{"id":83359,"date":"2025-12-31T10:00:46","date_gmt":"2025-12-31T02:00:46","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=83359"},"modified":"2025-12-31T10:08:34","modified_gmt":"2025-12-31T02:08:34","slug":"our-top-picks-today-stocks-31-december-2025-zh","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/our-top-picks-today-stocks-31-december-2025-zh\/","title":{"rendered":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e7412\u670831\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-83168-_tiry8p5xvcqk\"><\/a>\u7f8e\u56fd<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"903\" height=\"510\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-404.png\" alt=\"\" class=\"wp-image-83384\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-404.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-404-300x169.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-404-768x434.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"903\" height=\"279\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-405.png\" alt=\"\" class=\"wp-image-83385\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-405.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-405-300x93.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-405-768x237.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"231\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-406.png\" alt=\"\" class=\"wp-image-83386\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-406.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-406-300x77.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-406-768x196.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\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-83168-4.png\" alt=\"\" class=\"wp-image-83243\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-4.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-4-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-83168-_qqv3rtx8nazp\"><\/a><a id=\"post-83168-_ylayyh7qqd99\"><\/a>\u9999\u6e2f<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"510\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-398.png\" alt=\"\" class=\"wp-image-83361\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-398.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-398-300x169.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-398-768x434.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\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-83168-6.png\" alt=\"\" class=\"wp-image-83245\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-6.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-6-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"sg\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" class=\"wp-image-83246\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-7.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-7.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-7-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><a id=\"post-83168-_Hlk216348493\"><\/a>ValueMax Group Ltd.\uff08VMAX SP\uff09\uff1a\u91d1\u4ef7\u4e0a\u884c\u63d0\u632f\u5178\u5f53\u9700\u6c42\uff0c\u878d\u8d44\u6e20\u9053\u591a\u5143\uff0c\u7f51\u70b9\u7f51\u7edc\u6301\u7eed\u6269\u5f20<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.98\uff0c\u76ee\u6807\u4ef7: 1.10\uff0c\u6b62\u635f\u4ef7\uff1a0.92<\/strong>\u00a0<\/strong><\/li>\n\n\n\n<li>ValueMax Group Ltd. \u8fd0\u8425\u5f53\u94fa\u4e1a\u52a1\uff0c\u901a\u8fc7\u5176\u95e8\u5e97\u7f51\u7edc\u63d0\u4f9b\u7269\u54c1\u5178\u5f53\u3001\u4e70\u5356\u53ca\u4f30\u503c\u670d\u52a1\u3002<\/li>\n\n\n\n<li><strong>\u91d1\u4ef7\u4e0a\u6da8\uff0c\u5178\u5f53\u6d3b\u8dc3\uff1a\u5178\u5f53\u5468\u671f\u70ed\u5ea6\u6500\u5347\u3002<\/strong>\u884c\u4e1a\u6d3b\u52a8\u52a0\u901f\uff0c2025\u5e746\u6708\u5178\u5f53\u8d37\u6b3e\u4f59\u989d\u8fbe\u521b\u7eaa\u5f55\u76848.84\u4ebf\u65b0\u5143\uff0c\u540c\u6bd4\u589e\u957f29%\uff0c\u53d7\u76ca\u4e8e\u91d1\u4ef7\u9ad8\u4f01\u53ca\u5bb6\u5ead\u73b0\u91d1\u6d41\u8d8b\u7d27\uff1b\u540c\u671f\u5178\u5f53\u7b14\u6570\u7ea634.1\u4e07\u5b97\uff0c\u540c\u6bd4\u589e\u957f\u7ea68%\u3002\u6838\u5fc3\u901a\u80c0\u6e29\u548c\u3001\u653f\u7b56\u4fdd\u6301\u7a33\u5b9a\uff0c\u8be5\u73af\u5883\u6709\u5229\u4e8e\u5178\u5f53\u4fe1\u8d37\u6301\u7eed\u4f7f\u7528\uff0c\u4ee5\u53ca\u9ec4\u91d1\u5728\u96f6\u552e\u4e0e\u8d38\u6613\u73af\u8282\u5faa\u73af\u518d\u5229\u7528\uff0c\u5229\u597dValueMax\u8d37\u6b3e\u89c4\u6a21\u6269\u5f20\u4e0e\u73e0\u5b9d\u5468\u8f6c\u63d0\u901f\u3002<\/li>\n\n\n\n<li><strong>\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0e\u878d\u8d44\u7ed3\u6784\u652f\u6491\u589e\u957f\u3002<\/strong>\u516c\u53f8\u5df2\u53d1\u884c\u6570\u5b57\u5546\u4e1a\u7968\u636e\uff0c\u52df\u8d44\u7ea67,170\u4e07\u65b0\u5143\uff0c\u4ee5\u591a\u5143\u5316\u8d44\u91d1\u6765\u6e90\u652f\u6301\u5e94\u6536\u6b3e\u53ca\u5e93\u5b58\uff1b2025\u5e743\u6708\u5b8c\u6210\u7684\u8865\u5145\u6027\u6536\u8d2d\u65b0\u589e\u95e8\u5e97\u5e76\u63d0\u5347\u5e02\u5360\u7387\u3002\u4f4e\u6210\u672c\u8d44\u91d1\u4e0e\u9ad8\u5bc6\u5ea6\u7f51\u70b9\u534f\u540c\u4f18\u5316\u5355\u5e97\u7ecf\u6d4e\u6a21\u578b\uff0c\u652f\u6301\u95e8\u5e97\u53ca\u4ea7\u54c1\u7ebf\u8fdb\u4e00\u6b65\u6269\u5f20\uff0c\u4e14\u65e0\u9700\u4f9d\u8d56\u80a1\u6743\u878d\u8d44\u3002<\/li>\n\n\n\n<li><strong>\u4e1a\u52a1\u7ec4\u5408\u4e0e\u5546\u54c1\u7b56\u7565\u5145\u5206\u628a\u63e1\u9ec4\u91d1\u5468\u671f\u3002<\/strong>\u4e8c\u624b\u73e0\u5b9d\u96f6\u552e\u5728\u91d1\u4ef7\u9ad8\u4f01\u65f6\u53d7\u76ca\u663e\u8457\u2014\u2014\u6d88\u8d39\u8005\u503e\u5411\u4e8e\u53d8\u73b0\u8d44\u4ea7\u5e76\u964d\u7ea7\u7f6e\u6362\uff0c\u516c\u53f8\u7ffb\u65b0\u4e0e\u96f6\u552e\u73af\u8282\u7684\u4ef7\u5dee\u7a7a\u95f4\u6269\u5927\uff1bValueMax\u6210\u719f\u7684\u7ffb\u65b0\u4e0e\u96f6\u552e\u4f53\u7cfb\u4f7f\u5176\u80fd\u9ad8\u6548\u6355\u83b7\u9ec4\u91d1\u56de\u6d41\u5e26\u6765\u7684\u4ea4\u6613\u91cf\u4e0e\u5229\u6da6\u7387\u63d0\u5347\u3002<\/li>\n\n\n\n<li><strong>2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>\u8425\u65362.683\u4ebf\u65b0\u5143\uff08+16.8% YoY\uff09\uff1b\u6bdb\u52298,110\u4e07\u65b0\u5143\uff08+27.7% YoY\uff09\uff1b\u5f52\u5c5e\u4e8e\u80a1\u4e1c\u51c0\u5229\u6da64,800\u4e07\u65b0\u5143\uff08+35.5% YoY\uff09\uff1b\u6bcf\u80a1\u6536\u76ca5.39\u5206\uff1b\u4e2d\u671f\u80a1\u606f\u6bcf\u80a11.20\u5206\uff0c\u6d3e\u606f\u65e5\u4e3a2025\u5e749\u67082\u65e5\uff1b\u73e0\u5b9d\u53ca\u9ec4\u91d1\u96f6\u552e\u8d38\u6613\u6536\u51652.048\u4ebf\u65b0\u5143\uff08+17.5% YoY\uff09\uff1b\u5178\u5f53\u4e1a\u52a1\u6536\u5165\u540c\u6bd4\u589e\u957f20.2%\uff1b\u653e\u8d37\u4e1a\u52a1\u6536\u5165\u540c\u6bd4\u589e\u957f10.7%\u3002<\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong> <figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-83247\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-white-tex-6.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-6.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-white-tex-6-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><img loading=\"lazy\" decoding=\"async\" width=\"1556\" height=\"602\" class=\"wp-image-83248\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-30.jpeg\" alt=\"A graph on a white background\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-30.jpeg 1556w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-30-300x116.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-30-1024x396.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-30-768x297.jpeg 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-30-1536x594.jpeg 1536w\" sizes=\"(max-width: 1556px) 100vw, 1556px\" \/> (Source: Bloomberg)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"752\" height=\"160\" class=\"wp-image-83249\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-long-line-of-a-white-background-description-aut-9.jpeg\" alt=\"A long line of a white background\n\nDescription automatically generated with medium confidence\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-long-line-of-a-white-background-description-aut-9.jpeg 752w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-long-line-of-a-white-background-description-aut-9-300x64.jpeg 300w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><\/figure>Geo Energy Resources Ltd.\uff08GERL SP\uff09\uff1a\u4e9a\u6d32\u7164\u70ad\u9700\u6c42\u4fdd\u6301\u97e7\u6027\uff0cMBJ\u9879\u76ee\u91cd\u5851\u6210\u672c\u66f2\u7ebf\uff0cTRA\u6269\u4ea7\u589e\u5f3a\u76c8\u5229\u5f39\u6027<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.41\uff0c\u76ee\u6807\u4ef70.49\uff0c\u6b62\u635f\u4ef7\uff1a0.37<\/strong>\u00a0<\/strong><\/li>\n\n\n\n<li>Geo Energy Resources Limited \u662f\u4e00\u5bb6\u4e00\u4f53\u5316\u7164\u70ad\u5f00\u91c7\u4e13\u4e1a\u4f01\u4e1a\uff0c\u62e5\u6709\u5e76\u8fd0\u8425\u7164\u77ff\uff0c\u4e3a\u7b2c\u4e09\u65b9\u77ff\u4e3b\u63d0\u4f9b\u77ff\u5c71\u627f\u5305\u670d\u52a1\uff0c\u5e76\u5411\u7164\u70ad\u8d38\u6613\u5546\u53ca\u51fa\u53e3\u5546\u9500\u552e\u7164\u70ad\u3002<\/li>\n\n\n\n<li><strong>\u4e9a\u6d32\u9700\u6c42\u5177\u97e7\u6027\uff0c\u5370\u5c3c\u4f9b\u5e94\u8d8b\u7d27\uff0c\u7164\u4ef7\u4f01\u7a33\u56de\u5347\u3002<\/strong>\u968f\u7740\u7535\u6c14\u5316\u4e0e\u6570\u636e\u4e2d\u5fc3\u8d1f\u8377\u4e0a\u5347\uff0c\u533a\u57df\u7535\u529b\u7cfb\u7edf\u4ecd\u9ad8\u5ea6\u4f9d\u8d56\u53ef\u8c03\u5ea6\u7684\u57fa\u8377\u7535\u6e90\u3002\u4e2d\u56fd\u524d10\u4e2a\u6708\uff082025\u5e74\uff09\u7164\u70ad\u8fdb\u53e3\u91cf\u8fbe4.88\u4ebf\u5428\uff0c2026\u5e74\u5ea6\u957f\u534f\u8c08\u5224\u5df2\u542f\u52a8\uff1b\u5370\u5c3c\u8ba1\u5212\u81ea2026\u5e74\u8d77\u5b9e\u65bd\u9650\u4ea7\uff0c\u5e76\u62df\u5f81\u6536\u6700\u9ad85%\u7684\u7164\u70ad\u51fa\u53e3\u7a0e\uff0c\u5f70\u663e\u4f9b\u5e94\u7aef\u7eaa\u5f8b\u6027\u3002\u5370\u5c3c\u52a8\u529b\u7164\u6307\u6570ICI4\u5df2\u4ece2025\u5e747\u6708\u768440\u201341\u7f8e\u5143\/\u5428\u53cd\u5f39\u81f312\u6708\u7684\u7ea648\u201350\u7f8e\u5143\/\u5428\uff1b2026\u5e74\u9884\u8ba1\u5728\u4f9b\u9700\u8d8b\u7d27\u80cc\u666f\u4e0b\u533a\u95f4\u9707\u8361\u3002\u8be5\u73af\u5883\u652f\u6491\u4f4e\u6210\u672c\u751f\u4ea7\u5546\u73b0\u91d1\u6d41\u6301\u7eed\u7a33\u5065\u3002<\/li>\n\n\n\n<li><strong>MBJ\u57fa\u7840\u8bbe\u65bd\u4e0e\u822a\u8fd0\u6574\u5408\u5177\u7ed3\u6784\u6027\u4f18\u52bf\u3002<\/strong>1.5\u4ebf\u7f8e\u5143\u7684MBJ\u4e00\u4f53\u5316\u57fa\u5efa\u9879\u76ee\u5df2\u5b8c\u6210\u7ea650%\uff0c\u6309\u8ba1\u5212\u5c06\u4e8e2026\u5e746\u6708\u5b8c\u5de5\uff1b92\u516c\u91cc\u8fd0\u8f93\u9053\u8def\u53ca\u914d\u5957\u7801\u5934\u6295\u7528\u540e\uff0c\u9884\u8ba1\u7269\u6d41\u6210\u672c\u964d\u4f4e\u8d8510\u7f8e\u5143\/\u5428\uff0c\u5904\u7406\u80fd\u529b\u63d0\u5347\u81f34,000\u20135,000\u4e07\u5428\/\u5e74\uff0c\u5e76\u652f\u6301TRA\u4ea7\u80fd\u54112,000\u20132,500\u4e07\u5428\/\u5e74\u8fc8\u8fdb\uff1b\u5bcc\u4f59\u8fd0\u529b\u53ef\u5bf9\u5916\u79df\u8d41\uff0c\u5f62\u6210\u7c7b \u201c\u8fc7\u8def\u8d39\u201d\u6536\u5165\uff0c\u964d\u4f4e\u5bf9\u7164\u4ef7\u6ce2\u52a8\u7684\u654f\u611f\u6027\u3002\u8fd1\u671f\u4ee52.75\u4ebf\u7f8e\u5143\u66fc\u8fea\u5229\u94f6\u884c\uff08Bank Mandiri\uff09\u878d\u8d44\u5b8c\u6210\u4e24\u5bb6\u4e00\u4f53\u5316\u822a\u8fd0\u516c\u53f8\u6536\u8d2d\uff0c\u8fdb\u4e00\u6b65\u5f3a\u5316\u7aef\u5230\u7aef\u63a7\u5236\uff0c\u51cf\u5c11\u4ea4\u4ed8\u98ce\u9669\u3002<\/li>\n\n\n\n<li><strong>TRA\u722c\u4ea7\u4e0eRKAB\u6269\u91cf\u660e\u786e\u3002<\/strong>\u5df2\u83b7\u6279\u751f\u4ea7\u914d\u989d\u5305\u62ecTBR\u77ff\u533a850\u4e07\u5428RKAB\uff1bTRA\u4ea7\u91cf\u4ece2025\u5e74\u524d9\u4e2a\u6708\u7684220\u4e07\u5428\u5411MBJ\u542f\u7528\u540e\u7684\u7a33\u6001\u4ea7\u80fd\u7a33\u6b65\u63d0\u5347\u3002\u5f85MBJ\u5168\u9762\u8fd0\u884c\u53ca\u5782\u76f4\u6574\u5408\u843d\u5730\uff0cGeo\u6709\u671b\u5728\u9ad8\u6210\u672c\u540c\u4e1a\u6536\u7f29\u80cc\u666f\u4e0b\u8fdb\u4e00\u6b65\u6269\u5927\u5e02\u573a\u4efd\u989d\u3002<\/li>\n\n\n\n<li><strong>2025\u5e74\u524d9\u4e2a\u6708\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>\u8425\u65364.262\u4ebf\u7f8e\u5143\uff08+68% YoY\uff09\uff1b\u51c0\u5229\u6da62,320\u4e07\u7f8e\u5143\uff08+26% YoY\uff09\uff1b\u4ea7\u91cf960\u4e07\u5428\uff0c\u8fdb\u5ea6\u8d852025\u8d22\u5e741,050\u20131,150\u4e07\u5428\u6307\u5f15\uff1b\u7b2c\u4e09\u5b63\u5ea6\u6d3e\u53d1\u4e2d\u671f\u80a1\u606f0.10\u65b0\u5206\uff0c\u5e74\u521d\u81f3\u4eca\u7d2f\u8ba10.45\u65b0\u5206\uff1b\u80a1\u606f\u653f\u7b56\u7ef4\u6301\u4e0d\u4f4e\u4e8e30%\u6d3e\u4ed8\u7387\u3002<\/li>\n\n\n\n<li>\u6211\u4eec\u7ef4\u6301\u57fa\u672c\u9762\u8986\u76d6\uff0c\u7ed9\u4e88 \u4e70\u5165 \u8bc4\u7ea7\uff0c\u76ee\u6807\u4ef70.76\u65b0\u5143\u3002\u5b8c\u6574\u62a5\u544a\u8bf7\u53c2\u9605<a href=\"https:\/\/www.kgieworld.sg\/research\/company-update-geo-energy-resources-ltd-gerl-sp-re4-si-6\/\">\u6b64\u5904<\/a>\u3002<\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong> <figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-83250\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-numbers-45.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-45.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-numbers-45-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1556\" height=\"602\" class=\"wp-image-83251\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-screen-ai-generated-content-may-be-i-15.jpeg\" alt=\"A graph on a screen\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-screen-ai-generated-content-may-be-i-15.jpeg 1556w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-screen-ai-generated-content-may-be-i-15-300x116.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-screen-ai-generated-content-may-be-i-15-1024x396.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-screen-ai-generated-content-may-be-i-15-768x297.jpeg 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-screen-ai-generated-content-may-be-i-15-1536x594.jpeg 1536w\" sizes=\"(max-width: 1556px) 100vw, 1556px\" \/><\/figure>(Source: Bloomberg)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" class=\"wp-image-83252\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-13.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-13.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-13-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"hk\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" class=\"wp-image-83253\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-14.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-14.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-14-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure><a id=\"post-83168-_34eo5yf8y7pj\"><\/a><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e2d\u5e7f\u6838\u77ff\u4e1a\u6709\u9650\u516c\u53f8\uff081164 HK\uff09\uff1a\u516c\u7528\u4e8b\u4e1a\u957f\u671f\u5408\u7ea6\u52a0\u901f\u7b7e\u8ba2\uff1b\u94c0\u4f9b\u9700\u6301\u7eed\u504f\u7d27\uff1b\u5408\u7ea6\u7ec4\u5408\u9501\u5b9a\u4ef7\u5dee\u4f18\u52bf<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a3.00\uff0c\u76ee\u6807\u4ef7\uff1a3.90\uff0c\u6b62\u635f\u4ef7\uff1a2.55<\/strong>\u00a0<\/strong><\/li>\n\n\n\n<li>\u4e2d\u5e7f\u6838\u77ff\u4e1a\u6709\u9650\u516c\u53f8\u901a\u8fc7\u5b50\u516c\u53f8\u5f00\u5c55\u6838\u80fd\u76f8\u5173\u4e1a\u52a1\uff0c\u4e3b\u8981\u4f9b\u5e94\u6838\u71c3\u6599\u3001\u751f\u4ea7\u6838\u80fd\uff0c\u5e76\u5efa\u8bbe\u98ce\u80fd\u3001\u6c34\u80fd\u53ca\u592a\u9633\u80fd\u7b49\u53ef\u518d\u751f\u80fd\u6e90\u7535\u7ad9\u3002<\/li>\n\n\n\n<li><strong>\u6838\u7535\u5efa\u8bbe\u52a0\u901f\uff0c\u4f9b\u5e94\u7aef\u6301\u7eed\u7d27\u5f20\u3002<\/strong>\u5168\u7403\u5728\u5efa\u53cd\u5e94\u5806\u7ea670\u5ea7\u3001\u89c4\u5212\u4e2d115\u5ea7\uff0c\u4e9a\u6d32\u4e3a\u65b0\u589e\u4e3b\u529b\uff1b\u4e2d\u56fd\u4e8e2025\u5e744\u6708\u6279\u51c610\u53f0\u65b0\u673a\u7ec4\uff0c\u6709\u671b\u4e8e2030\u5e74\u524d\u6210\u4e3a\u5168\u7403\u6838\u7535\u88c5\u673a\u7b2c\u4e00\u5927\u56fd\u3002\u653f\u7b56\u63a8\u52a8\u5f3a\u5316\u516c\u7528\u4e8b\u4e1a\u957f\u671f\u91c7\u8d2d\u610f\u613f\uff0c\u5373\u4fbf\u73b0\u8d27\u4ef7\u683c\u533a\u95f4\u9707\u8361\uff0c\u957f\u534f\u5b9a\u4ef7\u4ecd\u5177\u652f\u6491\u3002<\/li>\n\n\n\n<li><strong>\u5408\u7ea6\u50a8\u5907\u4e0e\u5e93\u5b58\u63d0\u4f9b\u76c8\u5229\u6760\u6746\u3002<\/strong>\u622a\u81f32025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u521d\uff0c\u516c\u53f8\u5df2\u7b7e\u7ea6\u672a\u4ea4\u4ed8\u91cf\u4e3a4,256\u5428\u94c0\uff08tU\uff09\uff0c\u52a0\u6743\u5e73\u5747\u552e\u4ef780.82\u7f8e\u5143\/\u78c5\uff1b\u5e93\u5b581,569\u5428\u94c0\uff0c\u52a0\u6743\u5e73\u5747\u6210\u672c68.77\u7f8e\u5143\/\u78c5\u30022025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u65b0\u7b7e\u5408\u7ea6\u4ef7\u683c\u7ea673\u7f8e\u5143\/\u78c5\u3002\u968f\u7740\u957f\u534f\u6d3b\u52a8\u56de\u6696\uff0c\u73b0\u6709\u5408\u7ea6\u7ec4\u5408\u53ef\u9501\u5b9a\u6b63\u5411\u4ef7\u5dee\uff0c\u5e76\u4fdd\u969c2025\u5e74\u4e0b\u534a\u5e74\u81f32026\u5e74\u4ea4\u4ed8\u7684\u6536\u76ca\u53ef\u89c1\u6027\u3002<\/li>\n\n\n\n<li><strong>\u4e0a\u6e38\u4fdd\u969c\u4e0e\u884c\u4e1a\u50ac\u5316\u5242\u652f\u6491\u4f30\u503c\u91cd\u4f30\u3002<\/strong>\u54c8\u8428\u514b\u65af\u5766\u5408\u8d44\u9879\u76ee2025\u5e74\u4e0a\u534a\u5e74\u4ea7\u91cf\u8d85\u8ba1\u5212\u8fbe110\u2013116%\uff0c\u786e\u4fdd\u539f\u6599\u7a33\u5b9a\u4f9b\u5e94\uff1b\u4e3b\u8981\u751f\u4ea7\u5546\u6301\u7eed\u63d0\u793a\u6267\u884c\u4e0e\u4f9b\u5e94\u98ce\u9669\uff1bSprott\u5b9e\u7269\u94c0\u4fe1\u6258\u6301\u4ed3\u8fbe\u7ea67,460\u4e07\u78c5\uff0c\u53cd\u6620\u6295\u8d44\u8005\u9700\u6c42\u6301\u7eed\u65fa\u76db\u3002\u53e0\u52a0\u516c\u7528\u4e8b\u4e1a\u9884\u671f\u4e8e2026\u5e74\u96c6\u4e2d\u8865\u7b7e\u957f\u534f\uff0c\u6709\u671b\u8fdb\u4e00\u6b65\u6536\u7d27\u957f\u534f\u5e02\u573a\uff0c\u5e76\u63a8\u5347\u516c\u53f8\u5408\u7ea6\u671f\u5185\u7684\u9500\u552e\u5747\u4ef7\u3002<\/li>\n\n\n\n<li><strong>2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>\u51c0\u5229\u6da66,760\u4e07\u6e2f\u5143\uff0c\u5bf9\u6bd42024\u5e74\u4e0a\u534a\u5e741.131\u4ebf\u6e2f\u5143\uff1b\u672a\u5ba3\u6d3e\u4e2d\u671f\u80a1\u606f\uff1b\u7ba1\u7406\u5c42\u6307\u51fa\u671f\u5185\u8d38\u6613\u4ef7\u5dee\u627f\u538b\u3002\u622a\u81f32025\u5e746\u670830\u65e5\uff0c\u5df2\u7b7e\u7ea6\u672a\u4ea4\u4ed8\u91cf4,256\u5428\u94c0\uff0880.82\u7f8e\u5143\/\u78c5\uff09\uff1b\u5e93\u5b581,569\u5428\u94c0\uff0868.77\u7f8e\u5143\/\u78c5\uff09\u3002<\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong> <figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-83254\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-numbers-46.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-46.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-numbers-46-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1556\" height=\"602\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-31.jpeg\" alt=\"A graph on a white background\n\nAI-generated content may be incorrect.\" class=\"wp-image-83255\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-31.jpeg 1556w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-31-300x116.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-31-1024x396.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-31-768x297.jpeg 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-31-1536x594.jpeg 1536w\" sizes=\"(max-width: 1556px) 100vw, 1556px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" class=\"wp-image-83256\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-17.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-17.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-17-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/h3>\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><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a37\uff0c\u76ee\u6807\u4ef7\uff1a43\uff0c\u6b62\u635f\u4ef7\uff1a34<\/strong>\u00a0<\/strong><\/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<\/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<\/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<\/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<\/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<\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong> <figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-83257\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-numbers-47.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-47.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-numbers-47-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1556\" height=\"602\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-computer-screen-ai-generated-content-9.jpeg\" alt=\"A graph on a computer screen\n\nAI-generated content may be incorrect.\" class=\"wp-image-83258\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-computer-screen-ai-generated-content-9.jpeg 1556w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-computer-screen-ai-generated-content-9-300x116.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-computer-screen-ai-generated-content-9-1024x396.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-computer-screen-ai-generated-content-9-768x297.jpeg 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-computer-screen-ai-generated-content-9-1536x594.jpeg 1536w\" sizes=\"(max-width: 1556px) 100vw, 1556px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-20.png\" alt=\"\" class=\"wp-image-83260\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-20.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-20-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\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-83168-21.png\" alt=\"\" class=\"wp-image-83261\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-21.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-21-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">AeroVironment, Inc.\uff08AVAV US\uff09\uff1a\u65e0\u4eba\u673a\u8d85\u7ea7\u5468\u671f\u3001\u521b\u7eaa\u5f55\u8ba2\u5355\u50a8\u5907\u4e0e\u653f\u7b56\u50ac\u5316\u5171\u7b512026\u5e74\u4e0a\u884c\u57fa\u7840<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a230\uff0c\u00a0\u76ee\u6807\u4ef7\uff1a300\uff0c\u00a0\u6b62\u635f\u4ef7\uff1a195<\/strong>\u00a0<\/strong><\/li>\n\n\n\n<li>AeroVironment, Inc. \u4ece\u4e8b\u5c0f\u578b\u65e0\u4eba\u673a\u7cfb\u7edf\u53ca\u7535\u52a8\u5de5\u4e1a\u8f66\u8f86\u7535\u6c60\u5feb\u5145\u7cfb\u7edf\u7684\u8bbe\u8ba1\u3001\u7814\u53d1\u4e0e\u751f\u4ea7\uff1b\u4ea7\u54c1\u7ebf\u5305\u62ec\u8fdc\u7a0b\u8ddf\u8e2a\u5929\u7ebf\u3001\u4f20\u611f\u5668\u53ca\u5bfc\u5f39\u7cfb\u7edf\uff1b\u4e3b\u8981\u5e02\u573a\u4e3a\u7f8e\u56fd\u3002<\/li>\n\n\n\n<li><strong>\u9884\u7b97\u4e0e\u6218\u573a\u52a8\u6001\u5370\u8bc1\u9700\u6c42\u53ef\u6301\u7eed\u6027\u3002<\/strong>\u534e\u76db\u987f\u6b63\u52a0\u901f\u63a8\u8fdb\u65e0\u4eba\u7cfb\u7edf\u90e8\u7f72\uff1a2026\u8d22\u5e74\u56fd\u9632\u90e8\u9884\u7b97\u7533\u8bf7\u540c\u6bd4\u589e\u957f13.4%\uff0c\u660e\u786e\u5217\u652f\u5de1\u98de\u5f39\u836f\u4e0e\u53cd\u65e0\u4eba\u673a\u7cfb\u7edf\uff08C-UAS\uff09\u4e13\u9879\uff1b\u56fd\u4f1a2026\u5e74\u56fd\u9632\u6cd5\u6848\u989d\u5916\u62e8\u6b3e8\u4ebf\u7f8e\u5143\u7528\u4e8e\u4e4c\u514b\u5170\u63f4\u52a9\uff08\u4e24\u5e74\u671f\uff09\uff0c\u7531\u7f8e\u56fd\u4e3b\u627f\u5305\u5546\u4ea4\u4ed8\u88c5\u5907\uff1b\u5206\u6790\u5e08\u79f02026\u5e74\u4e3a\u201c\u65e0\u4eba\u673a\u4e4b\u5e74\u201d\uff0c\u5176\u4e2d\u7ea615\u4ebf\u7f8e\u5143\u6307\u5b9a\u7528\u4e8e\u5de1\u98de\u5f39\u836f\u300113\u4ebf\u7f8e\u5143\u7528\u4e8eC-UAS\uff1b\u53e6\u636e\u4e94\u89d2\u5927\u697c\u5021\u8bae\uff0c\u6b63\u5feb\u901f\u63a8\u8fdb\u6570\u4e07\u67b6\u4f4e\u6210\u672c\u65e0\u4eba\u673a\u5217\u88c5\uff0c\u4ee5\u5f3a\u5316\u5de5\u4e1a\u57fa\u7840\u3002\u4e0a\u8ff0\u4e3e\u63aa\u663e\u8457\u6269\u5927AV\u53ef\u901a\u8fc7Switchblade\u3001Puma\u53caC-UAS\u96c6\u6210\u65b9\u6848\u53c2\u4e0e\u7684\u8d44\u91d1\u6c60\u3002<\/li>\n\n\n\n<li><strong>\u8ba2\u5355\u50a8\u5907\u3001\u4ea7\u80fd\u4e0e\u65b0\u54c1\u8fed\u4ee3\u5f3a\u5316\u7279\u8bb8\u7ecf\u8425\u6743\u3002<\/strong>AV\u8fdb\u51652026\u8d22\u5e74\u65f6\uff0c\u5df2\u83b7\u8d44\u91d1\u652f\u6301\u7684\u8ba2\u5355\uff08funded backlog\uff09\u8fbe11\u4ebf\u7f8e\u5143\uff0c\u4fee\u6b63\u540e\u672a\u83b7\u8d44\u91d1\u8ba2\u5355\uff08unfunded backlog\uff09\u7ea630\u4ebf\u7f8e\u5143\uff0c\u63d0\u4f9b\u591a\u5b63\u5ea6\u80fd\u89c1\u5ea6\uff1b\u5236\u9020\u4ea7\u80fd\u4e0e\u4f9b\u5e94\u94fe\u5df2\u5b8c\u6210\u6269\u4ea7\uff0c\u652f\u6491Switchblade\u9ad8\u6279\u91cf\u4ea4\u4ed8\uff1b\u516c\u53f8\u65b0\u53d1\u5e03Switchblade 600 Block 2\u4e0e300 Block 20\uff08\u914d\u5907EFP\u6218\u6597\u90e8\uff09\uff0c\u62d3\u5c55\u4efb\u52a1\u573a\u666f\u5e76\u63d0\u5347\u5e73\u5747\u552e\u4ef7\uff08ASP\uff09\u3002\u8ba2\u5355\u8986\u76d6\u3001\u91cf\u4ea7\u51c6\u5907\u5ea6\u4e0e\u4ea7\u54c1\u7ebf\u66f4\u65b0\u4e09\u8005\u7ed3\u5408\uff0c\u6784\u6210\u8d44\u91d1\u52a0\u901f\u843d\u5730\u9636\u6bb5\u7684\u6301\u4e45\u7ade\u4e89\u4f18\u52bf\u3002<\/li>\n\n\n\n<li><strong>\u56fd\u9645\u4e0e\u672c\u571f\u5b89\u9632\u9700\u6c42\u5f62\u6210\u53cc\u8f6e\u9a71\u52a8\u3002<\/strong>\u5317\u7ea6\u53ca\u76df\u56fd\u518d\u6b66\u88c5\u8fdb\u7a0b\uff0c\u53e0\u52a0\u4e4c\u514b\u5170\u4e0e\u6b27\u6d32\u6218\u573a\u65e0\u4eba\u673a\/\u53cd\u65e0\u4eba\u673a\u5e94\u7528\u6fc0\u589e\uff0c\u62d3\u5bbd\u51fa\u53e3\u6e20\u9053\uff1b\u7f8e\u56fd\u672c\u571fC-UAS\u90e8\u7f72\u53ca\u5173\u952e\u57fa\u7840\u8bbe\u65bd\u9632\u62a4\u9879\u76ee\uff0c\u5219\u5728\u6d77\u5916\u4f5c\u6218\u9700\u6c42\u4e4b\u5916\u5f00\u8f9f\u7b2c\u4e8c\u589e\u957f\u6781\u3002\u5ba2\u6237\u7fa4\u591a\u5143\u5316\u6709\u6548\u964d\u4f4e\u5355\u4e00\u9879\u76ee\u98ce\u9669\uff0c\u5e76\u652f\u63012026\u8d22\u5e74\u4ea7\u54c1\u7ed3\u6784\u4f18\u5316\u3002<\/li>\n\n\n\n<li><strong>2026\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>\u8425\u65364.725\u4ebf\u7f8e\u5143\uff08+151% YoY\uff09\uff1bGAAP\u51c0\u4e8f\u635f1,710\u4e07\u7f8e\u5143\uff0c\u5408\u6bcf\u80a1\u7a00\u91ca\u4e8f\u635f0.34\u7f8e\u5143\uff0c\u4e3b\u56e04,820\u4e07\u7f8e\u5143\u975e\u73b0\u91d1\u644a\u9500\u53ca\u6536\u8d2d\u4f1a\u8ba1\u8c03\u6574\u9879\uff1b\u975eGAAP\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca0.44\u7f8e\u5143\uff0c\u8c03\u6574\u540eEBITDA\u4e3a4,500\u4e07\u7f8e\u5143\uff1b\u622a\u81f311\u67081\u65e5\uff0c\u5df2\u83b7\u8d44\u91d1\u8ba2\u535511\u4ebf\u7f8e\u5143\uff1b\u7ba1\u7406\u5c42\u5c062026\u8d22\u5e74\u8425\u6536\u6307\u5f15\u6536\u7a84\u81f319.5\u201320.0\u4ebf\u7f8e\u5143\uff0c\u5e76\u66f4\u65b0\u76c8\u5229\u9884\u671f\u3002<\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><br><img decoding=\"async\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-numbers-48.png\" alt=\"A blue and white rectangular object with numbers\n\nAI-generated content may be incorrect.\"><\/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-white-background-ai-generated-conten-32.jpeg\" alt=\"A graph on a white background\n\nAI-generated content may be incorrect.\" class=\"wp-image-83263\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-32.jpeg 1556w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-32-300x116.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-32-1024x396.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-32-768x297.jpeg 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-32-1536x594.jpeg 1536w\" sizes=\"(max-width: 1556px) 100vw, 1556px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"940\" height=\"200\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-long-line-of-a-flag-description-automatically-g-9.png\" alt=\"A long line of a flag\n\nDescription automatically generated with medium confidence\" class=\"wp-image-83264\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-long-line-of-a-flag-description-automatically-g-9.png 940w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-long-line-of-a-flag-description-automatically-g-9-300x64.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-long-line-of-a-flag-description-automatically-g-9-768x163.png 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e09\u83f1\u65e5\u8054\u91d1\u878d\u96c6\u56e2\uff088306 JP\uff09\uff1a\u52a0\u606f\u9884\u671f\u4e0e\u56fd\u5185\u9700\u6c42\u590d\u82cf\u63a8\u52a8\u76c8\u5229\u4e0a\u884c<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a2,400\uff0c \u76ee\u6807\u4ef7\uff1a2,600\uff0c \u6b62\u635f\u4ef7\uff1a2,300<\/strong><\/li>\n\n\n\n<li>\u4e09\u83f1\u65e5\u8054\u91d1\u878d\u96c6\u56e2\uff08MUFG\uff09\u662f\u7531\u4e09\u83f1\u4e1c\u4eac\u91d1\u878d\u96c6\u56e2\u548cUFJ\u63a7\u80a1\u5408\u5e76\u800c\u6210\u7684\u63a7\u80a1\u516c\u53f8\u3002\u4f5c\u4e3a\u4e00\u4e2a\u91d1\u878d\u96c6\u56e2\uff0c\u516c\u53f8\u63d0\u4f9b\u591a\u79cd\u91d1\u878d\u548c\u6295\u8d44\u670d\u52a1\uff0c\u5305\u62ec\u5546\u4e1a\u94f6\u884c\u3001\u4fe1\u6258\u94f6\u884c\u3001\u56fd\u9645\u91d1\u878d\u548c\u8d44\u4ea7\u7ba1\u7406\u670d\u52a1\u3002<\/li>\n\n\n\n<li><strong>\u65e5\u672c\u94f6\u884c\u6f5c\u5728\u52a0\u606f\u81f30.75%\u63d0\u5347\u51c0\u5229\u606f\u6536\u5165\u3002<\/strong>\u7ecf\u6d4e\u5b66\u5bb6\u73b0\u5728\u9884\u8ba1\u65e5\u672c\u94f6\u884c\u5c06\u572812\u6708\u4f1a\u8bae\u4e0a\u5c06\u5229\u7387\u63d0\u9ad8\u81f30.75%\uff0c\u8fd9\u4e00\u4e3e\u63aa\u5728\u7ecf\u5386\u4e86\u6570\u5341\u5e74\u7684\u8d85\u4f4e\u5229\u7387\u540e\uff0c\u663e\u8457\u6269\u5927\u4e86\u65e5\u672c\u94f6\u884c\u7684\u51c0\u5229\u5dee\u3002MUFG\u5c06\u6700\u80fd\u53d7\u76ca\u4e8e\u5229\u7387\u6b63\u5e38\u5316\uff0c\u5e76\u56e0\u65e5\u5143\u5347\u503c\u800c\u8fdb\u4e00\u6b65\u589e\u52a0\u4e0a\u884c\u7a7a\u95f4\uff0c\u800c\u7f8e\u56fd\u6700\u8fd1\u768425\u4e2a\u57fa\u70b9\u964d\u606f\u5c06\u63d0\u5347\u6d77\u5916\u5229\u6da6\u6362\u7b97\u53ca\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u5f3a\u5ea6\u3002<\/li>\n\n\n\n<li><strong>\u5f3a\u52b2\u7684\u56fd\u5185\u9700\u6c42\u548c\u96f6\u552e\u94f6\u884c\u7684\u53cd\u5f39\u652f\u6301\u76c8\u5229\u52a8\u80fd\u3002<\/strong>\u65e5\u672c\u79c1\u8425\u6d88\u8d39\u7684\u6539\u5584\u548c\u5bb6\u5ead\u4fe1\u8d37\u9700\u6c42\u7684\u4e0a\u5347\u6301\u7eed\u5de9\u56faMUFG\u7684\u6838\u5fc3\u96f6\u552e\u94f6\u884c\u4e1a\u52a1\u3002\u518d\u52a0\u4e0a\u4f01\u4e1a\u8d37\u6b3e\u7684\u97e7\u6027\u548c\u4fee\u6b63\u540e\u7684\u5229\u6da6\u9884\u6d4b\uff0cMUFG\u4e0a\u534a\u5e74\u7684\u7a33\u5065\u8868\u73b0\u4ee5\u53ca\u6301\u7eed\u7684\u80a1\u7968\u56de\u8d2d\u5f3a\u8c03\u4e86\u76c8\u5229\u7a33\u5b9a\u548c\u8d44\u672c\u56de\u62a5\u7684\u826f\u597d\u80cc\u666f\u3002<\/li>\n\n\n\n<li><strong>2025\u5e74\u4e0a\u534a\u5e74\u5ea6\u4e1a\u7ee9\u3002 <\/strong>\u4e09\u83f1\u65e5\u8054\u91d1\u878d\u96c6\u56e2\u5728\u4e0a\u534a\u5e74\u7684\u6bdb\u5229\u6da6\u4ece\u4e0a\u5e74\u76842911.8\u4ebf\u65e5\u5143\u589e\u52a0\u4e8623.9%\uff0c\u8fbe\u5230\u4e862935.7\u4ebf\u65e5\u5143\u3002\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f4.6%\uff0c\u8fbe\u52301292.9\u4ebf\u65e5\u5143\uff0c\u4e4b\u524d\u4e3a1258.1\u4ebf\u65e5\u5143\u3002\u5bf9\u4e8e\u5168\u5e74\uff0cMUFG\u63d0\u9ad8\u4e86\u51c0\u8425\u4e1a\u5229\u6da6\u3001\u51c0\u6536\u5165\u548c\u80a1\u606f\u9884\u6d4b\uff0c\u9884\u8ba1\u5206\u522b\u4e3a2250\u4ebf\u65e5\u5143\u30012100\u4ebf\u65e5\u5143\u548c\u6bcf\u80a174\u65e5\u5143\u3002\u8be5\u94f6\u884c\u8fd8\u9884\u8ba1\u5728\u672c\u5e74\u5ea6\u56de\u8d2d5000\u4ebf\u65e5\u5143\u7684\u80a1\u4efd\u3002<\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><br><img decoding=\"async\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-blue-and-white-rectangular-object-with-numbers-49.png\" alt=\"A blue and white rectangular object with numbers\n\nAI-generated content may be incorrect.\"><\/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-white-background-ai-generated-conten-33.jpeg\" alt=\"A graph on a white background\n\nAI-generated content may be incorrect.\" class=\"wp-image-83267\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-33.jpeg 1556w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-33-300x116.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-33-1024x396.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-33-768x297.jpeg 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/a-graph-on-a-white-background-ai-generated-conten-33-1536x594.jpeg 1536w\" sizes=\"(max-width: 1556px) 100vw, 1556px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00a0<\/p>\n\n\n\n<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-83168-_va9jaog5jnw3\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" class=\"wp-image-83268\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-27.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-27.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-27-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/h3>\n\n\n\n<figure class=\"wp-block-image\" id=\"td\"><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-28.png\" alt=\"\" class=\"wp-image-83269\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-28.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/word-image-83168-28-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Trading Dashboard Update:\u00a0<\/strong>Add\u00a0Geo Energy Resources Ltd.\u00a0(GERL SP) at SG$0.41\u00a0and\u00a0ValueMax\u00a0Group Ltd.\u00a0(VMAX SP) at SG$0.98.\u00a0Cut\u00a0China Telecom Corp Ltd\u00a0(728 HK) at HK$5.4\u00a0and\u00a0Rocket Lab Corp\u00a0(RKLB US) at US$70.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"702\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-399.png\" alt=\"\" class=\"wp-image-83362\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-399.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-399-300x233.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/12\/image-399-768x597.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\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 ValueMax Group Ltd.\uff08VMAX SP\uff09\uff1a\u91d1\u4ef7\u4e0a\u884c\u63d0\u632f\u5178\u5f53\u9700\u6c42\uff0c\u878d\u8d44\u6e20\u9053\u591a\u5143\uff0c\u7f51\u70b9\u7f51\u7edc\u6301\u7eed\u6269\u5f20 (Source: Bloomberg) Geo Energy Resources Ltd.\uff08GERL SP\uff09\uff1a\u4e9a\u6d32\u7164\u70ad\u9700\u6c42\u4fdd\u6301\u97e7\u6027\uff0cMBJ\u9879\u76ee\u91cd\u5851\u6210\u672c\u66f2\u7ebf\uff0cTRA\u6269\u4ea7\u589e\u5f3a\u76c8\u5229\u5f39\u6027 (Source: Bloomberg) \u4e2d\u5e7f\u6838\u77ff\u4e1a\u6709\u9650\u516c\u53f8\uff081164 HK\uff09\uff1a\u516c\u7528\u4e8b\u4e1a\u957f\u671f\u5408\u7ea6\u52a0\u901f\u7b7e\u8ba2\uff1b\u94c0\u4f9b\u9700\u6301\u7eed\u504f\u7d27\uff1b\u5408\u7ea6\u7ec4\u5408\u9501\u5b9a\u4ef7\u5dee\u4f18\u52bf (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) AeroVironment, Inc.\uff08AVAV US\uff09\uff1a\u65e0\u4eba\u673a\u8d85\u7ea7\u5468\u671f\u3001\u521b\u7eaa\u5f55\u8ba2\u5355\u50a8\u5907\u4e0e\u653f\u7b56\u50ac\u5316\u5171\u7b512026\u5e74\u4e0a\u884c\u57fa\u7840 (Source: Bloomberg) \u4e09\u83f1\u65e5\u8054\u91d1\u878d\u96c6\u56e2\uff088306 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Group Ltd.\uff08VMAX SP\uff09\uff1a\u91d1\u4ef7\u4e0a\u884c\u63d0\u632f\u5178\u5f53\u9700\u6c42\uff0c\u878d\u8d44\u6e20\u9053\u591a\u5143\uff0c\u7f51\u70b9\u7f51\u7edc\u6301\u7eed\u6269\u5f20 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.98\uff0c\u76ee\u6807\u4ef7: 1.10\uff0c\u6b62\u635f\u4ef7\uff1a0.92 ValueMax Group Ltd. \u8fd0\u8425\u5f53\u94fa\u4e1a\u52a1\uff0c\u901a\u8fc7\u5176\u95e8\u5e97\u7f51\u7edc\u63d0\u4f9b\u7269\u54c1\u5178\u5f53\u3001\u4e70\u5356\u53ca\u4f30\u503c\u670d\u52a1\u3002 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2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u51c0\u5229\u6da66,760\u4e07\u6e2f\u5143\uff0c\u5bf9\u6bd42024\u5e74\u4e0a\u534a\u5e741.131\u4ebf\u6e2f\u5143\uff1b\u672a\u5ba3\u6d3e\u4e2d\u671f\u80a1\u606f\uff1b\u7ba1\u7406\u5c42\u6307\u51fa\u671f\u5185\u8d38\u6613\u4ef7\u5dee\u627f\u538b\u3002\u622a\u81f32025\u5e746\u670830\u65e5\uff0c\u5df2\u7b7e\u7ea6\u672a\u4ea4\u4ed8\u91cf4,256\u5428\u94c0\uff0880.82\u7f8e\u5143\/\u78c5\uff09\uff1b\u5e93\u5b581,569\u5428\u94c0\uff0868.77\u7f8e\u5143\/\u78c5\uff09\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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\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 \u4e0a\u534a\u5e74\u504f\u5f31\u540e\uff0c\u73b0\u91d1\u56de\u62a5\u6784\u6210\u575a\u5b9e\u652f\u6491\u30022025\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 \u4e00\u4f53\u5316\u62a4\u57ce\u6cb3\u4e0e\u534f\u540c\u6269\u5f20\u671f\u6743\u6027\u3002\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 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\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\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Enya Tan\"\/>\n\t<meta name=\"keywords\" content=\"kgi daily trading ideas (chinese)\" \/>\n\t<link rel=\"canonical\" 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SP\uff09\uff1a\u91d1\u4ef7\u4e0a\u884c\u63d0\u632f\u5178\u5f53\u9700\u6c42\uff0c\u878d\u8d44\u6e20\u9053\u591a\u5143\uff0c\u7f51\u70b9\u7f51\u7edc\u6301\u7eed\u6269\u5f20 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.98\uff0c\u76ee\u6807\u4ef7: 1.10\uff0c\u6b62\u635f\u4ef7\uff1a0.92 ValueMax Group Ltd. \u8fd0\u8425\u5f53\u94fa\u4e1a\u52a1\uff0c\u901a\u8fc7\u5176\u95e8\u5e97\u7f51\u7edc\u63d0\u4f9b\u7269\u54c1\u5178\u5f53\u3001\u4e70\u5356\u53ca\u4f30\u503c\u670d\u52a1\u3002 \u91d1\u4ef7\u4e0a\u6da8\uff0c\u5178\u5f53\u6d3b\u8dc3\uff1a\u5178\u5f53\u5468\u671f\u70ed\u5ea6\u6500\u5347\u3002\u884c\u4e1a\u6d3b\u52a8\u52a0\u901f\uff0c2025\u5e746\u6708\u5178\u5f53\u8d37\u6b3e\u4f59\u989d\u8fbe\u521b\u7eaa\u5f55\u76848.84\u4ebf\u65b0\u5143\uff0c\u540c\u6bd4\u589e\u957f29%\uff0c\u53d7\u76ca\u4e8e\u91d1\u4ef7\u9ad8\u4f01\u53ca\u5bb6\u5ead\u73b0\u91d1\u6d41\u8d8b\u7d27\uff1b\u540c\u671f\u5178\u5f53\u7b14\u6570\u7ea634.1\u4e07\u5b97\uff0c\u540c\u6bd4\u589e\u957f\u7ea68%\u3002\u6838\u5fc3\u901a\u80c0\u6e29\u548c\u3001\u653f\u7b56\u4fdd\u6301\u7a33\u5b9a\uff0c\u8be5\u73af\u5883\u6709\u5229\u4e8e\u5178\u5f53\u4fe1\u8d37\u6301\u7eed\u4f7f\u7528\uff0c\u4ee5\u53ca\u9ec4\u91d1\u5728\u96f6\u552e\u4e0e\u8d38\u6613\u73af\u8282\u5faa\u73af\u518d\u5229\u7528\uff0c\u5229\u597dValueMax\u8d37\u6b3e\u89c4\u6a21\u6269\u5f20\u4e0e\u73e0\u5b9d\u5468\u8f6c\u63d0\u901f\u3002 \u8d44\u4ea7\u8d1f\u503a\u8868\u4e0e\u878d\u8d44\u7ed3\u6784\u652f\u6491\u589e\u957f\u3002\u516c\u53f8\u5df2\u53d1\u884c\u6570\u5b57\u5546\u4e1a\u7968\u636e\uff0c\u52df\u8d44\u7ea67,170\u4e07\u65b0\u5143\uff0c\u4ee5\u591a\u5143\u5316\u8d44\u91d1\u6765\u6e90\u652f\u6301\u5e94\u6536\u6b3e\u53ca\u5e93\u5b58\uff1b2025\u5e743\u6708\u5b8c\u6210\u7684\u8865\u5145\u6027\u6536\u8d2d\u65b0\u589e\u95e8\u5e97\u5e76\u63d0\u5347\u5e02\u5360\u7387\u3002\u4f4e\u6210\u672c\u8d44\u91d1\u4e0e\u9ad8\u5bc6\u5ea6\u7f51\u70b9\u534f\u540c\u4f18\u5316\u5355\u5e97\u7ecf\u6d4e\u6a21\u578b\uff0c\u652f\u6301\u95e8\u5e97\u53ca\u4ea7\u54c1\u7ebf\u8fdb\u4e00\u6b65\u6269\u5f20\uff0c\u4e14\u65e0\u9700\u4f9d\u8d56\u80a1\u6743\u878d\u8d44\u3002 \u4e1a\u52a1\u7ec4\u5408\u4e0e\u5546\u54c1\u7b56\u7565\u5145\u5206\u628a\u63e1\u9ec4\u91d1\u5468\u671f\u3002\u4e8c\u624b\u73e0\u5b9d\u96f6\u552e\u5728\u91d1\u4ef7\u9ad8\u4f01\u65f6\u53d7\u76ca\u663e\u8457\u2014\u2014\u6d88\u8d39\u8005\u503e\u5411\u4e8e\u53d8\u73b0\u8d44\u4ea7\u5e76\u964d\u7ea7\u7f6e\u6362\uff0c\u516c\u53f8\u7ffb\u65b0\u4e0e\u96f6\u552e\u73af\u8282\u7684\u4ef7\u5dee\u7a7a\u95f4\u6269\u5927\uff1bValueMax\u6210\u719f\u7684\u7ffb\u65b0\u4e0e\u96f6\u552e\u4f53\u7cfb\u4f7f\u5176\u80fd\u9ad8\u6548\u6355\u83b7\u9ec4\u91d1\u56de\u6d41\u5e26\u6765\u7684\u4ea4\u6613\u91cf\u4e0e\u5229\u6da6\u7387\u63d0\u5347\u3002 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u8425\u65362.683\u4ebf\u65b0\u5143\uff08+16.8% YoY\uff09\uff1b\u6bdb\u52298,110\u4e07\u65b0\u5143\uff08+27.7% YoY\uff09\uff1b\u5f52\u5c5e\u4e8e\u80a1\u4e1c\u51c0\u5229\u6da64,800\u4e07\u65b0\u5143\uff08+35.5% YoY\uff09\uff1b\u6bcf\u80a1\u6536\u76ca5.39\u5206\uff1b\u4e2d\u671f\u80a1\u606f\u6bcf\u80a11.20\u5206\uff0c\u6d3e\u606f\u65e5\u4e3a2025\u5e749\u67082\u65e5\uff1b\u73e0\u5b9d\u53ca\u9ec4\u91d1\u96f6\u552e\u8d38\u6613\u6536\u51652.048\u4ebf\u65b0\u5143\uff08+17.5% YoY\uff09\uff1b\u5178\u5f53\u4e1a\u52a1\u6536\u5165\u540c\u6bd4\u589e\u957f20.2%\uff1b\u653e\u8d37\u4e1a\u52a1\u6536\u5165\u540c\u6bd4\u589e\u957f10.7%\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u4e2d\u5e7f\u6838\u77ff\u4e1a\u6709\u9650\u516c\u53f8\uff081164 HK\uff09\uff1a\u516c\u7528\u4e8b\u4e1a\u957f\u671f\u5408\u7ea6\u52a0\u901f\u7b7e\u8ba2\uff1b\u94c0\u4f9b\u9700\u6301\u7eed\u504f\u7d27\uff1b\u5408\u7ea6\u7ec4\u5408\u9501\u5b9a\u4ef7\u5dee\u4f18\u52bf \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a3.00\uff0c\u76ee\u6807\u4ef7\uff1a3.90\uff0c\u6b62\u635f\u4ef7\uff1a2.55 \u4e2d\u5e7f\u6838\u77ff\u4e1a\u6709\u9650\u516c\u53f8\u901a\u8fc7\u5b50\u516c\u53f8\u5f00\u5c55\u6838\u80fd\u76f8\u5173\u4e1a\u52a1\uff0c\u4e3b\u8981\u4f9b\u5e94\u6838\u71c3\u6599\u3001\u751f\u4ea7\u6838\u80fd\uff0c\u5e76\u5efa\u8bbe\u98ce\u80fd\u3001\u6c34\u80fd\u53ca\u592a\u9633\u80fd\u7b49\u53ef\u518d\u751f\u80fd\u6e90\u7535\u7ad9\u3002 \u6838\u7535\u5efa\u8bbe\u52a0\u901f\uff0c\u4f9b\u5e94\u7aef\u6301\u7eed\u7d27\u5f20\u3002\u5168\u7403\u5728\u5efa\u53cd\u5e94\u5806\u7ea670\u5ea7\u3001\u89c4\u5212\u4e2d115\u5ea7\uff0c\u4e9a\u6d32\u4e3a\u65b0\u589e\u4e3b\u529b\uff1b\u4e2d\u56fd\u4e8e2025\u5e744\u6708\u6279\u51c610\u53f0\u65b0\u673a\u7ec4\uff0c\u6709\u671b\u4e8e2030\u5e74\u524d\u6210\u4e3a\u5168\u7403\u6838\u7535\u88c5\u673a\u7b2c\u4e00\u5927\u56fd\u3002\u653f\u7b56\u63a8\u52a8\u5f3a\u5316\u516c\u7528\u4e8b\u4e1a\u957f\u671f\u91c7\u8d2d\u610f\u613f\uff0c\u5373\u4fbf\u73b0\u8d27\u4ef7\u683c\u533a\u95f4\u9707\u8361\uff0c\u957f\u534f\u5b9a\u4ef7\u4ecd\u5177\u652f\u6491\u3002 \u5408\u7ea6\u50a8\u5907\u4e0e\u5e93\u5b58\u63d0\u4f9b\u76c8\u5229\u6760\u6746\u3002\u622a\u81f32025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u521d\uff0c\u516c\u53f8\u5df2\u7b7e\u7ea6\u672a\u4ea4\u4ed8\u91cf\u4e3a4,256\u5428\u94c0\uff08tU\uff09\uff0c\u52a0\u6743\u5e73\u5747\u552e\u4ef780.82\u7f8e\u5143\/\u78c5\uff1b\u5e93\u5b581,569\u5428\u94c0\uff0c\u52a0\u6743\u5e73\u5747\u6210\u672c68.77\u7f8e\u5143\/\u78c5\u30022025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u65b0\u7b7e\u5408\u7ea6\u4ef7\u683c\u7ea673\u7f8e\u5143\/\u78c5\u3002\u968f\u7740\u957f\u534f\u6d3b\u52a8\u56de\u6696\uff0c\u73b0\u6709\u5408\u7ea6\u7ec4\u5408\u53ef\u9501\u5b9a\u6b63\u5411\u4ef7\u5dee\uff0c\u5e76\u4fdd\u969c2025\u5e74\u4e0b\u534a\u5e74\u81f32026\u5e74\u4ea4\u4ed8\u7684\u6536\u76ca\u53ef\u89c1\u6027\u3002 \u4e0a\u6e38\u4fdd\u969c\u4e0e\u884c\u4e1a\u50ac\u5316\u5242\u652f\u6491\u4f30\u503c\u91cd\u4f30\u3002\u54c8\u8428\u514b\u65af\u5766\u5408\u8d44\u9879\u76ee2025\u5e74\u4e0a\u534a\u5e74\u4ea7\u91cf\u8d85\u8ba1\u5212\u8fbe110\u2013116%\uff0c\u786e\u4fdd\u539f\u6599\u7a33\u5b9a\u4f9b\u5e94\uff1b\u4e3b\u8981\u751f\u4ea7\u5546\u6301\u7eed\u63d0\u793a\u6267\u884c\u4e0e\u4f9b\u5e94\u98ce\u9669\uff1bSprott\u5b9e\u7269\u94c0\u4fe1\u6258\u6301\u4ed3\u8fbe\u7ea67,460\u4e07\u78c5\uff0c\u53cd\u6620\u6295\u8d44\u8005\u9700\u6c42\u6301\u7eed\u65fa\u76db\u3002\u53e0\u52a0\u516c\u7528\u4e8b\u4e1a\u9884\u671f\u4e8e2026\u5e74\u96c6\u4e2d\u8865\u7b7e\u957f\u534f\uff0c\u6709\u671b\u8fdb\u4e00\u6b65\u6536\u7d27\u957f\u534f\u5e02\u573a\uff0c\u5e76\u63a8\u5347\u516c\u53f8\u5408\u7ea6\u671f\u5185\u7684\u9500\u552e\u5747\u4ef7\u3002 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u51c0\u5229\u6da66,760\u4e07\u6e2f\u5143\uff0c\u5bf9\u6bd42024\u5e74\u4e0a\u534a\u5e741.131\u4ebf\u6e2f\u5143\uff1b\u672a\u5ba3\u6d3e\u4e2d\u671f\u80a1\u606f\uff1b\u7ba1\u7406\u5c42\u6307\u51fa\u671f\u5185\u8d38\u6613\u4ef7\u5dee\u627f\u538b\u3002\u622a\u81f32025\u5e746\u670830\u65e5\uff0c\u5df2\u7b7e\u7ea6\u672a\u4ea4\u4ed8\u91cf4,256\u5428\u94c0\uff0880.82\u7f8e\u5143\/\u78c5\uff09\uff1b\u5e93\u5b581,569\u5428\u94c0\uff0868.77\u7f8e\u5143\/\u78c5\uff09\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 \u4e0a\u534a\u5e74\u504f\u5f31\u540e\uff0c\u73b0\u91d1\u56de\u62a5\u6784\u6210\u575a\u5b9e\u652f\u6491\u30022025\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 \u4e00\u4f53\u5316\u62a4\u57ce\u6cb3\u4e0e\u534f\u540c\u6269\u5f20\u671f\u6743\u6027\u3002\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 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\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\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.kgieworld.sg\/research\/our-top-picks-today-stocks-31-december-2025-zh\/\" \/>\n\t\t<meta property=\"og:image\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<meta property=\"og:image:secure_url\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2025-12-31T02:00:46+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2025-12-31T02:08:34+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e7412\u670831\u65e5 \u2022 KGI Singapore Research\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u65b0\u52a0\u5761\u80a1\u7968\u63a8\u8350 | \u9999\u6e2f\u80a1\u7968\u63a8\u8350 | \u7f8e\u80a1\u63a8\u8350 | \u884c\u4e1a\u677f\u5757\u8868\u73b0 | \u4ea4\u6613\u9f99\u864e\u699c \u7f8e\u56fd \u9999\u6e2f ^ Back To Top ValueMax Group Ltd.\uff08VMAX SP\uff09\uff1a\u91d1\u4ef7\u4e0a\u884c\u63d0\u632f\u5178\u5f53\u9700\u6c42\uff0c\u878d\u8d44\u6e20\u9053\u591a\u5143\uff0c\u7f51\u70b9\u7f51\u7edc\u6301\u7eed\u6269\u5f20 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.98\uff0c\u76ee\u6807\u4ef7: 1.10\uff0c\u6b62\u635f\u4ef7\uff1a0.92 ValueMax Group Ltd. \u8fd0\u8425\u5f53\u94fa\u4e1a\u52a1\uff0c\u901a\u8fc7\u5176\u95e8\u5e97\u7f51\u7edc\u63d0\u4f9b\u7269\u54c1\u5178\u5f53\u3001\u4e70\u5356\u53ca\u4f30\u503c\u670d\u52a1\u3002 \u91d1\u4ef7\u4e0a\u6da8\uff0c\u5178\u5f53\u6d3b\u8dc3\uff1a\u5178\u5f53\u5468\u671f\u70ed\u5ea6\u6500\u5347\u3002\u884c\u4e1a\u6d3b\u52a8\u52a0\u901f\uff0c2025\u5e746\u6708\u5178\u5f53\u8d37\u6b3e\u4f59\u989d\u8fbe\u521b\u7eaa\u5f55\u76848.84\u4ebf\u65b0\u5143\uff0c\u540c\u6bd4\u589e\u957f29%\uff0c\u53d7\u76ca\u4e8e\u91d1\u4ef7\u9ad8\u4f01\u53ca\u5bb6\u5ead\u73b0\u91d1\u6d41\u8d8b\u7d27\uff1b\u540c\u671f\u5178\u5f53\u7b14\u6570\u7ea634.1\u4e07\u5b97\uff0c\u540c\u6bd4\u589e\u957f\u7ea68%\u3002\u6838\u5fc3\u901a\u80c0\u6e29\u548c\u3001\u653f\u7b56\u4fdd\u6301\u7a33\u5b9a\uff0c\u8be5\u73af\u5883\u6709\u5229\u4e8e\u5178\u5f53\u4fe1\u8d37\u6301\u7eed\u4f7f\u7528\uff0c\u4ee5\u53ca\u9ec4\u91d1\u5728\u96f6\u552e\u4e0e\u8d38\u6613\u73af\u8282\u5faa\u73af\u518d\u5229\u7528\uff0c\u5229\u597dValueMax\u8d37\u6b3e\u89c4\u6a21\u6269\u5f20\u4e0e\u73e0\u5b9d\u5468\u8f6c\u63d0\u901f\u3002 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YoY\uff09\uff1b\u6bcf\u80a1\u6536\u76ca5.39\u5206\uff1b\u4e2d\u671f\u80a1\u606f\u6bcf\u80a11.20\u5206\uff0c\u6d3e\u606f\u65e5\u4e3a2025\u5e749\u67082\u65e5\uff1b\u73e0\u5b9d\u53ca\u9ec4\u91d1\u96f6\u552e\u8d38\u6613\u6536\u51652.048\u4ebf\u65b0\u5143\uff08+17.5% YoY\uff09\uff1b\u5178\u5f53\u4e1a\u52a1\u6536\u5165\u540c\u6bd4\u589e\u957f20.2%\uff1b\u653e\u8d37\u4e1a\u52a1\u6536\u5165\u540c\u6bd4\u589e\u957f10.7%\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u4e2d\u5e7f\u6838\u77ff\u4e1a\u6709\u9650\u516c\u53f8\uff081164 HK\uff09\uff1a\u516c\u7528\u4e8b\u4e1a\u957f\u671f\u5408\u7ea6\u52a0\u901f\u7b7e\u8ba2\uff1b\u94c0\u4f9b\u9700\u6301\u7eed\u504f\u7d27\uff1b\u5408\u7ea6\u7ec4\u5408\u9501\u5b9a\u4ef7\u5dee\u4f18\u52bf \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a3.00\uff0c\u76ee\u6807\u4ef7\uff1a3.90\uff0c\u6b62\u635f\u4ef7\uff1a2.55 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2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u51c0\u5229\u6da66,760\u4e07\u6e2f\u5143\uff0c\u5bf9\u6bd42024\u5e74\u4e0a\u534a\u5e741.131\u4ebf\u6e2f\u5143\uff1b\u672a\u5ba3\u6d3e\u4e2d\u671f\u80a1\u606f\uff1b\u7ba1\u7406\u5c42\u6307\u51fa\u671f\u5185\u8d38\u6613\u4ef7\u5dee\u627f\u538b\u3002\u622a\u81f32025\u5e746\u670830\u65e5\uff0c\u5df2\u7b7e\u7ea6\u672a\u4ea4\u4ed8\u91cf4,256\u5428\u94c0\uff0880.82\u7f8e\u5143\/\u78c5\uff09\uff1b\u5e93\u5b581,569\u5428\u94c0\uff0868.77\u7f8e\u5143\/\u78c5\uff09\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\uff1b\u6bcf\u80a1\u6536\u76ca5.39\u5206\uff1b\u4e2d\u671f\u80a1\u606f\u6bcf\u80a11.20\u5206\uff0c\u6d3e\u606f\u65e5\u4e3a2025\u5e749\u67082\u65e5\uff1b\u73e0\u5b9d\u53ca\u9ec4\u91d1\u96f6\u552e\u8d38\u6613\u6536\u51652.048\u4ebf\u65b0\u5143\uff08+17.5% YoY\uff09\uff1b\u5178\u5f53\u4e1a\u52a1\u6536\u5165\u540c\u6bd4\u589e\u957f20.2%\uff1b\u653e\u8d37\u4e1a\u52a1\u6536\u5165\u540c\u6bd4\u589e\u957f10.7%\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u4e2d\u5e7f\u6838\u77ff\u4e1a\u6709\u9650\u516c\u53f8\uff081164 HK\uff09\uff1a\u516c\u7528\u4e8b\u4e1a\u957f\u671f\u5408\u7ea6\u52a0\u901f\u7b7e\u8ba2\uff1b\u94c0\u4f9b\u9700\u6301\u7eed\u504f\u7d27\uff1b\u5408\u7ea6\u7ec4\u5408\u9501\u5b9a\u4ef7\u5dee\u4f18\u52bf \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a3.00\uff0c\u76ee\u6807\u4ef7\uff1a3.90\uff0c\u6b62\u635f\u4ef7\uff1a2.55 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\u4e0a\u6e38\u4fdd\u969c\u4e0e\u884c\u4e1a\u50ac\u5316\u5242\u652f\u6491\u4f30\u503c\u91cd\u4f30\u3002\u54c8\u8428\u514b\u65af\u5766\u5408\u8d44\u9879\u76ee2025\u5e74\u4e0a\u534a\u5e74\u4ea7\u91cf\u8d85\u8ba1\u5212\u8fbe110\u2013116%\uff0c\u786e\u4fdd\u539f\u6599\u7a33\u5b9a\u4f9b\u5e94\uff1b\u4e3b\u8981\u751f\u4ea7\u5546\u6301\u7eed\u63d0\u793a\u6267\u884c\u4e0e\u4f9b\u5e94\u98ce\u9669\uff1bSprott\u5b9e\u7269\u94c0\u4fe1\u6258\u6301\u4ed3\u8fbe\u7ea67,460\u4e07\u78c5\uff0c\u53cd\u6620\u6295\u8d44\u8005\u9700\u6c42\u6301\u7eed\u65fa\u76db\u3002\u53e0\u52a0\u516c\u7528\u4e8b\u4e1a\u9884\u671f\u4e8e2026\u5e74\u96c6\u4e2d\u8865\u7b7e\u957f\u534f\uff0c\u6709\u671b\u8fdb\u4e00\u6b65\u6536\u7d27\u957f\u534f\u5e02\u573a\uff0c\u5e76\u63a8\u5347\u516c\u53f8\u5408\u7ea6\u671f\u5185\u7684\u9500\u552e\u5747\u4ef7\u3002 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u51c0\u5229\u6da66,760\u4e07\u6e2f\u5143\uff0c\u5bf9\u6bd42024\u5e74\u4e0a\u534a\u5e741.131\u4ebf\u6e2f\u5143\uff1b\u672a\u5ba3\u6d3e\u4e2d\u671f\u80a1\u606f\uff1b\u7ba1\u7406\u5c42\u6307\u51fa\u671f\u5185\u8d38\u6613\u4ef7\u5dee\u627f\u538b\u3002\u622a\u81f32025\u5e746\u670830\u65e5\uff0c\u5df2\u7b7e\u7ea6\u672a\u4ea4\u4ed8\u91cf4,256\u5428\u94c0\uff0880.82\u7f8e\u5143\/\u78c5\uff09\uff1b\u5e93\u5b581,569\u5428\u94c0\uff0868.77\u7f8e\u5143\/\u78c5\uff09\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\uff1b\u6bcf\u80a1\u6536\u76ca5.39\u5206\uff1b\u4e2d\u671f\u80a1\u606f\u6bcf\u80a11.20\u5206\uff0c\u6d3e\u606f\u65e5\u4e3a2025\u5e749\u67082\u65e5\uff1b\u73e0\u5b9d\u53ca\u9ec4\u91d1\u96f6\u552e\u8d38\u6613\u6536\u51652.048\u4ebf\u65b0\u5143\uff08+17.5% YoY\uff09\uff1b\u5178\u5f53\u4e1a\u52a1\u6536\u5165\u540c\u6bd4\u589e\u957f20.2%\uff1b\u653e\u8d37\u4e1a\u52a1\u6536\u5165\u540c\u6bd4\u589e\u957f10.7%\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u4e2d\u5e7f\u6838\u77ff\u4e1a\u6709\u9650\u516c\u53f8\uff081164 HK\uff09\uff1a\u516c\u7528\u4e8b\u4e1a\u957f\u671f\u5408\u7ea6\u52a0\u901f\u7b7e\u8ba2\uff1b\u94c0\u4f9b\u9700\u6301\u7eed\u504f\u7d27\uff1b\u5408\u7ea6\u7ec4\u5408\u9501\u5b9a\u4ef7\u5dee\u4f18\u52bf \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a3.00\uff0c\u76ee\u6807\u4ef7\uff1a3.90\uff0c\u6b62\u635f\u4ef7\uff1a2.55 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2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u51c0\u5229\u6da66,760\u4e07\u6e2f\u5143\uff0c\u5bf9\u6bd42024\u5e74\u4e0a\u534a\u5e741.131\u4ebf\u6e2f\u5143\uff1b\u672a\u5ba3\u6d3e\u4e2d\u671f\u80a1\u606f\uff1b\u7ba1\u7406\u5c42\u6307\u51fa\u671f\u5185\u8d38\u6613\u4ef7\u5dee\u627f\u538b\u3002\u622a\u81f32025\u5e746\u670830\u65e5\uff0c\u5df2\u7b7e\u7ea6\u672a\u4ea4\u4ed8\u91cf4,256\u5428\u94c0\uff0880.82\u7f8e\u5143\/\u78c5\uff09\uff1b\u5e93\u5b581,569\u5428\u94c0\uff0868.77\u7f8e\u5143\/\u78c5\uff09\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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| 2025\u5e7412\u670831\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 ValueMax Group Ltd.\uff08VMAX SP\uff09\uff1a\u91d1\u4ef7\u4e0a\u884c\u63d0\u632f\u5178\u5f53\u9700\u6c42\uff0c\u878d\u8d44\u6e20\u9053\u591a\u5143\uff0c\u7f51\u70b9\u7f51\u7edc\u6301\u7eed\u6269\u5f20 \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.98\uff0c\u76ee\u6807\u4ef7: 1.10\uff0c\u6b62\u635f\u4ef7\uff1a0.92 ValueMax Group Ltd. \u8fd0\u8425\u5f53\u94fa\u4e1a\u52a1\uff0c\u901a\u8fc7\u5176\u95e8\u5e97\u7f51\u7edc\u63d0\u4f9b\u7269\u54c1\u5178\u5f53\u3001\u4e70\u5356\u53ca\u4f30\u503c\u670d\u52a1\u3002 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YoY\uff09\uff1b\u6bcf\u80a1\u6536\u76ca5.39\u5206\uff1b\u4e2d\u671f\u80a1\u606f\u6bcf\u80a11.20\u5206\uff0c\u6d3e\u606f\u65e5\u4e3a2025\u5e749\u67082\u65e5\uff1b\u73e0\u5b9d\u53ca\u9ec4\u91d1\u96f6\u552e\u8d38\u6613\u6536\u51652.048\u4ebf\u65b0\u5143\uff08+17.5% YoY\uff09\uff1b\u5178\u5f53\u4e1a\u52a1\u6536\u5165\u540c\u6bd4\u589e\u957f20.2%\uff1b\u653e\u8d37\u4e1a\u52a1\u6536\u5165\u540c\u6bd4\u589e\u957f10.7%\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u4e2d\u5e7f\u6838\u77ff\u4e1a\u6709\u9650\u516c\u53f8\uff081164 HK\uff09\uff1a\u516c\u7528\u4e8b\u4e1a\u957f\u671f\u5408\u7ea6\u52a0\u901f\u7b7e\u8ba2\uff1b\u94c0\u4f9b\u9700\u6301\u7eed\u504f\u7d27\uff1b\u5408\u7ea6\u7ec4\u5408\u9501\u5b9a\u4ef7\u5dee\u4f18\u52bf \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a3.00\uff0c\u76ee\u6807\u4ef7\uff1a3.90\uff0c\u6b62\u635f\u4ef7\uff1a2.55 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2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u51c0\u5229\u6da66,760\u4e07\u6e2f\u5143\uff0c\u5bf9\u6bd42024\u5e74\u4e0a\u534a\u5e741.131\u4ebf\u6e2f\u5143\uff1b\u672a\u5ba3\u6d3e\u4e2d\u671f\u80a1\u606f\uff1b\u7ba1\u7406\u5c42\u6307\u51fa\u671f\u5185\u8d38\u6613\u4ef7\u5dee\u627f\u538b\u3002\u622a\u81f32025\u5e746\u670830\u65e5\uff0c\u5df2\u7b7e\u7ea6\u672a\u4ea4\u4ed8\u91cf4,256\u5428\u94c0\uff0880.82\u7f8e\u5143\/\u78c5\uff09\uff1b\u5e93\u5b581,569\u5428\u94c0\uff0868.77\u7f8e\u5143\/\u78c5\uff09\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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