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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢-行業數據

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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第1頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第2頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第3頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第4頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第5頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第6頁
自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第7頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第8頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第9頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第10頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第11頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第12頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第13頁
自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第14頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第15頁
自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第16頁
自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第17頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第18頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第19頁
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
自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第20頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第21頁
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
自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第22頁
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
自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第23頁
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
自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第24頁
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
自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第25頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第26頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第27頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第28頁
自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第29頁
自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第30頁
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
自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第31頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第32頁
自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第33頁
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自2021年至2023年，發債城投ROIC大多低于2%且整體呈下降趨勢_第34頁
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所屬報告： 2025年度展望（七）：財政政策：總量力度增加、節奏靠前發力-241211（30頁）.pdf
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