56fd\u9632\u9884\u7b97\u589e\u52a08.2%\uff0c\u8fbe\u523066.3\u4e07\u4ebf\u97e9\u5143\u3002\u8fd9\u4e9b\u8d8b\u52bf\u652f\u6491\u4e86Honeywell\u7684\u822a\u7a7a\u7535\u5b50\u8bbe\u5907\u3001\u63a8\u8fdb\u63a7\u5236\u3001\u5bfc\u822a\u548c\u592a\u7a7a\u57fa\u7840\u8bbe\u65bd\u89e3\u51b3\u65b9\u6848\u7684\u6301\u7eed\u9700\u6c42\u3002<br>  <\/li>\n\n\n\n<li><strong>2026\u5e74\u4e0b\u534a\u5e74\u822a\u7a7a\u822a\u5929\u5206\u62c6\u521b\u9020\u4f30\u503c\u91cd\u4f30\u50ac\u5316\u5242\u3002 <\/strong>Honeywell\u8ba1\u5212\u57282026\u5e74\u4e0b\u534a\u5e74\u5206\u62c6\u5176\u822a\u7a7a\u822a\u5929\u90e8\u95e8\uff0c\u521b\u9020\u4e00\u5bb6\u66f4\u6e05\u6670\u7684\u7eaf\u822a\u7a7a\u822a\u5929\u548c\u592a\u7a7a\u516c\u53f8\uff0c\u5177\u6709\u66f4\u9ad8\u7684\u5229\u6da6\u7387\u3001\u66f4\u5f3a\u7684\u8ba2\u5355\u53ef\u89c1\u6027\uff0c\u4ee5\u53ca\u5bf9\u957f\u671f\u56fd\u9632\u548c\u592a\u7a7a\u9879\u76ee\u7684\u66f4\u5927\u66dd\u5149\u3002\u6b64\u6b21\u5206\u62c6\u9884\u8ba1\u5c06\u901a\u8fc7\u63d0\u9ad8\u900f\u660e\u5ea6\u548c\u6f5c\u5728\u7684\u500d\u6570\u6269\u5f20\u4e3a\u80a1\u4e1c\u521b\u9020\u4ef7\u503c\uff0c\u56e0\u4e3a\u6295\u8d44\u8005\u91cd\u65b0\u8bc4\u4f30\u8fd9\u4e00\u72ec\u7acb\u7684\u822a\u7a7a\u822a\u5929\u5e73\u53f0\u3002<br>  <\/li>\n\n\n\n<li><strong>2025\u5e74\u7b2c\u4e09\u5b63\u5ea6\u4e1a\u7ee9\u3002 <\/strong>Honeywell\u7684\u6536\u5165\u540c\u6bd4\u589e\u957f7.2%\uff0c\u8fbe\u5230104\u4ebf\u7f8e\u5143\uff0c\u8d85\u8fc7\u9884\u671f2.4\u4ebf\u7f8e\u5143\u3002\u5176\u975eGAAP\u6bcf\u80a1\u6536\u76ca\u4e3a2.82\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.25\u7f8e\u5143\u3002\u6709\u673a\u9500\u552e\u589e\u957f6%\uff0c\u56db\u4e2a\u4e1a\u52a1\u90e8\u95e8\u7684\u8ba2\u5355\u540c\u6bd4\u589e\u957f22%\u3002\u622a\u81f3\u7b2c\u4e09\u5b63\u5ea6\uff0c\u5176\u672a\u5b8c\u6210\u8ba2\u5355\u8fbe\u5230\u521b\u7eaa\u5f55\u7684391\u4ebf\u7f8e\u5143\u3002\u5bf9\u4e8e\u7b2c\u56db\u5b63\u5ea6\uff0c\u516c\u53f8\u9884\u8ba1\u9500\u552e\u989d\u5728101\u4ebf\u81f3103\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u8c03\u6574\u540e\u7684\u6bcf\u80a1\u6536\u76ca\u57282.52\u81f32.62\u7f8e\u5143\u4e4b\u95f4\u3002\u5728Solstice\u5206\u62c6\u540e\u7684\u5168\u5e74\uff0c\u9884\u8ba1\u9500\u552e\u989d\u5728407\u4ebf\u81f3409\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u8c03\u6574\u540e\u7684\u6bcf\u80a1\u6536\u76ca\u4e3a10.6\u81f310.7\u7f8e\u5143\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u4e3a52\u4ebf\u81f356\u4ebf\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><br>  <\/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\/12\/a-blue-and-white-rectangular-object-with-numbers-19.png\" alt=\"A blue and white rectangular object with numbers\n\nAI-generated content may be incorrect.\" class=\"wp-image-82996\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-numbers-19.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-numbers-19-300x64.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=\"1556\" height=\"602\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-16.jpeg\" alt=\"A graph on a white background\n\nAI-generated content may be incorrect.\" class=\"wp-image-82997\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-16.jpeg 1556w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-16-300x116.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-16-1024x396.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-16-768x297.jpeg 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-16-1536x594.jpeg 1536w\" sizes=\"(max-width: 1556px) 100vw, 1556px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\n  (Source: Bloomberg)\n<a id=\"post-82878-_Hlt181111973\"><\/a><a id=\"post-82878-_Hlt181111974\"><\/a><\/p>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\" title=\"\">^ Back To Top<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-82878-_va9jaog5jnw3\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-27-1.png\" class=\"wp-image-82998\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-27-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-27-1-300x64.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\/12\/word-image-82878-28-1.png\" alt=\"\" class=\"wp-image-82999\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-28-1.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-82878-28-1-300x64.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 Honeywell International Inc. (HON US) at US$198 and Horizon Robotics (9660 HK) at HK$9.00. Cut Raffles Education Ltd. (RLS SP) at SG$0.13.\n<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"943\" height=\"1192\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screenshot-of-a-computer-screen-ai-generated-co-8.png\" alt=\"A screenshot of a computer screen\n\nAI-generated content may be incorrect.\" class=\"wp-image-83000\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screenshot-of-a-computer-screen-ai-generated-co-8.png 943w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screenshot-of-a-computer-screen-ai-generated-co-8-237x300.png 237w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screenshot-of-a-computer-screen-ai-generated-co-8-810x1024.png 810w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-screenshot-of-a-computer-screen-ai-generated-co-8-768x971.png 768w\" sizes=\"(max-width: 943px) 100vw, 943px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00a0<a id=\"post-71807-_tiry8p5xvcqk\"><\/a><\/p>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-ed4e1152\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-075e5b76\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-0ad8dd24\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__default-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-dc1bd65c\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap \">\n<div class=\"wp-block-uagb-buttons-child uagb-buttons__outer-wrap uagb-block-2f4e392f wp-block-button\"><div class=\"uagb-button__wrapper\"><a class=\"uagb-buttons-repeater wp-block-button__link\" aria-label=\"\" href=\"https:\/\/www.kgieworld.sg\/securities\/contact-us\" rel=\"follow noopener\" target=\"_self\" role=\"button\"><div class=\"uagb-button__link\">\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 \u9999\u6e2f ^ Back To Top \u4e30\u9686\u4e9a\u6d32\u6709\u9650\u516c\u53f8\uff08HLA SP\uff09\uff1a\u53cc\u5f15\u64ce\u5468\u671f\u56de\u5347\u3001\u73b0\u91d1\u5b9e\u529b\u5f3a\u52b2\u3001\u4e1c\u76df\u6269\u5f20\u8dd1\u9053\u6e05\u6670 (Source: Bloomberg) \u6052\u8363\u96c6\u56e2\uff08EGUH SP\uff09\uff1a\u901a\u8fc7\u6218\u7565\u6536\u8d2d\u5efa\u7acb\u89c4\u6a21 (Source: Bloomberg) \u4e2d\u56fd\u795e\u534e\u80fd\u6e90\uff081088 HK\uff09\uff1a\u51ac\u5b63\u9700\u6c42\u3001\u653f\u7b56\u50a8\u5907\u4e0e\u9ad8\u73b0\u91d1\u56de\u62a5\u652f\u6491\u80a1\u4ef7 (Source: Bloomberg) \u91d1\u98ce\u79d1\u6280\u6709\u9650\u516c\u53f8\uff082208 HK\uff09\uff1a\u8ba2\u5355\u79ef\u538b\u6fc0\u589e\u4e0e\u4ef7\u683c\u91cd\u7f6e (Source: Bloomberg) Rocket Lab Corp. (RKLB US): \u5782\u76f4\u6574\u5408\u7684\u592a\u7a7a\u5e73\u53f0\u4e0e\u4e2d\u5b50\u50ac\u5316\u5242 (Source: Bloomberg) Honeywell International Ltd\uff08HON US\uff09\uff1a\u5373\u5c06\u8fdb\u884c\u7684\u822a\u7a7a\u822a\u5929\u6280\u672f\u5206\u62c6 (Source: Bloomberg) ^ Back To Top Trading Dashboard Update: Add Honeywell International [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":38071,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[13],"tags":[],"class_list":["post-82878","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 | 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GE\uff09\uff082025\u5e747\u6708\uff09\uff09\u4ece\u4e00\u5bb6\u4e2d\u578b\u673a\u68b0\u548c\u7535\u6c14\u627f\u5305\u5546\u8f6c\u53d8\u4e3a\u4e00\u5bb6\u591a\u5143\u5316\u5de5\u7a0b\u96c6\u56e2\u3002\u53e4\u5179\u91cc\u4ea4\u6613\u4ee3\u8868\u4e86\u4e00\u4e2a\u91cd\u8981\u7684\u91cc\u7a0b\u7891\uff0c\u589e\u52a0\u4e863.12\u4ebf\u65b0\u5143\u7684\u8ba2\u5355\uff0c\u5e76\u83b7\u5f97\u4e86\u5148\u524d\u65e0\u6cd5\u63a5\u89e6\u7684\u5927\u578b\u9879\u76ee\u3002\u5408\u5e76\u540e\u7684\u5b9e\u4f53\u73b0\u5728\u5177\u5907\u4e86\u7ade\u4e89\u65b0\u52a0\u5761\u6700\u5927\u57fa\u7840\u8bbe\u65bd\u62db\u6807\u6240\u9700\u7684\u6280\u672f\u6df1\u5ea6\u3001\u8bb8\u53ef\u5e7f\u5ea6\u548c\u4e1a\u7ee9\u8bb0\u5f55\u3002 \u57fa\u7840\u8bbe\u65bd\u8d85\u7ea7\u5468\u671f\u63d0\u4f9b\u591a\u5e74\u7684\u53ef\u89c1\u6027\u3002 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2025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u4e3a2860\u4e07\u65b0\u5143\uff0c\u540c\u6bd4\u4e0b\u964d11%\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a3210\u4e07\u65b0\u5143\u3002\u8fd9\u53cd\u6620\u4e862024\u5e74\u7b2c\u56db\u5b63\u5ea6\u5927\u578b\u5408\u540c\u7684\u81ea\u7136\u5b8c\u6210\u5468\u671f\uff0c\u800c\u65b0\u83b7\u5f97\u7684\u5408\u540c\u5c1a\u672a\u5e26\u6765\u6536\u5165\u3002\u6bdb\u5229\u6da6\u4e3a530\u4e07\u65b0\u5143\uff0c\u51c0\u5229\u6da6\u8fbe\u5230466\u4e07\u65b0\u5143\u3002\u6bdb\u5229\u7387\u4e3a18.7%\uff0c\u4f4e\u4e8e\u53bb\u5e74\u540c\u671f\u768420.9%\uff0c\u540e\u8005\u5f97\u76ca\u4e8e\u9ad8\u5229\u6da6\u7387\u8001\u65e7\u9879\u76ee\u7684\u672b\u671f\u5b8c\u6210\uff0c\u800c2025\u5e74\u4e0a\u534a\u5e74\u5219\u6709\u8f83\u5927\u6bd4\u4f8b\u7684\u65b0\u83b7\u5f97\u5408\u540c\u4ee5\u66f4\u7d27\u7684\u4ef7\u683c\u8fdb\u884c\u6295\u6807\u3002 \u6211\u4eec\u6709\u57fa\u672c\u9762\u8986\u76d6\uff0c\u7ed9\u4e88\u201c\u4e70\u5165\u201d\u63a8\u8350\uff0c\u76ee\u6807\u4ef7\u4e3a1.20\u65b0\u5143\u3002\u8bf7\u5728\u6b64\u9605\u8bfb\u5b8c\u6574\u62a5\u544a\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u4e2d\u56fd\u795e\u534e\u80fd\u6e90\uff081088 HK\uff09\uff1a\u51ac\u5b63\u9700\u6c42\u3001\u653f\u7b56\u50a8\u5907\u4e0e\u9ad8\u73b0\u91d1\u56de\u62a5\u652f\u6491\u80a1\u4ef7 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a37\uff0c\u76ee\u6807\u4ef7\uff1a43\uff0c\u6b62\u635f\u4ef7\uff1a34 \u4e2d\u56fd\u795e\u534e\u80fd\u6e90\u80a1\u4efd\u6709\u9650\u516c\u53f8\u4ece\u4e8b\u7164\u70ad\u4ea7\u54c1\u7684\u5f00\u91c7\u4e0e\u9500\u552e\uff0c\u4ea7\u54c1\u5305\u62ec\u8910\u7164\u3001\u70df\u7164\u3001\u65e0\u70df\u7164\u3001\u70bc\u7126\u7164\u53ca\u5176\u4ed6\u76f8\u5173\u4ea7\u54c1\uff1b\u540c\u65f6\u8fd0\u8425\u53d1\u7535\u3001\u94c1\u8def\u8fd0\u8f93\u53ca\u5176\u4ed6\u4e1a\u52a1\u3002 \u7535\u529b\u4fdd\u4f9b\u6ea2\u4ef7\u3002\u4e2d\u56fd\u6b63\u8fdb\u5165\u51ac\u5b63\u7528\u7535\u9ad8\u5cf0\uff0c\u653f\u7b56\u660e\u786e\u4fdd\u969c\u7164\u70ad\u4f9b\u5e94\u5145\u8db3\u3002\u56fd\u5bb6\u53d1\u6539\u59d4\u5df2\u6b63\u5f0f\u5efa\u7acb\u7164\u70ad\u4ea7\u80fd\u50a8\u5907\u5236\u5ea6\u53ca\u957f\u671f\u8d2d\u552e\u7535\u534f\u8bae\uff08PPA\uff09\uff0c\u786e\u4fdd\u7164\u7535\u57fa\u672c\u5229\u7528\u5c0f\u65f6\u6570\uff0c\u5f3a\u5316\u7164\u70ad\u7a33\u5b9a\u6d88\u7eb3\u30022023\u5e74\u5168\u56fd\u539f\u7164\u4ea7\u91cf\u8fbe\u521b\u7eaa\u5f55\u768446.6\u4ebf\u5428\uff0c\u51ac\u5b63\u50a8\u5907\u6301\u7eed\u63a8\u8fdb\uff1b\u653f\u7b56\u8981\u6c42\u7535\u5382\u7ef4\u6301\u6700\u4f4e\u5e93\u5b58\uff0c\u9632\u8303\u4f9b\u5e94\u77ed\u7f3a\u3002\u8be5\u653f\u7b56\u73af\u5883\u4e3a\u795e\u534e\u4e00\u4f53\u5316\u4ea7\u4e1a\u94fe\u63d0\u4f9b\u9ad8\u786e\u5b9a\u6027\u9700\u6c42\u652f\u6491\u3002\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta 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\u5efa\u7b51\u5468\u671f\u6301\u7eed\u6d3b\u8dc3\uff1b\u4e2d\u56fd\u91cd\u5361\u9700\u6c42\u91cd\u56de\u52a0\u901f\u3002\u65b0\u52a0\u5761\u5efa\u5c4b\u53d1\u5c55\u5c40\uff08BCA\uff09\u9884\u8ba12025\u5e74\u5efa\u7b51\u4e1a\u9700\u6c42\u8fbe470\u2013530\u4ebf\u65b0\u5143\uff0c2026\u20132029\u5e74\u9879\u76ee\u7ba1\u9053\u4fdd\u6301\u5065\u5eb7\uff1b\u9a6c\u6765\u897f\u4e9a\u5efa\u7b51\u4e1a\u4ea6\u5c06\u4e8e2025\u5e74\u8fce\u6765\u4e0a\u884c\u62d0\u70b9\uff0c\u53d7\u76ca\u4e8e\u516c\u5171\u5de5\u7a0b\u53ca\u6570\u636e\u4e2d\u5fc3\u5efa\u8bbe\u63d0\u901f\u3002\u4e2d\u56fd\u65b9\u9762\uff0c\u91cd\u578b\u5361\u8f66\u9500\u91cf\u5df2\u8fde\u7eed\u591a\u6708\u5b9e\u73b0\u540c\u6bd4\u6b63\u589e\u957f\uff0810\u201311\u6708\u6570\u636e\uff09\uff0c\u653f\u7b56\u6301\u7eed\u63a8\u52a8\u5927\u89c4\u6a21\u8bbe\u5907\u66f4\u65b0\u53ca\u4e13\u9879\u503a\u652f\u6301\u7684\u57fa\u5efa\u6295\u8d44\u3002\u8be5\u73af\u5883\u5229\u597d\u5efa\u7b51\u6750\u6599\u9500\u91cf\u53ca\u7389\u67f4\uff08Yuchai\uff09OEM\u8ba2\u5355\uff0c\u652f\u64912026\u5e74\u53cc\u4e1a\u52a1\u677f\u5757\u589e\u957f\u3002 \u53cc\u652f\u67f1\u5747\u5177\u591a\u91cd\u50ac\u5316\u5242\u3002HLA\u4e8e2025\u5e74\u4e0a\u534a\u5e74\u672b\u6301\u6709\u51c0\u73b0\u91d17.49\u4ebf\u65b0\u5143\uff0c\u81ea\u7531\u73b0\u91d1\u6d413.37\u4ebf\u65b0\u5143\uff0c\u5e76\u5c06\u4e2d\u671f\u80a1\u606f\u7ffb\u500d\u81f3\u6bcf\u80a12.0\u5206\u3002\u7389\u67f4\u4e8e2025\u5e747\u6708\u6d3e\u53d1\u6bcf\u80a10.53\u7f8e\u5143\u80a1\u606f\uff0c\u5f3a\u5316\u4e0a\u6e38\u73b0\u91d1\u56de\u6d41\u96c6\u56e2\u3002\u5145\u88d5\u8d44\u91d1\u652f\u6301\u65b0\u52a0\u5761\u5de5\u5382\u5347\u7ea7\u3001\u9a6c\u6765\u897f\u4e9a\u4ea7\u80fd\u6269\u5f20\uff0c\u4ee5\u53ca\u4e1c\u76df\u52a8\u529b\u603b\u6210\u9886\u57df\u9009\u62e9\u6027\u589e\u957f\uff0c\u4e14\u65e0\u9700\u4f9d\u8d56\u80a1\u6743\u878d\u8d44\u3002 \u623f\u5730\u4ea7\u4e1a\u52a1\u63d0\u4f9b\u989d\u5916\u4e0a\u884c\u5f39\u6027\u3002\u65b0\u52a0\u5761\u65b9\u9762\uff0c\u88d5\u5eca\u6e2f\u5546\u54c1\u6df7\u51dd\u571f\uff08RMC\uff09\u751f\u6001\u4f53\u7cfb\u53ca\u699c\u9e45\u6dfb\u6469\uff08Punggol Timor\uff09\u65b0\u589e\u6405\u62cc\u4ea7\u80fd\uff0c\u5c06\u52a9\u529b\u9884\u62cc\u6df7\u51dd\u571f\u4e1a\u52a1\u5728\u5efa\u5c4b\u5c40\uff08HDB\uff09\u4e0e\u57fa\u5efa\u9879\u76ee\u62db\u6807\u653e\u91cf\u4e2d\u63d0\u5347\u5e02\u5360\u7387\u3002\u52a8\u529b\u603b\u6210\u65b9\u9762\uff0c\u4e1c\u76df\u672c\u5730\u5316\u6301\u7eed\u63a8\u8fdb\u2014\u2014\u6cf0\u56fdK08\u53d1\u52a8\u673a\u5df2\u6295\u4ea7\uff0c\u8d8a\u5357\u5408\u4f5c\u534f\u5b9a\u843d\u5730\uff1b\u7389\u67f4\u65b0\u80fd\u6e90\u8def\u7ebf\u56fe\uff08\u6df7\u52a8\u3001\u7535\u9a71\u6865\u3001\u6c22\u71c3\u6599\uff09\u4ea6\u4e3a\u5361\u8f66\u7535\u52a8\u5316\u8d8b\u52bf\u4e0b\u7684\u5355\u8f66\u4ef7\u503c\u91cf\u63d0\u4f9b\u4fdd\u969c\u3002 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u8425\u653628.289\u4ebf\u65b0\u5143\uff08+25.7% YoY\uff09\uff1b\u51c0\u5229\u6da61.212\u4ebf\u65b0\u5143\uff08+30.9% YoY\uff09\uff1b\u80a1\u4e1c\u5e94\u5360\u5229\u6da6\uff08PATMI\uff095,600\u4e07\u65b0\u5143\uff08+13.1% YoY\uff09\uff1b\u6bcf\u80a1\u6536\u76ca7.49\u5206\uff1b\u4e2d\u671f\u80a1\u606f2.0\u5206\u3002\u5206\u90e8\u8868\u73b0\uff1a\u52a8\u529b\u603b\u6210\u89e3\u51b3\u65b9\u6848\u9500\u91cf250,396\u53f0\uff08+29.9% YoY\uff09\uff0c\u8425\u653625.087\u4ebf\u65b0\u5143\uff08+30.8%\uff09\uff0c\u7a0e\u540e\u5229\u6da6\uff08PAT\uff099,680\u4e07\u65b0\u5143\uff08+56.4%\uff09\uff1b\u5efa\u7b51\u6750\u6599\u8425\u65363.102\u4ebf\u65b0\u5143\uff08\u22123.5%\uff09\uff0c\u7a0e\u540e\u5229\u6da63,740\u4e07\u65b0\u5143\uff08\u221210.7%\uff09\uff0c\u4e3b\u56e0\u65b0\u52a0\u5761\u9884\u62cc\u6df7\u51dd\u571f\u9500\u91cf\u53d7\u4ea7\u80fd\u8fc7\u6e21\u5f71\u54cd\uff0c\u90e8\u5206\u88ab\u9884\u5236\u6784\u4ef6\u589e\u957f\u53ca\u9a6c\u6765\u897f\u4e9a\u4e1a\u52a1\u6539\u5584\u6240\u62b5\u6d88\u3002\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u6052\u8363\u96c6\u56e2\uff08EGUH SP\uff09\uff1a\u901a\u8fc7\u6218\u7565\u6536\u8d2d\u5efa\u7acb\u89c4\u6a21 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.69\uff0c\u76ee\u6807\u4ef7\uff1a0.77\uff0c\u6b62\u635f\u4ef7\uff1a0.65 \u6052\u8363\u96c6\u56e2\u4f5c\u4e3a\u4e00\u5bb6\u63a7\u80a1\u516c\u53f8\u8fd0\u8425\u3002\u516c\u53f8\u901a\u8fc7\u5176\u5b50\u516c\u53f8\u63d0\u4f9b\u673a\u68b0\u548c\u7535\u6c14\u5de5\u7a0b\u670d\u52a1\uff0c\u670d\u52a1\u5ba2\u6237\u4e3b\u8981\u5728\u65b0\u52a0\u5761\u3002 \u4ece\u7ec6\u5206\u627f\u5305\u5546\u5230\u7efc\u5408\u5e73\u53f0\u3002 \u6052\u8363\u96c6\u56e2\uff08EGU\uff09\u901a\u8fc7\u4e24\u6b21\u6218\u7565\u6536\u8d2d\uff08\u6d88\u9632\u5de5\u7a0b\u516c\u53f8\uff08Fire-Guard Engineering\uff09\uff082024\u5e742\u6708\uff09\u548c\u53e4\u5179\u91cc\u5de5\u7a0b\uff08Guthrie Engineering, GE\uff09\uff082025\u5e747\u6708\uff09\uff09\u4ece\u4e00\u5bb6\u4e2d\u578b\u673a\u68b0\u548c\u7535\u6c14\u627f\u5305\u5546\u8f6c\u53d8\u4e3a\u4e00\u5bb6\u591a\u5143\u5316\u5de5\u7a0b\u96c6\u56e2\u3002\u53e4\u5179\u91cc\u4ea4\u6613\u4ee3\u8868\u4e86\u4e00\u4e2a\u91cd\u8981\u7684\u91cc\u7a0b\u7891\uff0c\u589e\u52a0\u4e863.12\u4ebf\u65b0\u5143\u7684\u8ba2\u5355\uff0c\u5e76\u83b7\u5f97\u4e86\u5148\u524d\u65e0\u6cd5\u63a5\u89e6\u7684\u5927\u578b\u9879\u76ee\u3002\u5408\u5e76\u540e\u7684\u5b9e\u4f53\u73b0\u5728\u5177\u5907\u4e86\u7ade\u4e89\u65b0\u52a0\u5761\u6700\u5927\u57fa\u7840\u8bbe\u65bd\u62db\u6807\u6240\u9700\u7684\u6280\u672f\u6df1\u5ea6\u3001\u8bb8\u53ef\u5e7f\u5ea6\u548c\u4e1a\u7ee9\u8bb0\u5f55\u3002 \u57fa\u7840\u8bbe\u65bd\u8d85\u7ea7\u5468\u671f\u63d0\u4f9b\u591a\u5e74\u7684\u53ef\u89c1\u6027\u3002 \u9884\u8ba1\u65b0\u52a0\u5761\u7684\u5efa\u7b51\u9700\u6c42\u57282025\u5e74\u5c06\u8fbe\u5230470\u4ebf\u81f3530\u4ebf\u65b0\u5143\uff0c\u53d7\u5230\u5305\u62ec\u6a1f\u5b9c\u673a\u573a\u7b2c\u4e94\u822a\u7ad9\u697c\u3001\u8de8\u5c9b\u7ebf\u3001\u533b\u9662\u5f00\u53d1\u4ee5\u53ca2025-2027\u5e74\u8ba1\u5212\u63a8\u51fa\u768455,000\u4e2aBTO\uff08\u5efa\u9020\u548c\u8f6c\u8ba9\u8ba1\u5212\uff09\u9879\u76ee\u7b49\u5927\u578b\u9879\u76ee\u7684\u63a8\u52a8\u3002\u6052\u8363\u96c6\u56e2\u7684\u8ba2\u5355\u4e3b\u8981\u6765\u81ea\u516c\u5171\u90e8\u95e8\uff0c\u4e0e\u8fd9\u4e00\u653f\u7b56\u5bfc\u5411\u7684\u7ba1\u9053\u76f4\u63a5\u5bf9\u63a5\u3002\u81ea\u53e4\u5179\u91cc\u4ea4\u6613\u540e\uff0c\u5f53\u524d\u8ba2\u5355\u5df2\u8d85\u8fc75\u4ebf\u65b0\u5143\uff0c\u7ba1\u7406\u5c42\u76ee\u6807\u5728\u5e74\u5e95\u524d\u8fbe\u5230\u7ea67\u4ebf\u65b0\u5143\uff0c\u6536\u5165\u53ef\u89c1\u6027\u5ef6\u7eed\u52302027-2028\u8d22\u5e74\u3002 \u7269\u4e1a\u9009\u62e9\u6027\u589e\u52a0\u4e0a\u884c\u7a7a\u95f4\u3002 \u8be5\u96c6\u56e2\u6301\u6709\u4e24\u4e2a\u5408\u8d44\u5f00\u53d1\u9879\u76ee\u7684\u5c11\u6570\u80a1\u6743\uff0c\u4e00\u4e2a\u662f\u5728\u7b2c14\u533a\u7684\u4f4f\u5b85\u5408\u8d44\u4f01\u4e1a\uff0c\u53e6\u4e00\u4e2a\u662f\u5728Mandai\u7684\u5de5\u4e1a\u9879\u76ee\u3002\u5c3d\u7ba1\u76ee\u524d\u8fd9\u4e9b\u9879\u76ee\u4ecd\u7136\u4e0d\u662f\u6838\u5fc3\u4e1a\u52a1\uff08\u53602024\u8d22\u5e74\u6536\u5165\u7684\u4e0d\u52305%\uff09\uff0c\u4f46\u968f\u7740\u9879\u76ee\u7684\u53d8\u73b0\uff0c\u5b83\u4eec\u63d0\u4f9b\u4e86\u9009\u62e9\u4ef7\u503c\u3002\u7ba1\u7406\u5c42\u5df2\u7ecf\u8868\u793a\u51fa\u5bf9\u9009\u62e9\u6027\u7269\u4e1a\u6295\u8d44\u7684\u5174\u8da3\uff0c\u5229\u7528\u673a\u68b0\u548c\u7535\u6c14\u4e13\u4e1a\u77e5\u8bc6\u5f00\u53d1\u7efc\u5408\u9879\u76ee\u7684\u673a\u4f1a\u3002 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002 2025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u4e3a2860\u4e07\u65b0\u5143\uff0c\u540c\u6bd4\u4e0b\u964d11%\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a3210\u4e07\u65b0\u5143\u3002\u8fd9\u53cd\u6620\u4e862024\u5e74\u7b2c\u56db\u5b63\u5ea6\u5927\u578b\u5408\u540c\u7684\u81ea\u7136\u5b8c\u6210\u5468\u671f\uff0c\u800c\u65b0\u83b7\u5f97\u7684\u5408\u540c\u5c1a\u672a\u5e26\u6765\u6536\u5165\u3002\u6bdb\u5229\u6da6\u4e3a530\u4e07\u65b0\u5143\uff0c\u51c0\u5229\u6da6\u8fbe\u5230466\u4e07\u65b0\u5143\u3002\u6bdb\u5229\u7387\u4e3a18.7%\uff0c\u4f4e\u4e8e\u53bb\u5e74\u540c\u671f\u768420.9%\uff0c\u540e\u8005\u5f97\u76ca\u4e8e\u9ad8\u5229\u6da6\u7387\u8001\u65e7\u9879\u76ee\u7684\u672b\u671f\u5b8c\u6210\uff0c\u800c2025\u5e74\u4e0a\u534a\u5e74\u5219\u6709\u8f83\u5927\u6bd4\u4f8b\u7684\u65b0\u83b7\u5f97\u5408\u540c\u4ee5\u66f4\u7d27\u7684\u4ef7\u683c\u8fdb\u884c\u6295\u6807\u3002 \u6211\u4eec\u6709\u57fa\u672c\u9762\u8986\u76d6\uff0c\u7ed9\u4e88\u201c\u4e70\u5165\u201d\u63a8\u8350\uff0c\u76ee\u6807\u4ef7\u4e3a1.20\u65b0\u5143\u3002\u8bf7\u5728\u6b64\u9605\u8bfb\u5b8c\u6574\u62a5\u544a\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u4e2d\u56fd\u795e\u534e\u80fd\u6e90\uff081088 HK\uff09\uff1a\u51ac\u5b63\u9700\u6c42\u3001\u653f\u7b56\u50a8\u5907\u4e0e\u9ad8\u73b0\u91d1\u56de\u62a5\u652f\u6491\u80a1\u4ef7 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a37\uff0c\u76ee\u6807\u4ef7\uff1a43\uff0c\u6b62\u635f\u4ef7\uff1a34 \u4e2d\u56fd\u795e\u534e\u80fd\u6e90\u80a1\u4efd\u6709\u9650\u516c\u53f8\u4ece\u4e8b\u7164\u70ad\u4ea7\u54c1\u7684\u5f00\u91c7\u4e0e\u9500\u552e\uff0c\u4ea7\u54c1\u5305\u62ec\u8910\u7164\u3001\u70df\u7164\u3001\u65e0\u70df\u7164\u3001\u70bc\u7126\u7164\u53ca\u5176\u4ed6\u76f8\u5173\u4ea7\u54c1\uff1b\u540c\u65f6\u8fd0\u8425\u53d1\u7535\u3001\u94c1\u8def\u8fd0\u8f93\u53ca\u5176\u4ed6\u4e1a\u52a1\u3002 \u7535\u529b\u4fdd\u4f9b\u6ea2\u4ef7\u3002\u4e2d\u56fd\u6b63\u8fdb\u5165\u51ac\u5b63\u7528\u7535\u9ad8\u5cf0\uff0c\u653f\u7b56\u660e\u786e\u4fdd\u969c\u7164\u70ad\u4f9b\u5e94\u5145\u8db3\u3002\u56fd\u5bb6\u53d1\u6539\u59d4\u5df2\u6b63\u5f0f\u5efa\u7acb\u7164\u70ad\u4ea7\u80fd\u50a8\u5907\u5236\u5ea6\u53ca\u957f\u671f\u8d2d\u552e\u7535\u534f\u8bae\uff08PPA\uff09\uff0c\u786e\u4fdd\u7164\u7535\u57fa\u672c\u5229\u7528\u5c0f\u65f6\u6570\uff0c\u5f3a\u5316\u7164\u70ad\u7a33\u5b9a\u6d88\u7eb3\u30022023\u5e74\u5168\u56fd\u539f\u7164\u4ea7\u91cf\u8fbe\u521b\u7eaa\u5f55\u768446.6\u4ebf\u5428\uff0c\u51ac\u5b63\u50a8\u5907\u6301\u7eed\u63a8\u8fdb\uff1b\u653f\u7b56\u8981\u6c42\u7535\u5382\u7ef4\u6301\u6700\u4f4e\u5e93\u5b58\uff0c\u9632\u8303\u4f9b\u5e94\u77ed\u7f3a\u3002\u8be5\u653f\u7b56\u73af\u5883\u4e3a\u795e\u534e\u4e00\u4f53\u5316\u4ea7\u4e1a\u94fe\u63d0\u4f9b\u9ad8\u786e\u5b9a\u6027\u9700\u6c42\u652f\u6491\u3002\" \/>\n\t\t<meta property=\"og:url\" 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| \u884c\u4e1a\u677f\u5757\u8868\u73b0 | \u4ea4\u6613\u9f99\u864e\u699c \u7f8e\u56fd \u9999\u6e2f ^ Back To Top \u4e30\u9686\u4e9a\u6d32\u6709\u9650\u516c\u53f8\uff08HLA SP\uff09\uff1a\u53cc\u5f15\u64ce\u5468\u671f\u56de\u5347\u3001\u73b0\u91d1\u5b9e\u529b\u5f3a\u52b2\u3001\u4e1c\u76df\u6269\u5f20\u8dd1\u9053\u6e05\u6670 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a2.25\uff0c\u76ee\u6807\u4ef7\uff1a2.55\uff0c\u6b62\u635f\u4ef7\uff1a2.10 \u4e30\u9686\u4e9a\u6d32\u6709\u9650\u516c\u53f8\u662f\u65b0\u52a0\u5761\u4e30\u9686\u96c6\u56e2\u65d7\u4e0b\u7684\u5de5\u8d38\u4e1a\u52a1\u5e73\u53f0\uff0c\u7ba1\u7406\u4e1a\u52a1\u7ec4\u5408\u6db5\u76d6\u67f4\u6cb9\u53d1\u52a8\u673a\u3001\u5efa\u7b51\u6750\u6599\u4f9b\u5e94\u94fe\u3001\u786c\u8d28\u5851\u6599\u5305\u88c5\u3001\u7a7a\u8c03\u7cfb\u7edf\uff0c\u4ee5\u53ca\u9152\u5e97\u4e0e\u623f\u5730\u4ea7\u5f00\u53d1\u3002 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2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u8425\u653628.289\u4ebf\u65b0\u5143\uff08+25.7% YoY\uff09\uff1b\u51c0\u5229\u6da61.212\u4ebf\u65b0\u5143\uff08+30.9% YoY\uff09\uff1b\u80a1\u4e1c\u5e94\u5360\u5229\u6da6\uff08PATMI\uff095,600\u4e07\u65b0\u5143\uff08+13.1% YoY\uff09\uff1b\u6bcf\u80a1\u6536\u76ca7.49\u5206\uff1b\u4e2d\u671f\u80a1\u606f2.0\u5206\u3002\u5206\u90e8\u8868\u73b0\uff1a\u52a8\u529b\u603b\u6210\u89e3\u51b3\u65b9\u6848\u9500\u91cf250,396\u53f0\uff08+29.9% YoY\uff09\uff0c\u8425\u653625.087\u4ebf\u65b0\u5143\uff08+30.8%\uff09\uff0c\u7a0e\u540e\u5229\u6da6\uff08PAT\uff099,680\u4e07\u65b0\u5143\uff08+56.4%\uff09\uff1b\u5efa\u7b51\u6750\u6599\u8425\u65363.102\u4ebf\u65b0\u5143\uff08\u22123.5%\uff09\uff0c\u7a0e\u540e\u5229\u6da63,740\u4e07\u65b0\u5143\uff08\u221210.7%\uff09\uff0c\u4e3b\u56e0\u65b0\u52a0\u5761\u9884\u62cc\u6df7\u51dd\u571f\u9500\u91cf\u53d7\u4ea7\u80fd\u8fc7\u6e21\u5f71\u54cd\uff0c\u90e8\u5206\u88ab\u9884\u5236\u6784\u4ef6\u589e\u957f\u53ca\u9a6c\u6765\u897f\u4e9a\u4e1a\u52a1\u6539\u5584\u6240\u62b5\u6d88\u3002\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u6052\u8363\u96c6\u56e2\uff08EGUH SP\uff09\uff1a\u901a\u8fc7\u6218\u7565\u6536\u8d2d\u5efa\u7acb\u89c4\u6a21 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.69\uff0c\u76ee\u6807\u4ef7\uff1a0.77\uff0c\u6b62\u635f\u4ef7\uff1a0.65 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GE\uff09\uff082025\u5e747\u6708\uff09\uff09\u4ece\u4e00\u5bb6\u4e2d\u578b\u673a\u68b0\u548c\u7535\u6c14\u627f\u5305\u5546\u8f6c\u53d8\u4e3a\u4e00\u5bb6\u591a\u5143\u5316\u5de5\u7a0b\u96c6\u56e2\u3002\u53e4\u5179\u91cc\u4ea4\u6613\u4ee3\u8868\u4e86\u4e00\u4e2a\u91cd\u8981\u7684\u91cc\u7a0b\u7891\uff0c\u589e\u52a0\u4e863.12\u4ebf\u65b0\u5143\u7684\u8ba2\u5355\uff0c\u5e76\u83b7\u5f97\u4e86\u5148\u524d\u65e0\u6cd5\u63a5\u89e6\u7684\u5927\u578b\u9879\u76ee\u3002\u5408\u5e76\u540e\u7684\u5b9e\u4f53\u73b0\u5728\u5177\u5907\u4e86\u7ade\u4e89\u65b0\u52a0\u5761\u6700\u5927\u57fa\u7840\u8bbe\u65bd\u62db\u6807\u6240\u9700\u7684\u6280\u672f\u6df1\u5ea6\u3001\u8bb8\u53ef\u5e7f\u5ea6\u548c\u4e1a\u7ee9\u8bb0\u5f55\u3002 \u57fa\u7840\u8bbe\u65bd\u8d85\u7ea7\u5468\u671f\u63d0\u4f9b\u591a\u5e74\u7684\u53ef\u89c1\u6027\u3002 \u9884\u8ba1\u65b0\u52a0\u5761\u7684\u5efa\u7b51\u9700\u6c42\u57282025\u5e74\u5c06\u8fbe\u5230470\u4ebf\u81f3530\u4ebf\u65b0\u5143\uff0c\u53d7\u5230\u5305\u62ec\u6a1f\u5b9c\u673a\u573a\u7b2c\u4e94\u822a\u7ad9\u697c\u3001\u8de8\u5c9b\u7ebf\u3001\u533b\u9662\u5f00\u53d1\u4ee5\u53ca2025-2027\u5e74\u8ba1\u5212\u63a8\u51fa\u768455,000\u4e2aBTO\uff08\u5efa\u9020\u548c\u8f6c\u8ba9\u8ba1\u5212\uff09\u9879\u76ee\u7b49\u5927\u578b\u9879\u76ee\u7684\u63a8\u52a8\u3002\u6052\u8363\u96c6\u56e2\u7684\u8ba2\u5355\u4e3b\u8981\u6765\u81ea\u516c\u5171\u90e8\u95e8\uff0c\u4e0e\u8fd9\u4e00\u653f\u7b56\u5bfc\u5411\u7684\u7ba1\u9053\u76f4\u63a5\u5bf9\u63a5\u3002\u81ea\u53e4\u5179\u91cc\u4ea4\u6613\u540e\uff0c\u5f53\u524d\u8ba2\u5355\u5df2\u8d85\u8fc75\u4ebf\u65b0\u5143\uff0c\u7ba1\u7406\u5c42\u76ee\u6807\u5728\u5e74\u5e95\u524d\u8fbe\u5230\u7ea67\u4ebf\u65b0\u5143\uff0c\u6536\u5165\u53ef\u89c1\u6027\u5ef6\u7eed\u52302027-2028\u8d22\u5e74\u3002 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2025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u4e3a2860\u4e07\u65b0\u5143\uff0c\u540c\u6bd4\u4e0b\u964d11%\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a3210\u4e07\u65b0\u5143\u3002\u8fd9\u53cd\u6620\u4e862024\u5e74\u7b2c\u56db\u5b63\u5ea6\u5927\u578b\u5408\u540c\u7684\u81ea\u7136\u5b8c\u6210\u5468\u671f\uff0c\u800c\u65b0\u83b7\u5f97\u7684\u5408\u540c\u5c1a\u672a\u5e26\u6765\u6536\u5165\u3002\u6bdb\u5229\u6da6\u4e3a530\u4e07\u65b0\u5143\uff0c\u51c0\u5229\u6da6\u8fbe\u5230466\u4e07\u65b0\u5143\u3002\u6bdb\u5229\u7387\u4e3a18.7%\uff0c\u4f4e\u4e8e\u53bb\u5e74\u540c\u671f\u768420.9%\uff0c\u540e\u8005\u5f97\u76ca\u4e8e\u9ad8\u5229\u6da6\u7387\u8001\u65e7\u9879\u76ee\u7684\u672b\u671f\u5b8c\u6210\uff0c\u800c2025\u5e74\u4e0a\u534a\u5e74\u5219\u6709\u8f83\u5927\u6bd4\u4f8b\u7684\u65b0\u83b7\u5f97\u5408\u540c\u4ee5\u66f4\u7d27\u7684\u4ef7\u683c\u8fdb\u884c\u6295\u6807\u3002 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YoY\\uff09\\uff1b\\u51c0\\u5229\\u6da61.212\\u4ebf\\u65b0\\u5143\\uff08+30.9% YoY\\uff09\\uff1b\\u80a1\\u4e1c\\u5e94\\u5360\\u5229\\u6da6\\uff08PATMI\\uff095,600\\u4e07\\u65b0\\u5143\\uff08+13.1% YoY\\uff09\\uff1b\\u6bcf\\u80a1\\u6536\\u76ca7.49\\u5206\\uff1b\\u4e2d\\u671f\\u80a1\\u606f2.0\\u5206\\u3002\\u5206\\u90e8\\u8868\\u73b0\\uff1a\\u52a8\\u529b\\u603b\\u6210\\u89e3\\u51b3\\u65b9\\u6848\\u9500\\u91cf250,396\\u53f0\\uff08+29.9% YoY\\uff09\\uff0c\\u8425\\u653625.087\\u4ebf\\u65b0\\u5143\\uff08+30.8%\\uff09\\uff0c\\u7a0e\\u540e\\u5229\\u6da6\\uff08PAT\\uff099,680\\u4e07\\u65b0\\u5143\\uff08+56.4%\\uff09\\uff1b\\u5efa\\u7b51\\u6750\\u6599\\u8425\\u65363.102\\u4ebf\\u65b0\\u5143\\uff08\\u22123.5%\\uff09\\uff0c\\u7a0e\\u540e\\u5229\\u6da63,740\\u4e07\\u65b0\\u5143\\uff08\\u221210.7%\\uff09\\uff0c\\u4e3b\\u56e0\\u65b0\\u52a0\\u5761\\u9884\\u62cc\\u6df7\\u51dd\\u571f\\u9500\\u91cf\\u53d7\\u4ea7\\u80fd\\u8fc7\\u6e21\\u5f71\\u54cd\\uff0c\\u90e8\\u5206\\u88ab\\u9884\\u5236\\u6784\\u4ef6\\u589e\\u957f\\u53ca\\u9a6c\\u6765\\u897f\\u4e9a\\u4e1a\\u52a1\\u6539\\u5584\\u6240\\u62b5\\u6d88\\u3002\\u3002 \\u5e02\\u573a\\u5171\\u8bc6 (Source: Bloomberg) \\u6052\\u8363\\u96c6\\u56e2\\uff08EGUH SP\\uff09\\uff1a\\u901a\\u8fc7\\u6218\\u7565\\u6536\\u8d2d\\u5efa\\u7acb\\u89c4\\u6a21 \\u91cd\\u7533\\u4e70\\u5165\\uff1a\\u4e70\\u5165\\u4ef7\\uff1a0.69\\uff0c\\u76ee\\u6807\\u4ef7\\uff1a0.77\\uff0c\\u6b62\\u635f\\u4ef7\\uff1a0.65 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GE\\uff09\\uff082025\\u5e747\\u6708\\uff09\\uff09\\u4ece\\u4e00\\u5bb6\\u4e2d\\u578b\\u673a\\u68b0\\u548c\\u7535\\u6c14\\u627f\\u5305\\u5546\\u8f6c\\u53d8\\u4e3a\\u4e00\\u5bb6\\u591a\\u5143\\u5316\\u5de5\\u7a0b\\u96c6\\u56e2\\u3002\\u53e4\\u5179\\u91cc\\u4ea4\\u6613\\u4ee3\\u8868\\u4e86\\u4e00\\u4e2a\\u91cd\\u8981\\u7684\\u91cc\\u7a0b\\u7891\\uff0c\\u589e\\u52a0\\u4e863.12\\u4ebf\\u65b0\\u5143\\u7684\\u8ba2\\u5355\\uff0c\\u5e76\\u83b7\\u5f97\\u4e86\\u5148\\u524d\\u65e0\\u6cd5\\u63a5\\u89e6\\u7684\\u5927\\u578b\\u9879\\u76ee\\u3002\\u5408\\u5e76\\u540e\\u7684\\u5b9e\\u4f53\\u73b0\\u5728\\u5177\\u5907\\u4e86\\u7ade\\u4e89\\u65b0\\u52a0\\u5761\\u6700\\u5927\\u57fa\\u7840\\u8bbe\\u65bd\\u62db\\u6807\\u6240\\u9700\\u7684\\u6280\\u672f\\u6df1\\u5ea6\\u3001\\u8bb8\\u53ef\\u5e7f\\u5ea6\\u548c\\u4e1a\\u7ee9\\u8bb0\\u5f55\\u3002 \\u57fa\\u7840\\u8bbe\\u65bd\\u8d85\\u7ea7\\u5468\\u671f\\u63d0\\u4f9b\\u591a\\u5e74\\u7684\\u53ef\\u89c1\\u6027\\u3002 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\\u6211\\u4eec\\u6709\\u57fa\\u672c\\u9762\\u8986\\u76d6\\uff0c\\u7ed9\\u4e88\\u201c\\u4e70\\u5165\\u201d\\u63a8\\u8350\\uff0c\\u76ee\\u6807\\u4ef7\\u4e3a1.20\\u65b0\\u5143\\u3002\\u8bf7\\u5728\\u6b64\\u9605\\u8bfb\\u5b8c\\u6574\\u62a5\\u544a\\u3002 \\u5e02\\u573a\\u5171\\u8bc6 (Source: Bloomberg) \\u4e2d\\u56fd\\u795e\\u534e\\u80fd\\u6e90\\uff081088 HK\\uff09\\uff1a\\u51ac\\u5b63\\u9700\\u6c42\\u3001\\u653f\\u7b56\\u50a8\\u5907\\u4e0e\\u9ad8\\u73b0\\u91d1\\u56de\\u62a5\\u652f\\u6491\\u80a1\\u4ef7 \\u91cd\\u7533\\u4e70\\u5165\\uff1a\\u4e70\\u5165\\u4ef7\\uff1a37\\uff0c\\u76ee\\u6807\\u4ef7\\uff1a43\\uff0c\\u6b62\\u635f\\u4ef7\\uff1a34 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YoY\uff09\uff0c\u8425\u653625.087\u4ebf\u65b0\u5143\uff08+30.8%\uff09\uff0c\u7a0e\u540e\u5229\u6da6\uff08PAT\uff099,680\u4e07\u65b0\u5143\uff08+56.4%\uff09\uff1b\u5efa\u7b51\u6750\u6599\u8425\u65363.102\u4ebf\u65b0\u5143\uff08\u22123.5%\uff09\uff0c\u7a0e\u540e\u5229\u6da63,740\u4e07\u65b0\u5143\uff08\u221210.7%\uff09\uff0c\u4e3b\u56e0\u65b0\u52a0\u5761\u9884\u62cc\u6df7\u51dd\u571f\u9500\u91cf\u53d7\u4ea7\u80fd\u8fc7\u6e21\u5f71\u54cd\uff0c\u90e8\u5206\u88ab\u9884\u5236\u6784\u4ef6\u589e\u957f\u53ca\u9a6c\u6765\u897f\u4e9a\u4e1a\u52a1\u6539\u5584\u6240\u62b5\u6d88\u3002\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u6052\u8363\u96c6\u56e2\uff08EGUH SP\uff09\uff1a\u901a\u8fc7\u6218\u7565\u6536\u8d2d\u5efa\u7acb\u89c4\u6a21 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.69\uff0c\u76ee\u6807\u4ef7\uff1a0.77\uff0c\u6b62\u635f\u4ef7\uff1a0.65 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GE\uff09\uff082025\u5e747\u6708\uff09\uff09\u4ece\u4e00\u5bb6\u4e2d\u578b\u673a\u68b0\u548c\u7535\u6c14\u627f\u5305\u5546\u8f6c\u53d8\u4e3a\u4e00\u5bb6\u591a\u5143\u5316\u5de5\u7a0b\u96c6\u56e2\u3002\u53e4\u5179\u91cc\u4ea4\u6613\u4ee3\u8868\u4e86\u4e00\u4e2a\u91cd\u8981\u7684\u91cc\u7a0b\u7891\uff0c\u589e\u52a0\u4e863.12\u4ebf\u65b0\u5143\u7684\u8ba2\u5355\uff0c\u5e76\u83b7\u5f97\u4e86\u5148\u524d\u65e0\u6cd5\u63a5\u89e6\u7684\u5927\u578b\u9879\u76ee\u3002\u5408\u5e76\u540e\u7684\u5b9e\u4f53\u73b0\u5728\u5177\u5907\u4e86\u7ade\u4e89\u65b0\u52a0\u5761\u6700\u5927\u57fa\u7840\u8bbe\u65bd\u62db\u6807\u6240\u9700\u7684\u6280\u672f\u6df1\u5ea6\u3001\u8bb8\u53ef\u5e7f\u5ea6\u548c\u4e1a\u7ee9\u8bb0\u5f55\u3002 \u57fa\u7840\u8bbe\u65bd\u8d85\u7ea7\u5468\u671f\u63d0\u4f9b\u591a\u5e74\u7684\u53ef\u89c1\u6027\u3002 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2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u8425\u653628.289\u4ebf\u65b0\u5143\uff08+25.7% YoY\uff09\uff1b\u51c0\u5229\u6da61.212\u4ebf\u65b0\u5143\uff08+30.9% YoY\uff09\uff1b\u80a1\u4e1c\u5e94\u5360\u5229\u6da6\uff08PATMI\uff095,600\u4e07\u65b0\u5143\uff08+13.1% YoY\uff09\uff1b\u6bcf\u80a1\u6536\u76ca7.49\u5206\uff1b\u4e2d\u671f\u80a1\u606f2.0\u5206\u3002\u5206\u90e8\u8868\u73b0\uff1a\u52a8\u529b\u603b\u6210\u89e3\u51b3\u65b9\u6848\u9500\u91cf250,396\u53f0\uff08+29.9% YoY\uff09\uff0c\u8425\u653625.087\u4ebf\u65b0\u5143\uff08+30.8%\uff09\uff0c\u7a0e\u540e\u5229\u6da6\uff08PAT\uff099,680\u4e07\u65b0\u5143\uff08+56.4%\uff09\uff1b\u5efa\u7b51\u6750\u6599\u8425\u65363.102\u4ebf\u65b0\u5143\uff08\u22123.5%\uff09\uff0c\u7a0e\u540e\u5229\u6da63,740\u4e07\u65b0\u5143\uff08\u221210.7%\uff09\uff0c\u4e3b\u56e0\u65b0\u52a0\u5761\u9884\u62cc\u6df7\u51dd\u571f\u9500\u91cf\u53d7\u4ea7\u80fd\u8fc7\u6e21\u5f71\u54cd\uff0c\u90e8\u5206\u88ab\u9884\u5236\u6784\u4ef6\u589e\u957f\u53ca\u9a6c\u6765\u897f\u4e9a\u4e1a\u52a1\u6539\u5584\u6240\u62b5\u6d88\u3002\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u6052\u8363\u96c6\u56e2\uff08EGUH SP\uff09\uff1a\u901a\u8fc7\u6218\u7565\u6536\u8d2d\u5efa\u7acb\u89c4\u6a21 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.69\uff0c\u76ee\u6807\u4ef7\uff1a0.77\uff0c\u6b62\u635f\u4ef7\uff1a0.65 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GE\uff09\uff082025\u5e747\u6708\uff09\uff09\u4ece\u4e00\u5bb6\u4e2d\u578b\u673a\u68b0\u548c\u7535\u6c14\u627f\u5305\u5546\u8f6c\u53d8\u4e3a\u4e00\u5bb6\u591a\u5143\u5316\u5de5\u7a0b\u96c6\u56e2\u3002\u53e4\u5179\u91cc\u4ea4\u6613\u4ee3\u8868\u4e86\u4e00\u4e2a\u91cd\u8981\u7684\u91cc\u7a0b\u7891\uff0c\u589e\u52a0\u4e863.12\u4ebf\u65b0\u5143\u7684\u8ba2\u5355\uff0c\u5e76\u83b7\u5f97\u4e86\u5148\u524d\u65e0\u6cd5\u63a5\u89e6\u7684\u5927\u578b\u9879\u76ee\u3002\u5408\u5e76\u540e\u7684\u5b9e\u4f53\u73b0\u5728\u5177\u5907\u4e86\u7ade\u4e89\u65b0\u52a0\u5761\u6700\u5927\u57fa\u7840\u8bbe\u65bd\u62db\u6807\u6240\u9700\u7684\u6280\u672f\u6df1\u5ea6\u3001\u8bb8\u53ef\u5e7f\u5ea6\u548c\u4e1a\u7ee9\u8bb0\u5f55\u3002 \u57fa\u7840\u8bbe\u65bd\u8d85\u7ea7\u5468\u671f\u63d0\u4f9b\u591a\u5e74\u7684\u53ef\u89c1\u6027\u3002 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2025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u4e3a2860\u4e07\u65b0\u5143\uff0c\u540c\u6bd4\u4e0b\u964d11%\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a3210\u4e07\u65b0\u5143\u3002\u8fd9\u53cd\u6620\u4e862024\u5e74\u7b2c\u56db\u5b63\u5ea6\u5927\u578b\u5408\u540c\u7684\u81ea\u7136\u5b8c\u6210\u5468\u671f\uff0c\u800c\u65b0\u83b7\u5f97\u7684\u5408\u540c\u5c1a\u672a\u5e26\u6765\u6536\u5165\u3002\u6bdb\u5229\u6da6\u4e3a530\u4e07\u65b0\u5143\uff0c\u51c0\u5229\u6da6\u8fbe\u5230466\u4e07\u65b0\u5143\u3002\u6bdb\u5229\u7387\u4e3a18.7%\uff0c\u4f4e\u4e8e\u53bb\u5e74\u540c\u671f\u768420.9%\uff0c\u540e\u8005\u5f97\u76ca\u4e8e\u9ad8\u5229\u6da6\u7387\u8001\u65e7\u9879\u76ee\u7684\u672b\u671f\u5b8c\u6210\uff0c\u800c2025\u5e74\u4e0a\u534a\u5e74\u5219\u6709\u8f83\u5927\u6bd4\u4f8b\u7684\u65b0\u83b7\u5f97\u5408\u540c\u4ee5\u66f4\u7d27\u7684\u4ef7\u683c\u8fdb\u884c\u6295\u6807\u3002 \u6211\u4eec\u6709\u57fa\u672c\u9762\u8986\u76d6\uff0c\u7ed9\u4e88\u201c\u4e70\u5165\u201d\u63a8\u8350\uff0c\u76ee\u6807\u4ef7\u4e3a1.20\u65b0\u5143\u3002\u8bf7\u5728\u6b64\u9605\u8bfb\u5b8c\u6574\u62a5\u544a\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u4e2d\u56fd\u795e\u534e\u80fd\u6e90\uff081088 HK\uff09\uff1a\u51ac\u5b63\u9700\u6c42\u3001\u653f\u7b56\u50a8\u5907\u4e0e\u9ad8\u73b0\u91d1\u56de\u62a5\u652f\u6491\u80a1\u4ef7 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a37\uff0c\u76ee\u6807\u4ef7\uff1a43\uff0c\u6b62\u635f\u4ef7\uff1a34 \u4e2d\u56fd\u795e\u534e\u80fd\u6e90\u80a1\u4efd\u6709\u9650\u516c\u53f8\u4ece\u4e8b\u7164\u70ad\u4ea7\u54c1\u7684\u5f00\u91c7\u4e0e\u9500\u552e\uff0c\u4ea7\u54c1\u5305\u62ec\u8910\u7164\u3001\u70df\u7164\u3001\u65e0\u70df\u7164\u3001\u70bc\u7126\u7164\u53ca\u5176\u4ed6\u76f8\u5173\u4ea7\u54c1\uff1b\u540c\u65f6\u8fd0\u8425\u53d1\u7535\u3001\u94c1\u8def\u8fd0\u8f93\u53ca\u5176\u4ed6\u4e1a\u52a1\u3002 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2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u8425\u653628.289\u4ebf\u65b0\u5143\uff08+25.7% YoY\uff09\uff1b\u51c0\u5229\u6da61.212\u4ebf\u65b0\u5143\uff08+30.9% YoY\uff09\uff1b\u80a1\u4e1c\u5e94\u5360\u5229\u6da6\uff08PATMI\uff095,600\u4e07\u65b0\u5143\uff08+13.1% YoY\uff09\uff1b\u6bcf\u80a1\u6536\u76ca7.49\u5206\uff1b\u4e2d\u671f\u80a1\u606f2.0\u5206\u3002\u5206\u90e8\u8868\u73b0\uff1a\u52a8\u529b\u603b\u6210\u89e3\u51b3\u65b9\u6848\u9500\u91cf250,396\u53f0\uff08+29.9% YoY\uff09\uff0c\u8425\u653625.087\u4ebf\u65b0\u5143\uff08+30.8%\uff09\uff0c\u7a0e\u540e\u5229\u6da6\uff08PAT\uff099,680\u4e07\u65b0\u5143\uff08+56.4%\uff09\uff1b\u5efa\u7b51\u6750\u6599\u8425\u65363.102\u4ebf\u65b0\u5143\uff08\u22123.5%\uff09\uff0c\u7a0e\u540e\u5229\u6da63,740\u4e07\u65b0\u5143\uff08\u221210.7%\uff09\uff0c\u4e3b\u56e0\u65b0\u52a0\u5761\u9884\u62cc\u6df7\u51dd\u571f\u9500\u91cf\u53d7\u4ea7\u80fd\u8fc7\u6e21\u5f71\u54cd\uff0c\u90e8\u5206\u88ab\u9884\u5236\u6784\u4ef6\u589e\u957f\u53ca\u9a6c\u6765\u897f\u4e9a\u4e1a\u52a1\u6539\u5584\u6240\u62b5\u6d88\u3002\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u6052\u8363\u96c6\u56e2\uff08EGUH SP\uff09\uff1a\u901a\u8fc7\u6218\u7565\u6536\u8d2d\u5efa\u7acb\u89c4\u6a21 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.69\uff0c\u76ee\u6807\u4ef7\uff1a0.77\uff0c\u6b62\u635f\u4ef7\uff1a0.65 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GE\uff09\uff082025\u5e747\u6708\uff09\uff09\u4ece\u4e00\u5bb6\u4e2d\u578b\u673a\u68b0\u548c\u7535\u6c14\u627f\u5305\u5546\u8f6c\u53d8\u4e3a\u4e00\u5bb6\u591a\u5143\u5316\u5de5\u7a0b\u96c6\u56e2\u3002\u53e4\u5179\u91cc\u4ea4\u6613\u4ee3\u8868\u4e86\u4e00\u4e2a\u91cd\u8981\u7684\u91cc\u7a0b\u7891\uff0c\u589e\u52a0\u4e863.12\u4ebf\u65b0\u5143\u7684\u8ba2\u5355\uff0c\u5e76\u83b7\u5f97\u4e86\u5148\u524d\u65e0\u6cd5\u63a5\u89e6\u7684\u5927\u578b\u9879\u76ee\u3002\u5408\u5e76\u540e\u7684\u5b9e\u4f53\u73b0\u5728\u5177\u5907\u4e86\u7ade\u4e89\u65b0\u52a0\u5761\u6700\u5927\u57fa\u7840\u8bbe\u65bd\u62db\u6807\u6240\u9700\u7684\u6280\u672f\u6df1\u5ea6\u3001\u8bb8\u53ef\u5e7f\u5ea6\u548c\u4e1a\u7ee9\u8bb0\u5f55\u3002 \u57fa\u7840\u8bbe\u65bd\u8d85\u7ea7\u5468\u671f\u63d0\u4f9b\u591a\u5e74\u7684\u53ef\u89c1\u6027\u3002 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2025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u4e3a2860\u4e07\u65b0\u5143\uff0c\u540c\u6bd4\u4e0b\u964d11%\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a3210\u4e07\u65b0\u5143\u3002\u8fd9\u53cd\u6620\u4e862024\u5e74\u7b2c\u56db\u5b63\u5ea6\u5927\u578b\u5408\u540c\u7684\u81ea\u7136\u5b8c\u6210\u5468\u671f\uff0c\u800c\u65b0\u83b7\u5f97\u7684\u5408\u540c\u5c1a\u672a\u5e26\u6765\u6536\u5165\u3002\u6bdb\u5229\u6da6\u4e3a530\u4e07\u65b0\u5143\uff0c\u51c0\u5229\u6da6\u8fbe\u5230466\u4e07\u65b0\u5143\u3002\u6bdb\u5229\u7387\u4e3a18.7%\uff0c\u4f4e\u4e8e\u53bb\u5e74\u540c\u671f\u768420.9%\uff0c\u540e\u8005\u5f97\u76ca\u4e8e\u9ad8\u5229\u6da6\u7387\u8001\u65e7\u9879\u76ee\u7684\u672b\u671f\u5b8c\u6210\uff0c\u800c2025\u5e74\u4e0a\u534a\u5e74\u5219\u6709\u8f83\u5927\u6bd4\u4f8b\u7684\u65b0\u83b7\u5f97\u5408\u540c\u4ee5\u66f4\u7d27\u7684\u4ef7\u683c\u8fdb\u884c\u6295\u6807\u3002 \u6211\u4eec\u6709\u57fa\u672c\u9762\u8986\u76d6\uff0c\u7ed9\u4e88\u201c\u4e70\u5165\u201d\u63a8\u8350\uff0c\u76ee\u6807\u4ef7\u4e3a1.20\u65b0\u5143\u3002\u8bf7\u5728\u6b64\u9605\u8bfb\u5b8c\u6574\u62a5\u544a\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u4e2d\u56fd\u795e\u534e\u80fd\u6e90\uff081088 HK\uff09\uff1a\u51ac\u5b63\u9700\u6c42\u3001\u653f\u7b56\u50a8\u5907\u4e0e\u9ad8\u73b0\u91d1\u56de\u62a5\u652f\u6491\u80a1\u4ef7 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a37\uff0c\u76ee\u6807\u4ef7\uff1a43\uff0c\u6b62\u635f\u4ef7\uff1a34 \u4e2d\u56fd\u795e\u534e\u80fd\u6e90\u80a1\u4efd\u6709\u9650\u516c\u53f8\u4ece\u4e8b\u7164\u70ad\u4ea7\u54c1\u7684\u5f00\u91c7\u4e0e\u9500\u552e\uff0c\u4ea7\u54c1\u5305\u62ec\u8910\u7164\u3001\u70df\u7164\u3001\u65e0\u70df\u7164\u3001\u70bc\u7126\u7164\u53ca\u5176\u4ed6\u76f8\u5173\u4ea7\u54c1\uff1b\u540c\u65f6\u8fd0\u8425\u53d1\u7535\u3001\u94c1\u8def\u8fd0\u8f93\u53ca\u5176\u4ed6\u4e1a\u52a1\u3002 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| 2025\u5e7412\u670824\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 \u4e30\u9686\u4e9a\u6d32\u6709\u9650\u516c\u53f8\uff08HLA SP\uff09\uff1a\u53cc\u5f15\u64ce\u5468\u671f\u56de\u5347\u3001\u73b0\u91d1\u5b9e\u529b\u5f3a\u52b2\u3001\u4e1c\u76df\u6269\u5f20\u8dd1\u9053\u6e05\u6670 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a2.25\uff0c\u76ee\u6807\u4ef7\uff1a2.55\uff0c\u6b62\u635f\u4ef7\uff1a2.10 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2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u8425\u653628.289\u4ebf\u65b0\u5143\uff08+25.7% YoY\uff09\uff1b\u51c0\u5229\u6da61.212\u4ebf\u65b0\u5143\uff08+30.9% YoY\uff09\uff1b\u80a1\u4e1c\u5e94\u5360\u5229\u6da6\uff08PATMI\uff095,600\u4e07\u65b0\u5143\uff08+13.1% YoY\uff09\uff1b\u6bcf\u80a1\u6536\u76ca7.49\u5206\uff1b\u4e2d\u671f\u80a1\u606f2.0\u5206\u3002\u5206\u90e8\u8868\u73b0\uff1a\u52a8\u529b\u603b\u6210\u89e3\u51b3\u65b9\u6848\u9500\u91cf250,396\u53f0\uff08+29.9% YoY\uff09\uff0c\u8425\u653625.087\u4ebf\u65b0\u5143\uff08+30.8%\uff09\uff0c\u7a0e\u540e\u5229\u6da6\uff08PAT\uff099,680\u4e07\u65b0\u5143\uff08+56.4%\uff09\uff1b\u5efa\u7b51\u6750\u6599\u8425\u65363.102\u4ebf\u65b0\u5143\uff08\u22123.5%\uff09\uff0c\u7a0e\u540e\u5229\u6da63,740\u4e07\u65b0\u5143\uff08\u221210.7%\uff09\uff0c\u4e3b\u56e0\u65b0\u52a0\u5761\u9884\u62cc\u6df7\u51dd\u571f\u9500\u91cf\u53d7\u4ea7\u80fd\u8fc7\u6e21\u5f71\u54cd\uff0c\u90e8\u5206\u88ab\u9884\u5236\u6784\u4ef6\u589e\u957f\u53ca\u9a6c\u6765\u897f\u4e9a\u4e1a\u52a1\u6539\u5584\u6240\u62b5\u6d88\u3002\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u6052\u8363\u96c6\u56e2\uff08EGUH SP\uff09\uff1a\u901a\u8fc7\u6218\u7565\u6536\u8d2d\u5efa\u7acb\u89c4\u6a21 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.69\uff0c\u76ee\u6807\u4ef7\uff1a0.77\uff0c\u6b62\u635f\u4ef7\uff1a0.65 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