1、202426,643 6,074 8,686 12,674 12,399 7.5 9.2 13.1 13.6 10.4 5.1%4.2%3.3%5.4%4.5%42,26941,76940,96746,07851,337-20.6%-12.3%9.3%1.2%-12.2%1,484 3,246 3,638 3,946 4,532 2024Q332024/11/2940,004.43,800.421.52.0475379-329-370213-011-002-GB00144-W000000002024/12/310,863.18,7341.017,940318-311-370203-018-00

2、1-GB00075W000000002024/12/349,853.134,099.521.83,800G-2024-0062024/12/1015,357.523,036.252.07,500378-338-370213-010-002-GB00054-W000000002024/12/1213,567.56,783.752.52,000G-2024-00550%5%10%15%20%25%30%(20,000)020,00040,00060,00080,000100,000120,000140,000160,000180,0002014201520162017201820192020202

3、120222023202402040608010012014020122013201420152016201720182019202020212022202320241,793,5280101.2024.3%3,56861,793,528CBD101.7324.1%CBD111.2330.6%CBD89.9818.2%CBD72025-2027050,000100,000150,000200,000202520262027824%22%16%10%8%8%TMT8%4%CBD2,000CBD1,200CBD1,000CBD600CBD600CBD465920241793,56855%0.224

4、.3%1.8%101.224%22%16%202517.4361213202520278110%2%4%6%8%10%12%14%(200,000)(100,000)0100,000200,000300,000400,000500,000600,000700,000800,000900,00020152016201720182019202020212022202320244,109,300163,0004368.50%183,8889015015010510015090950 1,300 1,180 950 950 1,250 960 02004006008001,0001,2001,4001

5、,60012/4,109,3008.590-9502.00%4.5150-1,3002.00%77.4150-1,1804.04%29.2105-9504.57%45.9100-95014.54%62.3150-1,25012.4%82.190-96011.81%CBD13050,000100,000150,000200,000250,000300,000202520262027CBD2025-2027UP140100,000200,000300,000400,000500,000600,000700,000800,000900,0002013201420152016201720182019202020212022202320242025F 2026F 2027FCBDBlueglassLolaRoseValentinoGT PlazaVola Gelato152024GT Plaza410.90.888.5%436BlueglassVola GelatoGTPlaza70IP1222035 Joyce HanJ Nicole YuanN Sabrina WeiS,6040052,202523414Tel:+86 532 8575