????è´¢è??社ï?ä¸?æµ·ï?ç¼?è¾? æ¢???ï¼?è®??5??4?¥ï?ä¸??头è?¡ç¥¨??åºþ=´»è·?ï¼??¿å??ä¸??¡æ??èµ·å?涨å??æ½??????³æ?¶ç??ï¼?ä¸?¿¡?ºç????0cm涨å??ï¼?ä¸?²®èµ?????ä¸??¢å?½é????ä¸??½å?ºç????ä¸??ä¼?åª???ä¸??½ç?ä¼?????å°??¿æ¶¨?????¶ä¸­ï¼??ºç???¿å??人æ?é¾?头中?½å?ºç????å¤??¿ã??æ­¤å?ï¼?ä¸??ä¿¡æ??¶¨è¶?13ï¼?ï¼?ä¸??¹ç?????ä¸??½é?¶è???ä¸??½äººä¿?ç­??¡ä?涨å?å±?????

?????ºç??é¾?头å???·æ¶¨??ï¼?AI????ä¸??¡å???

????æ¶??????ä¸??½å?ºç??è¿??¥å??å¸?å­£æ?¥æ?°æ??????¸ä?å¹´ä?季度?¥æ?¶å??æ¯?å¢???2.6ï¼?ï¼?å½?æ¯????©æ¶¦??æ¯?å¢???38.1ï¼?ï¼??¶ä¸­ï¼??£é?????©æ¶¦??æ¯????为ç????æ­¤å?ï¼?欧洲è®??????è¿??¥å°±??人工?ºè?½æ?æ¡???è¾¾æ????æ¡?ï¼??¶ä¸­???¹æ???°æ¨¡??å¼?????å°?è¢??æ±????²å?¨æ??建å?¶ç³»ç»??¶ä½¿?¨ç??ä»»ä?????????????å¤?ä¸?????????ä¸??½å?ºç??è¿??¥è?¡ä»·??ç»?µ°å¼ºï????³ä??¥æ?¶ç??ï¼??¶è?15?¥ç´¯è®¡ä?涨è?82.7ï¼?ï¼??»å??¼ä???????00亿å???³å?£ã??

????ä»?èµ????¢æ?¥ç??ï¼?ä¸??½å?ºç??è¿??¥é???å¤?è·?¸¸èµ????¶ä?èµ????????¹å?³æ³¨??????¥é???æ¦??°æ???¾ç¤ºï¼??¶ä?æ¦??¥ä??¨å¸­ä½???交é?3.65亿å??ï¼????¥å??ä¹°å?¥è?8000ä¸?????ä¹°å?¥æ???äº?å¸??ä¸??ä¸?¿¡è¯??¸æ?»é??????¥ä??ºæ??ï¼???ä¹°å?¥è?5600ä¸???ï¼?广å??è¯??¸ä?æµ·ä??¹è·¯??广å??è¯??¸é??å·???ä¸?è·?¸¤ä¸?¸¸èµ?常ç?¨å¸­ä½???ä¸?家é?????ºé??常ç?¨å¸­ä½??¨å???????¨å???ºæ???äº?å¸??ä¸???¤ä¸¤å®¶é?????ºé??常ç?¨å¸­ä½?å¤?ï¼?æ²??¡é??ä¸?ä¸?å¸???????ºè?1700ä¸?????

????ä¸?¿¡å»ºæ??è¿??¥ç???¥æ???ºï?è¿???å¹´ï??ºç??è¡?ä¸?以ä?绩稳å®?????红æ???é«???èµ????¨å?å¤?ç­???称ï????²å???ç±»ï??¿å??ä¼°å?¼ä?äº?10-20x?ºé?´ã??ä½????????AI??å±?å¸þ@?¨ä?ç»?ä¸??¡æ?¹é?©ï?è¿?å¾????°æ??§¯ç´??????²ä??¡å?å±?æ­£å?¨ç?????°æ?ºã????AI?¹é?©å¸¦?¥æ?°ä??¡å???ï¼??ºç?????¸ä¼°?¼æ??????ä¸??°é?¶ã??对æ??ºç?????²ä¼°?¼æ???µï?????è¡?ä¸?ä»?è¢????¾ä?ä¼°ï??¸è?????çº?5x??ä¼°å?¼ï??????¢å???5x??æ°´å¹³??

????ä¸??¹ä¼°?»è??????µï??³æ³¨??????红æ???

?????¤å????äº??ºç??æ¦?念å?ï¼?ä¸??½å?ºç??ä»??¥ç??涨å??ä¹??·ä¸­?¹ä¼°?»è?????ç»???????ä½?为ä?年以?¥ç???±è?主线ä¹?ä¸?ï¼?ä¸??¹ä¼°æ¦?念è??¥å??åºþ@??温ï?ä¸?ä»??¿å?????°ç»­?·å???²æ?°é?ï¼?ä¸??¡ä????·å¤§?¢ç§¯èµ°å¼º?????³ä??¥æ?¶ç??ï¼?ä¸??ä¿¡æ????ä¸??¹ç?????ä¸??½ç?ä¼?ç­?è¿?20??¸­å­?头æ?念è?¡è?5ä¸?º¤???¥ç´¯è®¡ä?涨è?10ï¼?ï¼????¶ï?ä¸?ä¹??¸å?³ç??大é??????æ²¹æ???ä¸?å¸þ??è·????»è????¹å??ä¹?é¢?é¢?æ¶??°ä¸­?¹ä¼°æ¦?念ç???¡ã??

?????½ç??è¯??¸è??¥ç???¥æ???ºï?å±?????å¸?ï¼??½å¤®ä¼?ä¼°å?¼æ?¹å?´æ???¾ï?ä¿??æ½???ä»?大ã??å¹´å??以æ?¥ï??½å¤®ä¼?ä¼°å?¼å·²ç»????¶æ??§ä¿®å¤?ï¼?ä¸?è¿?ç«?足ä?ä¼°å?¼ä?系修正è?è§???ï¼??½å¤®ä¼??¿æ????ä¼°å?¼ä¿®å¤?æ½???ä»?大ã???¥ç???PB-ROEè§?è§???ï¼??½å¤®ä¼?ä¼°å?¼ä¿®å¤?ä»??????????ä»?ï¼?å·þ@?³ç???½å¤®ä¼?ROEä¸???°ç??ï¼??½å¤®ä¼?????ä»???30ï¼?-40ï¼?å·þ@?³ç??ä¼°å?¼ä?ä¿?©º?´ï????¥ä¼´???½å¤®ä¼???ä¿??¼å??????????å®??¨è?ï¼??¿æ??ä¼°å?¼ä¿®å¤?æ½???ä»?大ã??

??????对ä????³æ³¨???????¹é???ä¸??????¸è?为ï??¨é???红å?½ä?主线ä¸?ï¼?ç­????¹å?è¦??´å?注é????红æ?????????çº???é«??¡æ?????·ä???è¨?ï¼?建è?ä»???红空?´ä???红è?½å??两个维度????ï¼?1ï¼???红空?´ï?å½???æ´¾æ???ä¾??¸å?ä¸?é«?ï¼???æ­¤æ??è¿?ä¸?æ­¥æ????空é?´ï?并æ???§æ´¾???ä¾?ä»?ä½??°é?èµ?äº?ç»?????????é«?ä½?ï¼?2ï¼???红è?½å??ï¼?ç»??¥æ?§ç?°é??æµ?è¾?好ä???ç»??§å¼ºï¼?FCF?¶ç????è¾?é«?ï¼?ï¼??¨æ?????°é????è£?ï¼???????è¾?ä½???????EV/EBITDAè¾?ä½?ï¼???