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圖表100.2024年央企融資成本相對最低，僅3.1%，同-行業數據

圖表100.2024年央企融資成本相對最低，僅3.1%，同
圖表100.2024年央企融資成本相對最低，僅3.1%，同
4）2024 年保利發展、中國海外發展、華潤置地、濱江集團、越秀地產、綠城中國融資成本相對較低，均在 4%以下，前三家為央企，越秀地產作為地方國企，濱江集團和綠城中國作為優質區域性房企，融資優勢也較為顯著，成本比肩央企。
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圖表100.2024年央企融資成本相對最低，僅3.1%，同_第1頁
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圖表100.2024年央企融資成本相對最低，僅3.1%，同_第2頁
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圖表100.2024年央企融資成本相對最低，僅3.1%，同_第3頁
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圖表100.2024年央企融資成本相對最低，僅3.1%，同_第4頁
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圖表100.2024年央企融資成本相對最低，僅3.1%，同_第5頁
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圖表100.2024年央企融資成本相對最低，僅3.1%，同_第6頁
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圖表100.2024年央企融資成本相對最低，僅3.1%，同_第7頁
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圖表100.2024年央企融資成本相對最低，僅3.1%，同_第8頁
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圖表100.2024年央企融資成本相對最低，僅3.1%，同_第9頁
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圖表100.2024年央企融資成本相對最低，僅3.1%，同_第10頁
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圖表100.2024年央企融資成本相對最低，僅3.1%，同_第11頁
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圖表100.2024年央企融資成本相對最低，僅3.1%，同_第12頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第13頁
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圖表100.2024年央企融資成本相對最低，僅3.1%，同_第14頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第15頁
fCDnsbvlnosgICB8IOWkruS8gSAgIHwg5Zyw5pa55Zu95LyBIHwg5rCR5LyBICAgfCDmt7flkIjmiYDmnInliLYgfCBUT1AyMCAgfAp8LS0tLS0tLS18LS0tLS0tLS18LS0tLS0tLS0tLXwtLS0tLS0tLXwtLS0tLS0tLS0tLS18LS0tLS0tLS18CnwgMjAyMiAgIHwgLTc5MiAgIHwgLTY2NSAgICAgfCAtOTk2ICAgfCAtMSwwODEgICAgIHwgLTIsODc1IHwKfCAyMDIzICAgfCAtOTI3ICAgfCAtODUwICAgICB8IC0xNzcgICB8IC00MzMgICAgICAgfCAtMiwwODYgfAp8IDIwMjQgICB8IC03OTAgICB8IC02ODYgICAgIHwgLTE3NyAgIHwgLTQzMyAgICAgICB8IC0yLDA4NiB8CgrotYTmlpnmnaXmupDvvJrlhazlj7jlhazlkYrvvIzkuK3pk7bor4HliLg=
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第16頁
fCDlubTku70gfCDljLrln5/mt7HogJXlnovmiL/kvIHvvIjkur/lhYPvvIkgfCDlhajlm73luIPlsYDmiL/kvIHvvIjkur/lhYPvvIkgfCBUT1AyMO+8iOS6v+WFg++8iSB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS18CnwgMjAyMiB8IDQzMCAgICAgICAgICAgICAgICAgIHwgLTEsNDI2ICAgICAgICAgICAgfCAtOTk2ICAgICAgICB8CnwgMjAyMyB8IC0xNDYgICAgICAgICAgICAgICAgIHwgLTIsNzI5ICAgICAgICAgICAgfCAtMiw4NzUgICAgICB8CnwgMjAyNCB8IC0zNDIgICAgICAgICAgICAgICAgIHwgLTEsNzQ0ICAgICAgICAgICAgfCAtMiwwODYgICAgICB8CgrotYTmlpnmnaXmupDvvJrlhazlj7jlhazlkYrvvIzkuK3pk7bor4HliLg=
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第17頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第18頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第19頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第20頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第21頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第22頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第23頁
fCDlubTku70gfCBDUjEwMO+8iOWNleS9je+8muS4h+W5s+aWueexs++8iSB8IENSMTAw5ZCM5q+U5aKe6YCfIHwKfC0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tfAp8IDIwMTcgfCA4OTkwMSAgICAgICAgICAgICAgICAgICAgfCAtICAgICAgICAgICAgICB8CnwgMjAxOCB8IDkwNzQ5ICAgICAgICAgICAgICAgICAgICB8IDAuOSUgICAgICAgICAgIHwKfCAyMDE5IHwgNzY3NzggICAgICAgICAgICAgICAgICAgIHwgLTE1LjQlICAgICAgICAgfAp8IDIwMjAgfCA4MDYzMCAgICAgICAgICAgICAgICAgICAgfCA1LjAlICAgICAgICAgICB8CnwgMjAyMSB8IDUyNjE2ICAgICAgICAgICAgICAgICAgICB8IC0zNC43JSAgICAgICAgIHwKfCAyMDIyIHwgMTM3MTkgICAgICAgICAgICAgICAgICAgIHwgLTczLjklICAgICAgICAgfAp8IDIwMjMgfCAxMzM1OCAgICAgICAgICAgICAgICAgICAgfCAtMi42JSAgICAgICAgICB8CnwgMjAyNCB8IDEwNTc3ICAgICAgICAgICAgICAgICAgICB8IC0yMC44JSAgICAgICAgIHwKfCAyMDI1LjEtNCB8IDM5MTUgICAgICAgICAgICAgICAgICAgIHwgMy4yJSAgICAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77ya5YWL6ICM55Ge77yM5Lit6ZO26K+B5Yi4
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第24頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第25頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第26頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第27頁
fOW5tOS7vXxDUjEwMOadg+ebiuWPo+W+hOmUgOWUrumHkemine+8iOS6v+WFg++8iXzlkIzmr5Tlop7pgJ98CnwtLS18LS0tfC0tLXwKfDIwMTZ8NDAwMDB8MzYuOSV8CnwyMDE3fDYwMDAwfDMwLjElfAp8MjAxOHw4MDAwMHw2LjIlfAp8MjAxOXw3MDAwMHwxMC44JXwKfDIwMjB8OTAwMDB8LTYuMSV8CnwyMDIxfDUwMDAwfC00Mi40JXwKfDIwMjJ8NDAwMDB8LTE3LjAlfAp8MjAyM3wzMDAwMHwtMjcuNCV8CnwyMDI0fDIwMDAwfC01LjYlfAp8MjAyNS4xLTR8MTAwMDB8LXwKCui1hOaWmeadpea6kO+8muWFi+iAjOeRnu+8jOS4remTtuivgeWIuA==
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第28頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第29頁
fCDlubTku70gICB8IOS4reWkruWbveacieS8geS4miB8IOWcsOaWueWbveS8gSB8IOawkeS8gSAgfAp8LS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLXwtLS0tLS0tfAp8IDIwMTflubQgfCAyMC4yJSAgICAgICAgICB8IDcuOSUgICAgICAgICB8IDcxLjklIHwKfCAyMDE45bm0IHwgMTguNyUgICAgICAgICAgfCA2LjElICAgICAgICAgfCA3NS4yJSB8CnwgMjAxOeW5tCB8IDE5LjAlICAgICAgICAgIHwgNy4wJSAgICAgICAgIHwgNzMuOSUgfAp8IDIwMjDlubQgfCAxOS40JSAgICAgICAgICB8IDYuOCUgICAgICAgICB8IDczLjglIHwKfCAyMDIx5bm0IHwgMjUuMyUgICAgICAgICAgfCAxNi4zJSAgICAgICAgfCA1OC40JSB8CnwgMjAyMuW5tCB8IDM1LjYlICAgICAgICAgIHwgMjguNCUgICAgICAgIHwgMzYuMCUgfAp8IDIwMjPlubQgfCAzOS4zJSAgICAgICAgICB8IDMyLjMlICAgICAgICB8IDI4LjUlIHwKfCAyMDI05bm0IHwgMzUuNyUgICAgICAgICAgfCAxNy42JSAgICAgICAgfCA0Ni43JSB8CnwgMjAyNeW5tDEtNOaciCB8IDQyLjQlICAgICAgICAgIHwgMjcuNSUgICAgICAgIHwgMzAuMSUgfAoK6LWE5paZ5p2l5rqQ77ya5YWL6ICM55Ge77yM5Lit6ZO26K+B5Yi4
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第30頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第31頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第32頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第33頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第34頁
5qC55o2u5oKo5o+Q5L6b55qE5Zu+54mH5YaF5a6577yM5Lul5LiL5piv6KGo5qC85pWw5o2u5ZKM6LWE5paZ5p2l5rqQ77yaCgp8IOexu+WeiyAgICAgfCDlj5HooYzop4TmqKHvvIjkur/lhYPvvIkgfCDlkIzmr5Tlop7pgJ8gfCDljaDmr5QgfCDlubPlnYflj5HooYzliKnnjocgfCDlkIzmr5Tlop7lh4/vvIhQQ1TvvIkgfAp8LS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLXwtLS0tLS18LS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLXwKfCDlm73lhoXlgLrliLggfCAzNDQ4ICAgICAgICAgICAgIHwgLTE4LjUlICAgfCA2MS4wJXwgMi44NiUgICAgICAgIHwgKDAuNzEpICAgICAgICAgfAp8IOa1t+WkluWAuiAgIHwgNjcgICAgICAgICAgICAgICB8IC02OS41JSAgIHwgMS4yJSB8IDUuMjIlICAgICAgICB8ICgxLjE3KSAgICAgICAgIHwKfCBBQlMgICAgICB8IDIxMzggICAgICAgICAgICAgfCAtMTMuNiUgICB8IDM3LjglfCAzLjAxJSAgICAgICAgfCAoMC41OSkgICAgICAgICB8Cnwg5ZCI6K6hICAgICB8IDU2NTMgICAgICAgICAgICAgfCAtMTguNCUgICB8ICAgICAgfCAyLjk1JSAgICAgICAgfCAoMC43MikgICAgICAgICB8CgrotYTmlpnmnaXmupDvvJrkuK3mjIfpmaLvvIzkuK3pk7bor4HliLg=
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第35頁
fCDlubTku70gfCAx5bm05Y+K5Lul5LiLIHwgMS0z5bm077yI5ZCr77yJIHwgM+W5tOS7peS4iiB8CnwtLS0tLS18LS0tLS0tLS0tLXwtLS0tLS0tLS0tLS18LS0tLS0tLS18CnwgMjAyMeW5tCB8IDMyLjElICAgIHwgMjQuMyUgICAgICB8IDQzLjUlICB8CnwgMjAyMuW5tCB8IDIxLjQlICAgIHwgMjcuMSUgICAgICB8IDUxLjUlICB8CnwgMjAyM+W5tCB8IDI0LjklICAgIHwgMjkuNSUgICAgICB8IDQ1LjYlICB8CnwgMjAyNOW5tCB8IDIyLjclICAgIHwgMjQuMCUgICAgICB8IDUzLjMlICB8CgrotYTmlpnmnaXmupDvvJrkuK3mjIfpmaLvvIzkuK3pk7bor4HliLg=
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第36頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第37頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第38頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第39頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第40頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第41頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第42頁
fCDlubTku70gfCDlvZLmr43lh4DliKnmtqbvvIjkur/lhYPvvIkgfCDlkIzmr5Tlop7pgJ8gfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tfAp8IDIwMTkgfCAyMjA2ICAgICAgICAgICAgIHwgLSAgICAgICAgfAp8IDIwMjAgfCAxOTM3ICAgICAgICAgICAgIHwgLTEyLjIlICAgfAp8IDIwMjIgfCAyMDIgICAgICAgICAgICAgIHwgLTc2LjclICAgfAp8IDIwMjMgfCA1MCAgICAgICAgICAgICAgIHwgLTc1LjUlICAgfAp8IDIwMjQgfCAtMTU5MCAgICAgICAgICAgIHwgLSAgICAgICAgfAp8IDIwMjVRMSB8IC05MyAgICAgICAgICAgIHwgLSAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77ya5LiH5b6X77yM5Lit6ZO26K+B5Yi4
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第43頁
fCDnlLPkuIflnLDkuqfmnb/lnZflh4/lgLzmjZ/lpLEgfCAyMDE5IHwgMjAyMCB8IDIwMjEgfCAyMDIyIHwgMjAyMyB8IDIwMjQgfCAyMDI1UTEgfAp8IC0tLSB8IC0tLSB8IC0tLSB8IC0tLSB8IC0tLSB8IC0tLSB8IC0tLSB8IC0tLSB8Cnwg6LWE5Lqn5YeP5YC85o2f5aSx77yI5Lq/5YWD77yJIHwgLTIwMSB8IC0zMTUgfCAtNjAxIHwgLTc3OSB8IC03NjAgfCAtOTc4IHwgLTEyIHwKfCDkv6HnlKjlh4/lgLzmjZ/lpLHvvIjkur/lhYPvvIkgfCAtNzUgfCAtMTAwIHwgLTEzOCB8IC0xODAgfCAtMTU3IHwgLTU3MiB8IC0zIHwKCui1hOaWmeadpea6kO+8muS4h+W+l++8jOS4remTtuivgeWIuA==
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第44頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第45頁
fCDlubTku70gfCDlsJHmlbDogqHkuJzmjZ/nm4rvvIjkur/lhYPvvIkgfCDlsJHmlbDogqHkuJzmjZ/nm4ov5YeA5Yip5ramIHwKfC0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS18CnwgMjAxOSB8IDU3MSAgICAgICAgICAgICAgICAgIHwgMjAuNiUgICAgICAgICAgICAgfAp8IDIwMjAgfCA2MDcgICAgICAgICAgICAgICAgICB8IDIzLjklICAgICAgICAgICAgIHwKfCAyMDIxIHwgNTIwICAgICAgICAgICAgICAgICAgfCAzNy40JSAgICAgICAgICAgICB8CnwgMjAyMiB8IDM1MCAgICAgICAgICAgICAgICAgIHwgNjMuNCUgICAgICAgICAgICAgfAp8IDIwMjMgfCAyMTIgICAgICAgICAgICAgICAgICB8IDgxLjElICAgICAgICAgICAgIHwKfCAyMDI0IHwgLTU4ICAgICAgICAgICAgICAgICAgfCAzLjUlICAgICAgICAgICAgICB8CnwgMjAyNVExIHwgMTQgICAgICAgICAgICAgICAgICB8IC0xOC40JSAgICAgICAgICAgIHwKCui1hOaWmeadpea6kO+8muS4h+W+l++8jOS4remTtuivgeWIuA==
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第46頁
5qC55o2u5Zu+54mH5Lit55qE5L+h5oGv77yM5Lul5LiL5piv5pWw5o2u55qE6KGo5qC877yaCgp8IOiQpeaUtuihqOeOsCB8IOaVsOmHjyB8IOWNoOavlCB8CnwgLS0tIHwgLS0tIHwgLS0tIHwKfCDmraPlop7plb8gfCA3MSB8IDcwJSB8Cnwg6LSf5aKe6ZW/IHwgMzEgfCAzMCUgfAoK6LWE5paZ5p2l5rqQ77ya5LiH5b6X77yM5Lit6ZO26K+B5Yi4
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第47頁
fCDnm4jliKnvvIzlkIzmr5Tlop7plb8gfCDnm4jliKnvvIzlkIzmr5TotJ/lop7plb8gfCDnm4jliKnvvIzmia3kuo/kuLrnm4ggfCDkuo/mjZ/vvIzkuo/mjZ/mianlpKcgfCDkuo/mjZ/vvIzkuo/mjZ/lh4/lsI8gfCDkuo/mjZ/vvIznm4jliKnovazkuLrkuo/mjZ8gfAp8LS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS18CnwgMTMgICAgICAgICAgICAgIHwgMzIgICAgICAgICAgICAgICB8IDMgICAgICAgICAgICAgIHwgMTkgICAgICAgICAgICAgfCAxMyAgICAgICAgICAgICB8IDIyICAgICAgICAgICAgICAgIHwKCgrotYTmlpnmnaXmupDvvJrkuIflvpfvvIzkuK3pk7bor4HliLg=
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第48頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第49頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第50頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第51頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第52頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第53頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第54頁
fCDmj5DljYfnmoTlhazlj7jmlbDph48gfCA0MCB8CnwtLS0tLS0tLS0tLS0tLXwtLS0tLS18Cnwg5LiL6ZmN55qE5YWs5Y+45pWw6YePIHwgNjIgICB8Cnwg5o+Q5Y2H55qE5YWs5Y+45Y2g5q+UIHwgMzklICB8Cnwg5LiL6ZmN55qE5YWs5Y+45Y2g5q+UIHwgNjElICB8CgoK6LWE5paZ5p2l5rqQ77ya5LiH5b6X77yM5Lit6ZO26K+B5Yi4
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第55頁
fCDmj5DljYfnmoTlhazlj7jmlbDph48gfCAyOCB8CnwtLS0tLS0tLS0tLS0tLXwtLS0tLS18Cnwg5LiL6ZmN55qE5YWs5Y+45pWw6YePIHwgNzQgICB8Cnwg5q+U5L6LICAgICAgICAgfCA3MyUgIHwKCui1hOaWmeadpea6kO+8muS4h+W+l++8jOS4remTtuivgeWIuA==
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第56頁
fCDlubTku70gIHwg5pyJ5oGv6LSf5YC677yI5Lq/5YWD77yJIHwg5ZCM5q+U5aKe6YCfICB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS18CnwgMjAxOSB8IDI3ODc0ICAgICAgICAgICAgIHwgICAgICAgICAgICB8CnwgMjAyMCB8IDMwMjMxICAgICAgICAgICAgIHwgOC41JSAgICAgICB8CnwgMjAyMSB8IDI5Njk2ICAgICAgICAgICAgIHwgLTEuOCUgICAgICB8CnwgMjAyMiB8IDMwMDQ3ICAgICAgICAgICAgIHwgMS4yJSAgICAgICB8CnwgMjAyMyB8IDI4OTc2ICAgICAgICAgICAgIHwgLTMuNiUgICAgICB8CnwgMjAyNCB8IDI4ODExICAgICAgICAgICAgIHwgLTAuNiUgICAgICB8CnwgMjAyNVExIHwgMjkwNDIgICAgICAgICAgICAgfCAtMS41JSAgICAgIHwKCui1hOaWmeadpea6kO+8muS4h+W+l++8jOS4remTtuivgeWIuA==
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第57頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第58頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第59頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第60頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第61頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第62頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第63頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第64頁
fCDmiL/kvIHotKfluIHotYTph5Hlj5jljJYgfCDmlbDph48gfCDljaDmr5QgfAp8IC0tLSB8IC0tLSB8IC0tLSB8Cnwg5q2j5aKe6ZW/IHwgMjcgfCAyNiUgfAp8IOi0n+WinumVvyB8IDc1IHwgNzQlIHwKCui1hOaWmeadpea6kO+8muS4h+W+l++8jOS4remTtuivgeWIuA==
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第65頁
fCDnjrDph5HmtYHnsbvlnosgICB8IOaVsOmHjyB8IOeZvuWIhuavlCB8CnwtLS0tLS0tLS0tLS0tLXwtLS0tLS18LS0tLS0tLS18Cnwg57uP6JCl5rS75Yqo546w6YeR5rWBIHwgNDMgICB8IDQyJSAgICB8Cnwg5oqV6LWE5rS75Yqo546w6YeR5rWBIHwgMjMgICB8IDIzJSAgICB8Cnwg56256LWE5rS75Yqo546w6YeR5rWBIHwgNTkgICB8IDU4JSAgICB8Cnwg5YeA5rWB5YWlICAgICAgIHwgNzkgICB8IDc3JSAgICB8Cnwg5YeA5rWB5Ye6ICAgICAgIHwgNDMgICB8IDQyJSAgICB8CgrotYTmlpnmnaXmupDvvJrkuIflvpfvvIzkuK3pk7bor4HliLg=
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第66頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第67頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第68頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第69頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第70頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第71頁
fCDlubTku70gfCBDUjUgfCBDUjEwIHwgQ1IyMCB8IENSNTAgfCBDUjEwMCB8CnwtLS0tLS18LS0tLS0tfC0tLS0tLS18LS0tLS0tLXwtLS0tLS0tfC0tLS0tLS0tfAp8IDIwMjQgfCA3NS44JSB8IDczLjclIHwgNzIuNiUgfCA3My4wJSB8IDczLjYlIHwKfCAyMDI1LjEtNCB8IDc2LjMlIHwgNzEuNiUgfCA3Mi45JSB8IDcyLjclIHwgNzMuNCUgfAoK6LWE5paZ5p2l5rqQ77ya5YWL6ICM55Ge77yM5Lit6ZO26K+B5Yi4
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第72頁
fCDlubTku70gfCDljLrln5/mt7HogJXlnovmiL/kvIEgfCDlhajlm73luIPlsYDmiL/kvIEgfCBUT1AyMCB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS18LS0tLS0tLXwKfCAyMDIxIHwgMjklICAgICAgICAgICAgfCAxNSUgICAgICAgIHwgMTYlICAgfAp8IDIwMjIgfCAtOCUgICAgICAgICAgICB8IC00JSAgICAgICAgfCAtMiUgICB8CnwgMjAyMyB8IDIyJSAgICAgICAgICAgIHwgLTIlICAgICAgICB8IDElICAgIHwKfCAyMDI0IHwgNiUgICAgICAgICAgICAgfCAtMTclICAgICAgIHwgLTIxJSAgfAoK6LWE5paZ5p2l5rqQ77ya5YWs5Y+45YWs5ZGK77yM5Lit6ZO26K+B5Yi4
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第73頁
fCDlubTku70gfCDljLrln5/mt7HogJXlnovmiL/kvIEgfCDlhajlm73luIPlsYDmiL/kvIEgfCBUT1AyMCB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS18LS0tLS0tLXwKfCAyMDIxIHwgMTQlICAgICAgICAgICAgfCAtNDAlICAgICAgIHwgLTM3JSAgfAp8IDIwMjIgfCAxJSAgICAgICAgICAgICB8IC00MiUgICAgICAgfCAtMzglICB8CnwgMjAyMyB8IC0xMyUgICAgICAgICAgIHwgICAgICAgICAgICB8ICAgICAgIHwKfCAyMDI0IHwgLTMwJSAgICAgICAgICAgfCAgICAgICAgICAgIHwgICAgICAgfAoKCui1hOaWmeadpea6kO+8muWFrOWPuOWFrOWRiu+8jOS4remTtuivgeWIuA==
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第74頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第75頁
fCDmjpLlkI0gfCDmiL/kvIEgfCDlvZLmr43lh4DliKnmtqbvvIjkur/lhYPvvIkgfCDlkIzmr5Tlop7pgJ8gfAp8LS0tLS0tfC0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLXwKfCAxICAgIHwg5ruo5rGf6ZuG5ZuiIHwgMTEgICAgICAgICAgICAgICB8IDElICAgICAgIHwKfCAyICAgIHwg5bu65Y+R5Zu96ZmFIHwgLTUgICAgICAgICAgICAgICB8IC01JSAgICAgIHwKfCAzICAgIHwg5Y2O5ram572u5ZywIHwgLTE4ICAgICAgICAgICAgICB8IC0xOCUgICAgIHwKfCAuLi4gIHwgLi4uICAgfCAuLi4gICAgICAgICAgICAgIHwgLi4uICAgICAgfAoK6LWE5paZ5p2l5rqQ77ya5YWs5Y+45YWs5ZGK77yM5Lit6ZO26K+B5Yi4
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第76頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第77頁
fCDlubTku70gfCAyNTAw5Lq/5Lul5LiK6KeE5qihIHwgMTUwMH4yNTAw5Lq/6KeE5qihIHwgMTAwMH4xNTAw5Lq/6KeE5qihIHwgNDAwfjEwMDDkur/op4TmqKEgfCBUT1AyMCB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tfAp8IDIwMjEgfCAwLjk2ICAgICAgICAgICAgIHwgMS4yNyAgICAgICAgICAgICB8IDEuNzEgICAgICAgICAgICAgfCAxLjE3ICAgICAgICAgICAgIHwgMS4zMSAgIHwKfCAyMDIyIHwgMS4wOSAgICAgICAgICAgICB8IDEuMzQgICAgICAgICAgICAgfCAxLjU2ICAgICAgICAgICAgIHwgMC45NiAgICAgICAgICAgICB8IDEuMjkgICB8CnwgMjAyMyB8IDAuOTggICAgICAgICAgICAgfCAwLjk0ICAgICAgICAgICAgIHwgMS4yOCAgICAgICAgICAgICB8IDAuOTQgICAgICAgICAgICAgfCAxLjAzICAgfAp8IDIwMjQgfCAwLjg1ICAgICAgICAgICAgIHwgMC43NiAgICAgICAgICAgICB8IDEuMjAgICAgICAgICAgICAgfCAwLjg1ICAgICAgICAgICAgIHwgMS4wMSAgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOWFrOWRiu+8jOS4remTtuivgeWIuA==
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第78頁
fCDlubTku70gfCDlpK7kvIEgfCDlnLDmlrnlm73kvIEgfCDmsJHkvIEgfCDmt7flkIjmiYDmnInliLYgfCBUT1AyMCB8CnwtLS0tLS18LS0tLS0tfC0tLS0tLS0tLS18LS0tLS0tfC0tLS0tLS0tLS0tLXwtLS0tLS0tLXwKfCAyMDIxIHwgNiUgICB8IDY1JSAgICAgIHwgOSUgICB8IDglICAgICAgICAgfCAxMSUgICAgfAp8IDIwMjIgfCA0JSAgIHwgMTclICAgICAgfCAtNyUgIHwgLTIyJSAgICAgICB8IC04JSAgICB8CnwgMjAyMyB8IDAlICAgfCAxMiUgICAgICB8IC0yNSUgfCAtMjYlICAgICAgIHwgLTE1JSAgIHwKfCAyMDI0IHwgLTklICB8IC0xMyUgICAgIHwgLTI5JSB8IC0yOCUgICAgICAgfCAtMjElICAgfA==
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第79頁
fCDlubTku70gfCDlpK7kvIEgfCDlnLDmlrnlm73kvIEgfCDmsJHkvIEgfCDmt7flkIjmiYDmnInliLYgfCBUT1AyMCB8CnwtLS0tLS18LS0tLS0tfC0tLS0tLS0tLS18LS0tLS0tfC0tLS0tLS0tLS0tLXwtLS0tLS0tLXwKfCAyMDIxIHwgMC45NiB8IDEuNzQgICAgIHwgMS42MCB8IDEuMjIgICAgICAgfCAxLjMxICAgfAp8IDIwMjIgfCAwLjk0IHwgMS4zOCAgICAgfCAyLjEyIHwgMC45MCAgICAgICB8IDEuMjkgICB8CnwgMjAyMyB8IDAuOTAgfCAxLjI3ICAgICB8IDEuMjcgfCAwLjgyICAgICAgIHwgMS4wMyAgIHwKfCAyMDI0IHwgMC44OCB8IDEuMTUgICAgIHwgMS40NCB8IDAuNjggICAgICAgfCAxLjAxICAgfA==
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第80頁
fCDlubTku70gfCDljLrln5/mt7HogJXlnovmiL/kvIEgfCDlhajlm73luIPlsYDmiL/kvIEgfCBUT1AyMCB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS18LS0tLS0tLXwKfCAyMDIxIHwgNDclICAgICAgICAgICAgfCA3JSAgICAgICAgIHwgMTElICAgfAp8IDIwMjIgfCAxNiUgICAgICAgICAgICB8IC0xMSUgICAgICAgfCAtOCUgICB8CnwgMjAyMyB8IDEwJSAgICAgICAgICAgIHwgLTIwJSAgICAgICB8IC0xNSUgIHwKfCAyMDI0IHwgLTExJSAgICAgICAgICAgfCAtMjMlICAgICAgIHwgLTIxJSAgfAoK6LWE5paZ5p2l5rqQ77ya5YWs5Y+45YWs5ZGK77yM5Lit6ZO26K+B5Yi4
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第81頁
fCDlubTku70gfCDljLrln5/mt7HogJXlnovmiL/kvIEgfCDlhajlm73luIPlsYDmiL/kvIEgfCBUT1AyMCB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tfAp8IDIwMjEgfCAxLjg0ICAgICAgICAgICAgIHwgMS4wOSAgICAgICAgIHwgMS4zMSAgIHwKfCAyMDIyIHwgMS42OSAgICAgICAgICAgICB8IDEuMTIgICAgICAgICB8IDEuMjkgICB8CnwgMjAyMyB8IDEuNDEgICAgICAgICAgICAgfCAwLjg3ICAgICAgICAgfCAxLjAzICAgfAp8IDIwMjQgfCAxLjI0ICAgICAgICAgICAgIHwgMC45MiAgICAgICAgIHwgMS4wMSAgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOWFrOWRiu+8jOS4remTtuivgeWIuA==
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第82頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第83頁
fCDlubTku70gfCAyNTAw5Lq/5Lul5LiK6KeE5qihIHwgMTUwMH4yNTAw5Lq/6KeE5qihIHwgMTAwMH4xNTAw5Lq/6KeE5qihIHwgNDAwfjEwMDDkur/op4TmqKEgfCBUT1AyMCB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tfAp8IDIwMjEgfCAyNS44JSAgICAgICAgICAgIHwgMjEuOCUgICAgICAgICAgICB8IDIyLjglICAgICAgICAgICAgfCAxNy4wJSAgICAgICAgICAgIHwgMjEuMSUgIHwKfCAyMDIyIHwgMjMuMiUgICAgICAgICAgICB8IDE4LjclICAgICAgICAgICAgfCAxOC45JSAgICAgICAgICAgIHwgMTMuNSUgICAgICAgICAgICB8IDE3LjclICB8CnwgMjAyMyB8IDIwLjUlICAgICAgICAgICAgfCAxNC43JSAgICAgICAgICAgIHwgMTUuNiUgICAgICAgICAgICB8IDYuMSUgICAgICAgICAgICAgfCAxMy4wJSAgfAp8IDIwMjQgfCAxNy44JSAgICAgICAgICAgIHwgMTIuNSUgICAgICAgICAgICB8IDEzLjMlICAgICAgICAgICAgfCA5LjclICAgICAgICAgICAgIHwgMTIuNyUgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOWFrOWRiu+8jOS4remTtuivgeWIuA==
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第84頁
fCDlubTku70gfCAyNTAw5Lq/5Lul5LiK6KeE5qihIHwgMTUwMH4yNTAw5Lq/6KeE5qihIHwgMTAwMH4xNTAw5Lq/6KeE5qihIHwgNDAwfjEwMDDkur/op4TmqKEgfCBUT1AyMCB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tfAp8IDIwMjEgfCAxMy44JSAgICAgICAgICAgIHwgNS4zJSAgICAgICAgICAgICB8IDcuNSUgICAgICAgICAgICAgfCAxLjQlICAgICAgICAgICAgIHwgNi4xJSAgIHwKfCAyMDIyIHwgMTEuMCUgICAgICAgICAgICB8IDMuMCUgICAgICAgICAgICAgfCA2LjclICAgICAgICAgICAgIHwgLTMuNCUgICAgICAgICAgICB8IDMuMiUgICB8CnwgMjAyMyB8IDkuNSUgICAgICAgICAgICAgfCAyLjklICAgICAgICAgICAgIHwgNC4yJSAgICAgICAgICAgICB8IC05LjYlICAgICAgICAgICAgfCAwLjAlICAgfAp8IDIwMjQgfCA2LjQlICAgICAgICAgICAgIHwgLTMuNyUgICAgICAgICAgICB8IDMuNiUgICAgICAgICAgICAgfCAtMTAuMCUgICAgICAgICAgIHwgLTIuMCUgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOWFrOWRiu+8jOS4remTtuivgeWIuA==
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第85頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第86頁
fCDlubTku70gfCDlpK7kvIEgfCDlnLDmlrnlm73kvIEgfCDmsJHkvIEgfCDmt7flkIjmiYDmnInliLYgfCBUT1AyMCB8CnwtLS0tLS18LS0tLS0tfC0tLS0tLS0tLS18LS0tLS0tfC0tLS0tLS0tLS0tLXwtLS0tLS0tLXwKfCAyMDIxIHwgMTAuMCUgfCA2LjMlICAgIHwgMS4xJSB8IDUuMCUgICAgICAgfCA2LjElICAgfAp8IDIwMjIgfCA2LjYlICB8IDQuOSUgICAgfCAtMi44JXwgMy4wJSAgICAgICB8IDMuMiUgICB8CnwgMjAyMyB8IDQuNCUgIHwgMy40JSAgICB8IC05LjclfCAwLjglICAgICAgIHwgMC4wJSAgIHwKfCAyMDI0IHwgNC4wJSAgfCAyLjAlICAgIHwgLTkuMCV8IC03LjAlICAgICAgfCAtMi4wJSAgfA==
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第87頁
fCDlubTku70gfCDljLrln5/mt7HogJXlnovmiL/kvIEgfCDlhajlm73luIPlsYDmiL/kvIEgfCBUT1AyMCB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tfAp8IDIwMjEgfCAyMS40JSAgICAgICAgICAgIHwgMjEuMCUgICAgICAgIHwgMjEuMSUgIHwKfCAyMDIyIHwgMTguMSUgICAgICAgICAgICB8IDE3LjUlICAgICAgICB8IDE3LjclICB8CnwgMjAyMyB8IDE0LjklICAgICAgICAgICAgfCAxMi4yJSAgICAgICAgfCAxMy4wJSAgfAp8IDIwMjQgfCAxMi43JSAgICAgICAgICAgIHwgMTIuNyUgICAgICAgIHwgMTIuNyUgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOWFrOWRiu+8jOS4remTtuivgeWIuA==
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第88頁
fCDlubTku70gfCDljLrln5/mt7HogJXlnovmiL/kvIEgfCDlhajlm73luIPlsYDmiL/kvIEgfCBUT1AyMCB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS18LS0tLS0tLXwKfCAyMDIxIHwgNi4zJSAgICAgICAgICAgfCA2LjAlICAgICAgIHwgNi4xJSAgfAp8IDIwMjIgfCA1LjIlICAgICAgICAgICB8IDIuNCUgICAgICAgfCAzLjIlICB8CnwgMjAyMyB8IDMuMiUgICAgICAgICAgIHwgLTEuMyUgICAgICB8IDAuMCUgIHwKfCAyMDI0IHwgMi4yJSAgICAgICAgICAgfCAtMy43JSAgICAgIHwgLTIuMCUgfAoK6LWE5paZ5p2l5rqQ77ya5YWs5Y+45YWs5ZGK77yM5Lit6ZO26K+B5Yi4
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第89頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第90頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第91頁
fCDlubTku70gfCDlpK7kvIEgfCDlnLDmlrnlm73kvIEgfCDmsJHkvIEgfCDmt7flkIjmiYDmnInliLYgfCBUT1AyMCB8CnwtLS0tLS18LS0tLS0tfC0tLS0tLS0tLS18LS0tLS0tfC0tLS0tLS0tLS0tLXwtLS0tLS0tLXwKfCAyMDIwIHwgOC4yJSB8IDYuNSUgICAgIHwgNS42JSB8IDguMCUgICAgICAgfCA3LjMlICAgfAp8IDIwMjEgfCA3LjQlIHwgNi44JSAgICAgfCA2LjQlIHwgNy44JSAgICAgICB8IDcuMiUgICB8CnwgMjAyMiB8IDcuMCUgfCA3LjAlICAgICB8IDYuNiUgfCAxMC41JSAgICAgIHwgNy44JSAgIHwKfCAyMDIzIHwgNy4zJSB8IDYuNCUgICAgIHwgNS40JSB8IDcuMyUgICAgICAgfCA2LjclICAgfAp8IDIwMjQgfCA3LjQlIHwgNS45JSAgICAgfCA3LjYlIHwgMTAuMCUgICAgICB8IDguMCUgICB8CgrotYTmlpnmnaXmupDvvJrlhazlj7jlhazlkYrvvIzkuK3pk7bor4HliLg=
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第92頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第93頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第94頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第95頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第96頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第97頁
fCDmjpLlkI0gICB8IOaIv+S8gSAgICAgICAgICAgICAgIHwgMjAyNOW5tFJPRSAgfCDlkIzmr5Tlj5jljJYoUENUKSB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS18LS0tLS0tLS0tLS0tfAp8IDEgICAgfCDlu7rlj5Hlm73pmYXpm4blm6IgICAgICAgfCAxMi44JSAgICB8ICAgICAgICAgICAgfAp8IDIgICAgfCDljY7mtqbnva7lnLAgICAgICAgICAgIHwgOS40JSAgICAgfCAgICAgICAgICAgIHwKfCAzICAgIHwg5ruo5rGf6ZuG5ZuiICAgICAgICAgICB8IDkuMiUgICAgIHwgICAgICAgICAgICB8CnwgNCAgICB8IOm+mea5lumbhuWboiAgICAgICAgICAgfCA2LjQlICAgICB8ICAgICAgICAgICAgfAp8IDUgICAgfCDljY7lj5HogqHku70gICAgICAgICAgIHwgNC44JSAgICAgfCAgICAgICAgICAgIHwKfCA2ICAgIHwg57u/5Z+O5Lit5Zu9ICAgICAgICAgICB8IDQuNCUgICAgIHwgICAgICAgICAgICB8CnwgNyAgICB8IOS4reWbvea1t+WkluWPkeWxlSAgICAgICB8IDQuMSUgICAgIHwgICAgICAgICAgICB8CnwgOCAgICB8IOaLm+WVhuibh+WPoyAgICAgICAgICAgfCAzLjYlICAgICB8ICAgICAgICAgICAgfAp8IDkgICAgfCDkv53liKnlj5HlsZUgICAgICAgICAgIHwgMi41JSAgICAgfCAgICAgICAgICAgIHwKfCAxMCAgIHwg6LaK56eA5Zyw5LqnICAgICAgICAgICB8IDEuOSUgICAgIHwgICAgICAgICAgICB8CnwgMTEgICB8IOS/neWIqee9ruS4mumbhuWboiAgICAgICB8IDAuNSUgICAgIHwgICAgICAgICAgICB8CgrotYTmlpnmnaXmupDvvJrlhazlj7jlhazlkYrvvIzkuK3pk7bor4HliLg=
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第98頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第99頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第100頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第101頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第102頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第103頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第104頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第105頁
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
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第106頁
fCDlubTku70gfCDlpK7kvIEgfCDlnLDmlrnlm73kvIEgfCDmsJHkvIEgfCDmt7flkIjmiYDmnInliLYgfCBUT1AyMCB8CnwtLS0tLS18LS0tLS0tfC0tLS0tLS0tLS18LS0tLS0tfC0tLS0tLS0tLS0tLXwtLS0tLS0tLXwKfCAyMDIyIHwgNjQuNiUgfCA2Ni4wJSAgIHwgNzIuMiUgfCA3Mi4zJSAgICAgIHwgNjguNSUgIHwKfCAyMDIzIHwgNjMuMyUgfCA2NC4xJSAgIHwgNzQuNyUgfCA3MC42JSAgICAgIHwgNjcuOSUgIHwKfCAyMDI0IHwgNjEuOCUgfCA2My42JSAgIHwgNzYuMSUgfCA3MS4xJSAgICAgIHwgNjcuNyUgIHw=
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第107頁
fCDlubTku70gfCDlpK7kvIEgfCDlnLDmlrnlm73kvIEgfCDmsJHkvIEgfCDmt7flkIjmiYDmnInliLYgfCBUT1AyMCB8CnwtLS0tLS18LS0tLS0tfC0tLS0tLS0tLS18LS0tLS0tfC0tLS0tLS0tLS0tLXwtLS0tLS0tLXwKfCAyMDIyIHwgNjQuMyUgfCA2OC45JSAgIHwgMTIzLjAlIHwgNjUuNCUgICAgICB8IDc5LjIlICB8CnwgMjAyMyB8IDU5LjMlIHwgNTYuOCUgICB8IDE2Ny4xJSB8IDc0LjUlICAgICAgfCA4Ny44JSAgfAp8IDIwMjQgfCA1Ni4xJSB8IDU4LjIlICAgfCAyNDguMCUgfCA4Ny4yJSAgICAgIHwgMTA4LjklIHw=
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第108頁
fCDlubTku70gfCDlpK7kvIEgfCDlnLDmlrnlm73kvIEgfCDmsJHkvIEgfCDmt7flkIjmiYDmnInliLYgfCBUT1AyMCB8CnwtLS0tLS18LS0tLS0tfC0tLS0tLS0tLS18LS0tLS0tfC0tLS0tLS0tLS0tLXwtLS0tLS0tLXwKfCAyMDIyIHwgMS45MCB8IDMuNzYgICAgIHwgMS42NCB8IDEuNDIgICAgICAgfCAyLjA2ICAgfAp8IDIwMjMgfCAxLjg3IHwgMy44NyAgICAgfCAxLjE4IHwgMS4wNiAgICAgICB8IDEuODcgICB8CnwgMjAyNCB8IDIuMTQgfCAzLjg1ICAgICB8IDEuMzEgfCAwLjkxICAgICAgIHwgMS45NiAgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOWFrOWRiu+8jOS4remTtuivgeWIuA==
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第109頁
fCDlubTku70gfCDljLrln5/mt7HogJXlnovmiL/kvIEgfCDlhajlm73luIPlsYDmiL/kvIEgfCBUT1AyMCB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tfAp8IDIwMjIgfCA2Ni42JSAgICAgICAgICAgIHwgNjkuMiUgICAgICAgIHwgNjguNSUgIHwKfCAyMDIzIHwgNjQuNCUgICAgICAgICAgICB8IDY5LjMlICAgICAgICB8IDY3LjklICB8CnwgMjAyNCB8IDY0LjElICAgICAgICAgICAgfCA2OS4xJSAgICAgICAgfCA2Ny43JSAgfAoK6LWE5paZ5p2l5rqQ77ya5YWs5Y+45YWs5ZGK77yM5Lit6ZO26K+B5Yi4
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第110頁
fCDlubTku70gfCDljLrln5/mt7HogJXlnovmiL/kvIEgfCDlhajlm73luIPlsYDmiL/kvIEgfCBUT1AyMCB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS18LS0tLS0tLXwKfCAyMDIyIHwgNjcuMyUgICAgICAgICAgfCA4NC4xJSAgICAgIHwgNzkuMiUgfAp8IDIwMjMgfCA1Mi4yJSAgICAgICAgICB8IDEwMi42JSAgICAgfCA4Ny44JSB8CnwgMjAyNCB8IDQ3LjElICAgICAgICAgIHwgMTM0LjclICAgICB8IDEwOC45JXwKCui1hOaWmeadpea6kO+8muWFrOWPuOWFrOWRiu+8jOS4remTtuivgeWIuA==
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第111頁
fCDlubTku70gfCDljLrln5/mt7HogJXlnovmiL/kvIEgfCDlhajlm73luIPlsYDmiL/kvIEgfCBUT1AyMCB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tfAp8IDIwMjIgfCAyLjk2ICAgICAgICAgICAgIHwgMS42OCAgICAgICAgIHwgMi4wNiAgIHwKfCAyMDIzIHwgMy4xNCAgICAgICAgICAgICB8IDEuMzQgICAgICAgICB8IDEuODcgICB8CnwgMjAyNCB8IDMuNDYgICAgICAgICAgICAgfCAxLjMzICAgICAgICAgfCAxLjk2ICAgfAoK6LWE5paZ5p2l5rqQ77ya5YWs5Y+45YWs5ZGK77yM5Lit6ZO26K+B5Yi4
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第112頁
5qC55o2u5Zu+54mH5Lit55qE5L+h5oGv77yM5Lul5LiL5piv5pWw5o2u55qE6KGo5qC877yaCgp8IOaIv+S8geexu+WeiyB8IOeZvuWIhuavlCB8CnwgLS0tLS0tLS0gfCAtLS0tLS0gfAp8IOe6ouaho+aIv+S8gSB8IDE4JSAgICB8Cnwg5qmZ5qGj5oi/5LyBIHwgMCUgICAgIHwKfCDpu4TmoaPmiL/kvIEgfCAxOCUgICAgfAp8IOe7v+aho+aIv+S8gSB8IDY1JSAgICB8CgrotYTmlpnmnaXmupDvvJrlhazlj7jlhazlkYrvvIzkuK3pk7bor4HliLg=
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第113頁
5aW955qE77yM5Lul5LiL5piv5oKo5Zu+54mH5Lit55qE5pWw5o2u6KGo5qC85ZKM6LWE5paZ5p2l5rqQ77yaCgp8IOWFrOWPuOWQjeensCAgICAgICB8IOWJlOmZpOmihOaUtui0puasvuWQjueahOi1hOS6p+i0n+WAuueOhyB8IOWHgOi0n+WAuueOhyB8IOeOsOmHkeefreWAuuavlCB8CnwtLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS18LS0tLS0tLS0tLS0tfAp8IOeip+ahguWbrSAgICAgICAgIHwgOTMuMiUgICAgICAgICAgICAgICAgICAgIHwgNDgyLjIlICAgfCAwLjAzICAgICAgIHwKfCDono3liJvkuK3lm70gICAgICAgfCA5Mi40JSAgICAgICAgICAgICAgICAgICAgfCA0NTYuOSUgICB8IDAuMDQgICAgICAgfAp8IOe7v+WcsOaOp+iCoSAgICAgICB8IDg2LjklICAgICAgICAgICAgICAgICAgICB8IDE1Ny41JSAgIHwgMC4yMiAgICAgICB8Cnwg5L+d5Yip572u5Lia6ZuG5ZuiICAgfCA3MC40JSAgICAgICAgICAgICAgICAgICAgfCA3Ny4yJSAgICB8IDEuNzcgICAgICAgfAp8IOS4h+enkUEgICAgICAgICAgfCA2OS4wJSAgICAgICAgICAgICAgICAgICAgfCA4MS43JSAgICB8IDAuNTQgICAgICAgfAp8IOmHkeWcsOmbhuWboiAgICAgICB8IDYwLjIlICAgICAgICAgICAgICAgICAgICB8IDQ5LjUlICAgIHwgMC43MSAgICAgICB8Cnwg5Lit5Zu96YeR6IyCICAgICAgIHwgNjkuNiUgICAgICAgICAgICAgICAgICAgIHwgOTEuMyUgICAgfCAxLjM2ICAgICAgIHwKfCDnu7/ln47kuK3lm70gICAgICAgfCA2OC41JSAgICAgICAgICAgICAgICAgICAgfCA2MC4yJSAgICB8IDIuMTcgICAgICAgfAp8IOi2iuengOWcsOS6pyAgICAgICB8IDY4LjElICAgICAgICAgICAgICAgICAgICB8IDcxLjMlICAgIHwgMS4yOCAgICAgICB8Cnwg5L+d5Yip5Y+R5bGVICAgICAgIHwgNjUuNyUgICAgICAgICAgICAgICAgICAgIHwgNjIuNyUgICAgfCAxLjU5ICAgICAgIHwKfCDljY7lj5HogqHku70gICAgICAgfCA2My4xJSAgICAgICAgICAgICAgICAgICAgfCA3My44JSAgICB8IDEuNDEgICAgICAgfAp8IOa7qOaxn+mbhuWboiAgICAgICB8IDYxLjQlICAgICAgICAgICAgICAgICAgICB8IDAuNiUgICAgIHwgMy41OCAgICAgICB8Cnwg5oub5ZWG6JuH5Y+jICAgICAgIHwgNjAuMSUgICAgICAgICAgICAgICAgICAgIHwgNDMuNSUgICAgfCAxLjkxICAgICAgIHwKfCDlu7rlj5Hlm73pmYXpm4blm6IgICB8IDU5LjUlICAgICAgICAgICAgICAgICAgICB8IDI5LjUlICAgIHwgOC44NiAgICAgICB8Cnwg6b6Z5rmW6ZuG5ZuiICAgICAgIHwgNTcuMiUgICAgICAgICAgICAgICAgICAgIHwgNTIuMyUgICAgfCAxLjU5ICAgICAgIHwKfCDljY7mtqbnva7lnLAgICAgICAgfCA1Ni41JSAgICAgICAgICAgICAgICAgICAgfCAzMi40JSAgICB8IDEuODkgICAgICAgfAp8IOS4reWbvea1t+WkluWPkeWxlSAgIHwgNDguMiUgICAgICAgICAgICAgICAgICAgIHwgMjkuMyUgICAgfCA0LjQwICAgICAgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOWFrOWRiu+8jOS4remTtuivgeWIuA==
圖表100.2024年央企融資成本相對最低，僅3.1%，同_第114頁
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
所屬報告： 房地產行業2024年年報&2025年一季報綜述：2025年將成為房地產行業“由量轉質優化結構”的關鍵年-250512（45頁）.pdf
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