{"id":13869,"date":"2025-11-05T12:38:45","date_gmt":"2025-11-05T12:38:45","guid":{"rendered":"https:\/\/zythos.es\/?p=13869"},"modified":"2025-11-05T13:47:02","modified_gmt":"2025-11-05T13:47:02","slug":"2025%e5%b9%b4%e5%ba%95%e4%b8%ad%e5%9b%bd%e7%bb%8f%e6%b5%8e%e5%88%86%e6%9e%90%ef%bc%9a%e5%a4%96%e9%83%a8%e5%bc%ba%e5%8a%b2%e4%b8%8e%e5%86%85%e9%83%a8%e8%84%86%e5%bc%b1%e7%9a%84%e6%82%96%e8%ae%ba","status":"publish","type":"post","link":"https:\/\/zythos.es\/zh-hans\/2025\/11\/2025%e5%b9%b4%e5%ba%95%e4%b8%ad%e5%9b%bd%e7%bb%8f%e6%b5%8e%e5%88%86%e6%9e%90%ef%bc%9a%e5%a4%96%e9%83%a8%e5%bc%ba%e5%8a%b2%e4%b8%8e%e5%86%85%e9%83%a8%e8%84%86%e5%bc%b1%e7%9a%84%e6%82%96%e8%ae%ba\/","title":{"rendered":"2025\u5e74\u5e95\u4e2d\u56fd\u7ecf\u6d4e\u5206\u6790\uff1a\u5916\u90e8\u5f3a\u52b2\u4e0e\u5185\u90e8\u8106\u5f31\u7684\u6096\u8bba"},"content":{"rendered":"\n

\u5bf92025\u5e74\u5e95\u4e2d\u56fd\u7ecf\u6d4e\u6307\u6807\u7684\u5206\u6790\u63ed\u793a\u4e86\u4e00\u4e2a\u6df1\u5ea6\u5206\u5316\u7684\u7ecf\u6d4e\u4f53\uff0c\u5176\u7279\u70b9\u662f\u56fd\u5bb6\u9a71\u52a8\u7684\u9ad8\u79d1\u6280\u51fa\u53e3\u90e8\u95e8\u8868\u73b0\u5f3a\u52b2\uff0c\u800c\u5185\u90e8\u9700\u6c42\u5219\u5448\u73b0\u51fa\u7cfb\u7edf\u6027\u8106\u5f31\u3002\u5c3d\u7ba12025\u5e74\u7b2c\u4e09\u5b63\u5ea6\uff08Q3\uff09\u5b9e\u9645\u56fd\u5185\u751f\u4ea7\u603b\u503c\uff08GDP\uff09\u540c\u6bd4\u589e\u957f4.8% 1<\/sup>\uff0c\u4f7f\u56fd\u5bb6\u6709\u671b\u5b9e\u73b0\u201c5%\u5de6\u53f3\u201d\u7684\u5b98\u65b9\u5e74\u5ea6\u76ee\u6807\uff0c\u4f46\u8fd9\u4e00\u603b\u4f53\u6570\u636e\u63a9\u76d6\u4e86\u5173\u952e\u7684\u6f5c\u5728\u75b2\u8f6f\u3002<\/p>\n\n\n\n

\u6700\u663e\u8457\u7684\u8b66\u793a\u4fe1\u53f7\u662f\u5b9e\u9645GDP\u589e\u957f\uff084.8%\uff09\u4e0e\u540d\u4e49GDP\u589e\u957f\uff08\u4ec53.7%\uff09\u4e4b\u95f4\u7684\u80cc\u79bb\u30021<\/sup> \u8fd9\u4e00\u5dee\u8ddd\u8bc1\u5b9e\u4e86\u6574\u4f53\u7ecf\u6d4e\u5b58\u5728\u901a\u7f29\u538b\u529b\uff0c\u8fd9\u662f\u9700\u6c42\u3001\u5b9a\u4ef7\u6743\u548c\u4f01\u4e1a\u76c8\u5229\u80fd\u529b\u4e25\u91cd\u75b2\u8f6f\u7684\u75c7\u72b6\u3002<\/p>\n\n\n\n

\u672c\u62a5\u544a\u7684\u6838\u5fc3\u8bba\u70b9\u662f\uff0c\u4e2d\u56fd\u6b63\u5728\u8fd0\u884c\u4e00\u79cd\u53cc\u901f\u7ecf\u6d4e\uff1a<\/p>\n\n\n\n

    \n
  1. \u5feb\u901f\u5f15\u64ce\uff08\u4f9b\u7ed9\u9a71\u52a8\uff09\uff1a<\/strong> \u5728\u201c\u65b0\u8d28\u751f\u4ea7\u529b\u201d\u8fd9\u4e00\u65d7\u8230\u4ea7\u4e1a\u653f\u7b56\u7684\u63a8\u52a8\u4e0b 3<\/sup>\uff0c\u9ad8\u79d1\u6280\u5236\u9020\u4e1a\u5b9e\u73b0\u5f3a\u52b2\u6269\u5f20 1<\/sup>\uff0c\u8d38\u6613\u987a\u5dee\u4e0d\u65ad\u589e\u957f 5<\/sup>\u3002<\/li>\n\n\n\n
  2. \u6162\u901f\u5f15\u64ce\uff08\u5185\u90e8\u9700\u6c42\uff09\uff1a<\/strong> \u5185\u90e8\u9700\u6c42\u5d29\u6e83\uff0c\u8868\u73b0\u4e3a\u623f\u5730\u4ea7\u884c\u4e1a\u5371\u673a\u4ecd\u672a\u89c1\u5e95 7<\/sup>\uff0c\u96f6\u552e\u6d88\u8d39\u75b2\u8f6f\u4e14\u6301\u7eed\u51cf\u901f 9<\/sup>\uff0c\u6d88\u8d39\u8005\u4fe1\u5fc3\u6301\u7eed\u4f4e\u8ff7 10<\/sup>\u3002<\/li>\n<\/ol>\n\n\n\n

    \u5317\u4eac\u8bd5\u56fe\u901a\u8fc7\u5de5\u4e1a\u8fc7\u5269\u751f\u4ea7\u6765\u5f25\u8865\u5185\u90e8\u75b2\u8f6f\u7684\u6218\u7565\uff0c\u6b63\u5728\u5c06\u5176\u5931\u8861\u95ee\u9898\u5411\u5916\u8f93\u51fa\u3002\u8fd9\u8868\u73b0\u4e3a\u521b\u7eaa\u5f55\u7684\u8d38\u6613\u987a\u5dee 6<\/sup>\uff0c\u5e76\u5f15\u53d1\u4e86\u4e0e\u7f8e\u56fd\u548c\u6b27\u76df\u7684\u76f4\u63a5\u8d38\u6613\u6469\u64e6\uff0c\u540e\u8005\u5df2\u91c7\u53d6\u5f81\u6536\u9ad8\u989d\u5173\u7a0e\u7684\u63aa\u65bd\u4f5c\u4e3a\u56de\u5e94 11<\/sup>\u3002<\/p>\n\n\n\n

    \u5173\u952e\u7684\u7cfb\u7edf\u6027\u98ce\u9669\u5305\u62ec\uff1a\u623f\u5730\u4ea7\u4e1a\u7684\u507f\u4ed8\u80fd\u529b\u5371\u673a\uff0c\u76ee\u524d\u5df2\u6ce2\u53ca\u4e07\u79d1\uff08Vanke\uff09\u7b49\u6709\u56fd\u5bb6\u80cc\u666f\u7684\u5f00\u53d1\u5546 13<\/sup>\uff1b\u5730\u65b9\u653f\u5e9c\u878d\u8d44\u5e73\u53f0\uff08LGFV\uff09\u4e0d\u53ef\u6301\u7eed\u7684\u201c\u9690\u6027\u503a\u52a1\u201d 14<\/sup>\uff1b\u4ee5\u53ca\u5916\u56fd\u4f01\u4e1a\u5386\u53f2\u6027\u7684\u8d44\u672c\u5916\u9003\uff0c\u8fd9\u5728\u56fd\u9645\u6536\u652f\u6570\u636e\u4e2d\u6e05\u6670\u53ef\u89c1 15<\/sup>\u3002\u5317\u4eac\u7684\u653f\u7b56\u5e94\u5bf9\u662f\u4e0d\u5bf9\u79f0\u7684\uff0c\u7edd\u5927\u591a\u6570\u653f\u7b56\u90fd\u503e\u5411\u4e8e\u4f9b\u7ed9\u4fa7\u548c\u6295\u8d44\uff0c\u800c\u975e\u6d88\u8d39\u8005\u9700\u6c42 16<\/sup>\u30022026\u5e74\u7684\u524d\u666f\u6307\u5411\u6301\u7eed\u7684\u7ecf\u6d4e\u51cf\u901f\uff0c\u5e76\u4f34\u968f\u7740\u201c\u65e5\u672c\u5316\u201d\u60c5\u666f\u7684\u663e\u8457\u98ce\u9669 18<\/sup>\u3002<\/p>\n\n\n\n

    2025\u5e74\u5b8f\u89c2\u7ecf\u6d4e\u5168\u666f\uff1a\u590d\u82cf\u4e0d\u5747\u4e0e\u901a\u7f29\u538b\u529b<\/h2>\n\n\n\n

    \u672c\u8282\u5229\u75282025\u5e74\u7b2c\u4e09\u5b63\u5ea6\u7684\u6570\u636e\uff0c\u6784\u5efa\u4e86\u5b8f\u89c2\u7ecf\u6d4e\u7684\u57fa\u51c6\u60c5\u666f\uff0c\u5f15\u51fa\u4e86\u901a\u7f29\u548c\u589e\u957f\u5931\u8861\u7684\u6838\u5fc3\u53d9\u4e8b\u3002<\/p>\n\n\n\n

    A. 2025\u5e74Q3 GDP\u589e\u957f\u5206\u6790\uff1a\u8d85\u8d8a\u603b\u4f53\u6570\u636e<\/h3>\n\n\n\n

    2025\u5e74\u7b2c\u4e09\u5b63\u5ea6\u7684\u5b98\u65b9\u6570\u636e\u663e\u793a\uff0c\u4e2d\u56fd\u7ecf\u6d4e\u540c\u6bd4\u589e\u957f4.8% 1<\/sup>\u3002\u867d\u7136\u8fd9\u662f\u4e00\u5e74\u6765\u6700\u6162\u7684\u589e\u901f\uff0c\u4f46\u4ecd\u7b26\u5408\u653f\u5e9c\u201c5%\u5de6\u53f3\u201d\u7684\u5e74\u5ea6\u589e\u957f\u76ee\u6807 1<\/sup>\u3002\u73af\u6bd4\u6765\u770b\uff0c\u7ecf\u6d4e\u6269\u5f20\u4e861.1% 19<\/sup>\uff0c\u8d85\u51fa\u4e86\u5e02\u573a\u9884\u671f\u76840.8% 2<\/sup>\u30022025\u5e74\u524d\u4e09\u5b63\u5ea6\uff0c\u7d2f\u8ba1GDP\u540c\u6bd4\u589e\u957f5.2%\uff0c\u8fbe\u5230101.5\u4e07\u4ebf\u5143\u4eba\u6c11\u5e01 1<\/sup>\u3002<\/p>\n\n\n\n

    \u5c3d\u7ba1\u8fd9\u4e9b\u603b\u4f53\u6570\u636e\u770b\u4f3c\u7a33\u5b9a\uff0c\u4f46\u5176\u589e\u957f\u6784\u6210\u63ed\u793a\u4e86\u5931\u8861\u7684\u521d\u6b65\u8ff9\u8c61\u3002\u589e\u957f\u51e0\u4e4e\u5b8c\u5168\u4f9d\u8d56\u201c\u9ad8\u79d1\u6280\u5236\u9020\u4e1a\/\u51fa\u53e3\u548c\u4e0d\u65ad\u589e\u957f\u7684\u8d38\u6613\u987a\u5dee\u201d\uff0c\u800c\u201c\u56fd\u5185\u9700\u6c42\u75b2\u8f6f\u201d\uff0c\u201c\u623f\u5730\u4ea7\u884c\u4e1a\u7684\u4e0b\u6ed1\u7ee7\u7eed\u62d6\u7d2f\u652f\u51fa\u548c\u6295\u8d44\u201d 1<\/sup>\u3002<\/p>\n\n\n\n

    B. \u901a\u7f29\u8b66\u949f\uff1a\u540d\u4e49GDP\u4e0e\u5b9e\u9645GDP\u7684\u80cc\u79bb<\/h3>\n\n\n\n

    \u5185\u90e8\u9700\u6c42\u75b2\u8f6f\u7684\u6700\u6709\u529b\u8bc1\u636e\u5728\u4e8e\u540d\u4e49GDP\u4e0e\u5b9e\u9645GDP\u4e4b\u95f4\u7684\u80cc\u79bb\u3002\u867d\u7136\u5b9e\u9645\uff08\u7ecf\u901a\u80c0\u8c03\u6574\u7684\uff09GDP\u589e\u957f\u4e864.8%\uff0c\u4f46\u7b2c\u4e09\u5b63\u5ea6\u540d\u4e49\uff08\u6309\u5f53\u524d\u4ef7\u683c\u8ba1\u7b97\u7684\uff09GDP\u540c\u6bd4\u4ec5\u589e\u957f\u4e863.7% 1<\/sup>\u3002<\/p>\n\n\n\n

    \u8fd91.1\u4e2a\u767e\u5206\u70b9\u7684\u5dee\u8ddd\u610f\u5473\u7740\uff0c\u4f5c\u4e3a\u7ecf\u6d4e\u4e2d\u6700\u5e7f\u6cdb\u901a\u80c0\u8861\u91cf\u7684GDP\u5e73\u51cf\u6307\u6570(GDP deflator)\u7ea6\u4e3a-1.1%\u3002\u8fd9\u662f\u7ecf\u6d4e\u5168\u9762\u901a\u7f29\u7684\u660e\u786e\u4fe1\u53f7\uff0c\u5176\u4e25\u91cd\u7a0b\u5ea6\u8d85\u8fc7\u4e86\u5c45\u6c11\u6d88\u8d39\u4ef7\u683c\u6307\u6570\uff08CPI\uff09\u6240\u663e\u793a\u7684\u6c34\u5e73\u3002\u8fd9\u79cd\u901a\u7f29\u8868\u660e\u201c\u5b9a\u4ef7\u80fd\u529b\u8584\u5f31\u201d\uff0c\u5e76\u5bf9\u201c\u4f01\u4e1a\u5229\u6da6\u3001\u5de5\u8d44\u548c\u8d22\u653f\u6536\u5165\u201d\u6784\u6210\u4e86\u5de8\u5927\u201c\u538b\u529b\u201d 1<\/sup>\u3002\u5728\u4e00\u4e2a\u603b\u503a\u52a1\u8d1f\u62c5\u4f4d\u5c45\u4e16\u754c\u524d\u5217\u7684\u56fd\u5bb6 14<\/sup>\uff0c\u7269\u4ef7\u4e0b\u8dcc\u589e\u52a0\u4e86\u73b0\u6709\u503a\u52a1\u7684\u5b9e\u9645\u8d1f\u62c5\uff0c\u6291\u5236\u4e86\u65b0\u7684\u79c1\u4eba\u6295\u8d44\uff0c\u5e76\u52a0\u5267\u4e86\u201c\u65e5\u672c\u5316\u201d\u87ba\u65cb\u7684\u98ce\u9669 18<\/sup>\u3002<\/p>\n\n\n\n

    C. CPI\u4e0e\u6d88\u8d39\u901a\u80c0\uff1a\u9677\u5165\u8d1f\u503c\u533a\u95f4<\/h3>\n\n\n\n

    \u6765\u81ea\u9700\u6c42\u4fa7\u7684\u901a\u7f29\u538b\u529b\u5f97\u5230\u4e86CPI\u6570\u636e\u7684\u8bc1\u5b9e\u30022025\u5e749\u6708\u7684CPI\u540c\u6bd4\u4e0b\u964d\u4e860.3% 20<\/sup>\uff0c\u6b64\u524d8\u6708\u4efd\u4e0b\u964d\u4e860.4% 21<\/sup>\u3002\u8fd9\u662f\u8fde\u7eed\u7b2c\u4e8c\u4e2a\u6708\u51fa\u73b0\u6d88\u8d39\u4ef7\u683c\u901a\u7f29 21<\/sup>\u3002<\/p>\n\n\n\n

    \u4e0b\u964d\u7684\u4e3b\u8981\u9a71\u52a8\u529b\u662f\u98df\u54c1\u901a\u80c0\uff089\u6708\u4efd\u4e3a-4.4%\uff0920<\/sup> \u548c\u4ea4\u901a\u8fd0\u8f93\u4ef7\u683c\u7684\u4e0b\u8dcc\uff08\u540c\u6bd4-2.4%\uff0922<\/sup>\u3002\u7136\u800c\uff0c\u5254\u9664\u6ce2\u52a8\u8f83\u5927\u7684\u98df\u54c1\u548c\u80fd\u6e90\u4ef7\u683c\u540e\u7684\u6838\u5fc3CPI\u5374\u5f02\u5e38\u75b2\u8f6f\uff0c\u4ec5\u4e0a\u6da8\u4e860.6% 1<\/sup>\u3002\u8fd9\u4e00\u6570\u5b57\u8fdc\u4f4e\u4e8e\u4efb\u4f55\u5065\u5eb7\u7684\u901a\u80c0\u76ee\u6807\uff0c\u51f8\u663e\u4e86\u6d88\u8d39\u8005\u57fa\u672c\u9700\u6c42\u7684\u532e\u4e4f\u3002<\/p>\n\n\n\n

    D. \u52b3\u52a8\u529b\u5e02\u573a\uff1a\u8868\u9762\u7a33\u5b9a\uff0c\u6697\u85cf\u538b\u529b<\/h3>\n\n\n\n

    \u4ece\u8868\u9762\u4e0a\u770b\uff0c\u52b3\u52a8\u529b\u5e02\u573a\u4f3c\u4e4e\u4fdd\u6301\u7a33\u5b9a\u30029\u6708\u4efd\uff0c\u5168\u56fd\u57ce\u9547\u8c03\u67e5\u5931\u4e1a\u7387\u4ece8\u6708\u4efd\u76845.3%\u964d\u81f35.2% 23<\/sup>\u3002\u8fd9\u4ecd\u7136\u8212\u9002\u5730\u4fdd\u6301\u5728\u653f\u5e9c\u8bbe\u5b9a\u76842025\u5e74\u201c5.5%\u5de6\u53f3\u201d\u7684\u5b98\u65b9\u76ee\u6807\u8303\u56f4\u5185 25<\/sup>\u3002\u4eca\u5e74\u524d\u4e5d\u4e2a\u6708\uff0c\u4e2d\u56fd\u57ce\u9547\u65b0\u589e\u5c31\u4e1a1057\u4e07\u4eba\uff0c\u5b8c\u6210\u4e861200\u4e07\u5e74\u5ea6\u76ee\u6807\u768488% 24<\/sup>\u3002<\/p>\n\n\n\n

    \u7136\u800c\uff0c\u8fd9\u79cd\u7a33\u5b9a\u63a9\u76d6\u4e86\u7ed3\u6784\u6027\u7684\u52a8\u8361\u3002\u52b3\u52a8\u5bc6\u96c6\u578b\u623f\u5730\u4ea7\u884c\u4e1a\u7684\u5d29\u6e83\u5bfc\u81f4\u6570\u767e\u4e07\u4eba\u5931\u4e1a\uff0c\u800c\u9ad8\u79d1\u6280\u5236\u9020\u4e1a\u7684\u7e41\u8363\u5219\u9700\u8981\u4e0d\u540c\u7684\u6280\u80fd\u7ec4\u5408\u3002\u4f5c\u4e3a\u4ea7\u4e1a\u52b3\u52a8\u529b\u5173\u952e\u7ec4\u6210\u90e8\u5206\u7684\u519c\u6c11\u5de5\u5931\u4e1a\u7387\u4e3a4.9% 23<\/sup>\uff0c\u4f4e\u4e8e\u5168\u56fd\u5e73\u5747\u6c34\u5e73\uff0c\u8fd9\u8868\u660e\u5236\u9020\u4e1a\u6b63\u5728\u5438\u7eb3\u52b3\u52a8\u529b\u3002\u5c3d\u7ba1\u5982\u6b64\uff0c\u201c\u4f01\u4e1a\u5c31\u4e1a\u4eba\u5458\u5468\u5e73\u5747\u5de5\u4f5c\u65f6\u95f4\u201d\u4e3a48.6\u5c0f\u65f6 23<\/sup>\uff0c\u8fd9\u8868\u660e\u5728\u901a\u7f29\u6324\u538b\u5229\u6da6\u7a7a\u95f4\u7684\u80cc\u666f\u4e0b\uff0c\u4f01\u4e1a\u66f4\u503e\u5411\u4e8e\u6700\u5927\u5316\u73b0\u6709\u5458\u5de5\u7684\u751f\u4ea7\u529b\uff0c\u800c\u4e0d\u662f\u8fdb\u884c\u5927\u89c4\u6a21\u62db\u8058\u3002<\/p>\n\n\n\n

    \u88681\uff1a\u4e2d\u56fd\u5173\u952e\u7ecf\u6d4e\u6307\u6807\uff082025\u5e74Q3\uff09<\/strong><\/p>\n\n\n\n

    \u6307\u6807<\/strong><\/td>2025\u5e74Q3\u6570\u636e\uff08\u540c\u6bd4\uff09<\/strong><\/td>2025\u5e74YTD\u6570\u636e\uff08Q1-Q3\uff09<\/strong><\/td>\u6765\u6e90<\/strong><\/td><\/tr><\/thead>
    \u5b9e\u9645GDP\u589e\u957f<\/strong><\/td>4.8%<\/td>5.2%<\/td>1<\/sup><\/td><\/tr>
    \u540d\u4e49GDP\u589e\u957f<\/strong><\/td>3.7%<\/td>N\/A<\/td>1<\/sup><\/td><\/tr>
    \u901a\u80c0\u7387 (CPI, 9\u6708)<\/strong><\/td>-0.3%<\/td>-0.1%<\/td>[1, 20]<\/td><\/tr>
    \u6838\u5fc3\u901a\u80c0\u7387 (9\u6708)<\/strong><\/td>0.6%<\/td>N\/A<\/td>[1, 20]<\/td><\/tr>
    \u57ce\u9547\u8c03\u67e5\u5931\u4e1a\u7387 (9\u6708)<\/strong><\/td>5.2% (\u5f53\u671f)<\/td>5.2% (\u5e73\u5747)<\/td>23<\/sup><\/td><\/tr>
    \u5de5\u4e1a\u589e\u52a0\u503c\u589e\u957f (9\u6708)<\/strong><\/td>6.5%<\/td>6.2%<\/td>4<\/sup><\/td><\/tr>
    \u793e\u4f1a\u6d88\u8d39\u54c1\u96f6\u552e\u603b\u989d\u589e\u957f (9\u6708)<\/strong><\/td>3.0%<\/td>4.5%<\/td>[1, 9]<\/td><\/tr>
    \u8d38\u6613\u987a\u5dee (YTD, 9\u6708)<\/strong><\/td>N\/A<\/td>8751\u4ebf\u7f8e\u5143<\/td>6<\/sup><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    \u5185\u9700\u840e\u7f29\uff1a\u7f3a\u5e2d\u7684\u6d88\u8d39\u8005\u4e0e\u626d\u66f2\u7684\u6295\u8d44<\/h2>\n\n\n\n

    \u4e2d\u56fd\u7ecf\u6d4e\u7684\u901a\u7f29\u6027\u75b2\u8f6f\u6e90\u4e8e\u5185\u90e8\u9700\u6c42\u7684\u201c\u6162\u901f\u5f15\u64ce\u201d\u3002\u6050\u60e7\u7684\u6d88\u8d39\u8005\u548c\u6295\u8d44\u9886\u57df\u7684\u7ed3\u6784\u6027\u8f6c\u53d8\u7559\u4e0b\u4e86\u4e00\u4e2a\u4ec5\u9760\u4ea7\u4e1a\u653f\u7b56\u65e0\u6cd5\u586b\u8865\u7684\u771f\u7a7a\u3002<\/p>\n\n\n\n

    A. \u6d88\u8d39\u4f5c\u4e3a\u589e\u957f\u5f15\u64ce\u7684\u5931\u8d25<\/h3>\n\n\n\n

    \u5c3d\u7ba12025\u5e74\u524d\u4e09\u5b63\u5ea6\u793e\u4f1a\u6d88\u8d39\u54c1\u96f6\u552e\u603b\u989d\u589e\u957f\u4e864.5% 1<\/sup>\uff0c\u4f46\u5176\u8d8b\u52bf\u4ee4\u4eba\u62c5\u5fe7\u3002\u96f6\u552e\u603b\u989d\u7684\u540c\u6bd4\u589e\u957f\u5df2\u8fde\u7eed\u653e\u7f13\uff0c9\u6708\u4efd\u4ec5\u4e3a3.0% 2<\/sup>\uff0c\u8fd9\u662f\u201c\u81ea2024\u5e748\u6708\u4ee5\u6765\u6700\u5f31\u7684\u201d 9<\/sup>\u3002\u6b64\u524d\uff0c8\u6708\u4efd\u4e3a3.4% 27<\/sup>\uff0c7\u6708\u4efd\u4e3a3.7% 9<\/sup>\u3002<\/p>\n\n\n\n

    \u8fd9\u79cd\u75b2\u8f6f\u7684\u6839\u6e90\u5728\u4e8e\u623f\u5730\u4ea7\u884c\u4e1a\u5d29\u6e83\u76f4\u63a5\u5bfc\u81f4\u7684\u201c\u8d1f\u8d22\u5bcc\u6548\u5e94\u201d\u3002\u7531\u4e8e\u623f\u5730\u4ea7\u5360\u4e2d\u56fd\u5bb6\u5ead\u8d22\u5bcc\u7684\u5927\u90e8\u5206 7<\/sup>\uff0c\u623f\u4ef7\u4e0b\u8dcc\u4f7f\u6d88\u8d39\u8005\u611f\u89c9\u81ea\u5df1\u53d8\u7a77\u4e86\u3002\u518d\u52a0\u4e0a\u52b3\u52a8\u529b\u5e02\u573a\u7684\u4e0d\u786e\u5b9a\u6027\u548c\u5de5\u8d44\u505c\u6ede\uff08\u9690\u542b\u57283.7%\u7684\u75b2\u8f6f\u540d\u4e49GDP\u589e\u957f\u4e2d 1<\/sup>\uff09\uff0c\u5f3a\u5316\u4e86\u4e00\u79cd\u9884\u9632\u6027\u50a8\u84c4\u7684\u5fc3\u6001 28<\/sup>\u3002<\/p>\n\n\n\n

    \u6d88\u8d39\u8005\u4fe1\u5fc3\u4ecd\u505c\u7559\u5728\u5386\u53f2\u4f4e\u70b9\u9644\u8fd1\u30022025\u5e748\u6708\uff0c\u8be5\u6307\u6570\u4e3a89.2\uff0c\u8fdc\u4f4e\u4e8e108.86\u7684\u5386\u53f2\u5e73\u5747\u6c34\u5e73 10<\/sup>\u3002\u5728\u8fd9\u79cd\u73af\u5883\u4e0b\uff0c\u653f\u5e9c\u7684\u523a\u6fc0\u63aa\u65bd\uff0c\u5982\u5bb6\u7535\u548c\u6c7d\u8f66\u7684\u201c\u4ee5\u65e7\u6362\u65b0\u8ba1\u5212\u201d 30<\/sup>\uff0c\u6b63\u663e\u793a\u51fa\u201c\u9012\u51cf\u201d\u7684\u6548\u5e94 30<\/sup>\u3002\u5982\u679c\u4e0d\u80fd\u4ece\u6839\u672c\u4e0a\u6062\u590d\u4fe1\u5fc3\uff0c\u4e2d\u56fd\u6d88\u8d39\u8005\u5c06\u65e0\u6cd5\u6210\u4e3a\u5317\u4eac\u6240\u9700\u8981\u7684\u589e\u957f\u5f15\u64ce 18<\/sup>\u3002<\/p>\n\n\n\n

    B. \u56fa\u5b9a\u8d44\u4ea7\u6295\u8d44 (FAI)\uff1a\u4e24\u4e2a\u9886\u57df\u7684\u6545\u4e8b<\/h3>\n\n\n\n

    \u56fa\u5b9a\u8d44\u4ea7\u6295\u8d44\uff08FAI\uff09\u66b4\u9732\u4e86\u7ecf\u6d4e\u4e2d\u7684\u660e\u663e\u5206\u5316\u3002\u603b\u4f53\u6570\u636e\u663e\u793a\uff0c2025\u5e74\u524d\u4e5d\u4e2a\u6708\u6536\u7f29\u4e860.5% 1<\/sup>\u3002\u7136\u800c\uff0c\u8fd9\u4e00\u6570\u5b57\u80cc\u540e\u9690\u85cf\u7740\u4e00\u4e2a\u7531\u56fd\u5bb6\u4e3b\u5bfc\u7684\u620f\u5267\u6027\u8d44\u672c\u914d\u7f6e\u6545\u4e8b\u3002<\/p>\n\n\n\n

    \u5bf9\u5404\u7ec4\u6210\u90e8\u5206\u7684\u5206\u6790\u63ed\u793a\u4e86\u4e24\u79cd\u622a\u7136\u4e0d\u540c\u7684\u7ecf\u6d4e\uff1a<\/p>\n\n\n\n

      \n
    • \u5e02\u573a\u9a71\u52a8\u578b\u7ecf\u6d4e\uff08\u6b63\u5728\u5d29\u6e83\uff09\uff1a<\/strong> \u623f\u5730\u4ea7\u5f00\u53d1\u6295\u8d44\u66b4\u8dcc13.9% 8<\/sup>\u3002\u8fd9\u62d6\u7d2f\u4e86\u6574\u4e2a\u7b2c\u4e09\u4ea7\u4e1a\uff08\u670d\u52a1\u4e1a\uff09\uff0c\u4f7f\u5176\u6536\u7f29\u4e864.3% 1<\/sup>\u3002\u8fd9\u4e2a\u4ee5\u6d88\u8d39\u8005\u548c\u5c31\u4e1a\u4e3a\u5bfc\u5411\u7684\u670d\u52a1\u4e1a\u90e8\u95e8\u51fa\u73b0\u6536\u7f29\uff0c\u662f\u79c1\u4eba\u9700\u6c42\u6df1\u5ea6\u75b2\u8f6f\u7684\u8b66\u949f\u3002<\/li>\n\n\n\n
    • \u56fd\u5bb6\u6307\u5bfc\u578b\u7ecf\u6d4e\uff08\u84ec\u52c3\u53d1\u5c55\uff09\uff1a<\/strong> \u6263\u9664\u623f\u5730\u4ea7\u5f00\u53d1\u6295\u8d44\uff0c\u56fa\u5b9a\u8d44\u4ea7\u6295\u8d44\u5b9e\u9645\u4e0a\u589e\u957f<\/em>\u4e863.0% 1<\/sup>\u3002\u8fd9\u79cd\u589e\u957f\u7edd\u5927\u591a\u6570\u88ab\u5f15\u5bfc\u81f3\u7b2c\u4e8c\u4ea7\u4e1a\uff08\u5de5\u4e1a\uff09\uff0c\u5176\u6295\u8d44\u589e\u957f\u4e866.3% 1<\/sup>\u3002\u5176\u4e2d\uff0c\u5236\u9020\u4e1a\u6295\u8d44\u589e\u957f\u4e864.0% 1<\/sup>\u3002<\/li>\n<\/ul>\n\n\n\n

      \u5317\u4eac\u6b63\u5728\u5229\u7528\u56fd\u5bb6\u6760\u6746\uff08\u94f6\u884c\u8d37\u6b3e\u3001\u8865\u8d34\uff09\u5f3a\u884c\u63a8\u52a8\u5236\u9020\u4e1a\u6295\u8d44 33<\/sup>\uff0c\u4ee5\u586b\u8865\u623f\u5730\u4ea7\u884c\u4e1a\u7559\u4e0b\u768413.9\u4e2a\u767e\u5206\u70b9\u7684\u7f3a\u53e3\u3002\u8fd9\u4e00\u6218\u7565\u5fc5\u7136<\/em>\u5bfc\u81f4\u4ea7\u80fd\u8fc7\u5269\u3002\u670d\u52a1\u4e1a\u6295\u8d44\u6536\u7f29\uff08-4.3%\uff09\u548c\u96f6\u552e\u9500\u552e\u75b2\u8f6f\uff08+3.0%\uff09\u7684\u56fd\u5185\u7ecf\u6d4e\uff0c\u65e0\u6cd5\u5438\u6536\u5236\u9020\u4e1a\u6295\u8d44\u84ec\u52c3\u53d1\u5c55\u6240\u5e26\u6765\u7684\u4ea7\u51fa\u3002\u8fd9\u4e9b\u4ea7\u51fa\u7684\u552f\u4e00\u51fa\u8def\u5c31\u662f\u51fa\u53e3\uff0c\u8fd9\u76f4\u63a5\u5c06\u4e2d\u56fd\u7684\u56fd\u5185\u6295\u8d44\u653f\u7b56\u4e0e\u5176\u5916\u90e8\u8d38\u6613\u51b2\u7a81\u8054\u7cfb\u8d77\u6765\u3002<\/p>\n\n\n\n

      \u88682\uff1a\u56fa\u5b9a\u8d44\u4ea7\u6295\u8d44\u660e\u7ec6\uff082025\u5e74YTD 9\u6708\uff09<\/strong><\/p>\n\n\n\n

      \u6295\u8d44\u9886\u57df<\/strong><\/td>YTD\u589e\u957f (\u540c\u6bd4, 2025\u5e741-9\u6708)<\/strong><\/td>\u6765\u6e90<\/strong><\/td><\/tr><\/thead>
      FAI\u603b\u989d<\/strong><\/td>-0.5%<\/strong><\/td>1<\/sup><\/td><\/tr>
      FAI (\u4e0d\u542b\u623f\u5730\u4ea7)<\/strong><\/td>+3.0%<\/strong><\/td>1<\/sup><\/td><\/tr>
      <\/td><\/td><\/td><\/tr>
      \u6309\u4e3b\u8981\u4ea7\u4e1a\u5206\uff1a<\/strong><\/td><\/td><\/td><\/tr>
      \u7b2c\u4e00\u4ea7\u4e1a<\/td>+4.6%<\/td>1<\/sup><\/td><\/tr>
      \u7b2c\u4e8c\u4ea7\u4e1a (\u5de5\u4e1a)<\/td>+6.3%<\/td>1<\/sup><\/td><\/tr>
      \u7b2c\u4e09\u4ea7\u4e1a (\u670d\u52a1\u4e1a)<\/td>-4.3%<\/td>1<\/sup><\/td><\/tr>
      <\/td><\/td><\/td><\/tr>
      \u6309\u5173\u952e\u9886\u57df\u5206\uff1a<\/strong><\/td><\/td><\/td><\/tr>
      \u623f\u5730\u4ea7\u5f00\u53d1\u6295\u8d44<\/td>-13.9%<\/td>8<\/sup><\/td><\/tr>
      \u5236\u9020\u4e1a\u6295\u8d44<\/td>+4.0%<\/td>[1, 34]<\/td><\/tr>
      \u5236\u9020\u4e1a (2025\u5e741-8\u6708):<\/em><\/td><\/td><\/td><\/tr>
      \u6c7d\u8f66\u5236\u9020\u4e1a<\/em><\/td>+20.2%<\/em><\/td>[35]<\/td><\/tr>
      \u94c1\u8def\u3001\u8239\u8236\u3001\u822a\u7a7a\u822a\u5929<\/em><\/td>+26.2%<\/em><\/td>[35]<\/td><\/tr>
      \u8ba1\u7b97\u673a\u53ca\u7535\u5b50\u8bbe\u5907<\/em><\/td>-0.1%<\/em><\/td>[35]<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      \u623f\u5730\u4ea7\u5371\u673a\uff1a\u4ece\u6d41\u52a8\u6027\u5371\u673a\u5230\u7cfb\u7edf\u6027\u507f\u4ed8\u5371\u673a<\/h2>\n\n\n\n

      \u623f\u5730\u4ea7\u5371\u673a\u5df2\u8fdb\u5165\u4e00\u4e2a\u66f4\u5371\u9669\u7684\u65b0\u9636\u6bb5\u3002\u6700\u521d\u4f5c\u4e3a\u79c1\u8425\u5f00\u53d1\u5546\u6d41\u52a8\u6027\u95ee\u9898\u51fa\u73b0\u7684\u5371\u673a\uff0c\u73b0\u5df2\u6f14\u53d8\u4e3a\u4e00\u573a\u7cfb\u7edf\u6027\u7684\u507f\u4ed8\u80fd\u529b\u5371\u673a\uff0c\u5b83\u6b63\u5728\u6253\u7834\u56fd\u5bb6\u7684\u9690\u6027\u62c5\u4fdd\u5e76\u762b\u75ea\u56fd\u5185\u9700\u6c42\u3002<\/p>\n\n\n\n

      A. \u8dcc\u52bf\u52a0\u6df1\uff1a2025\u5e74\u6570\u636e<\/h3>\n\n\n\n

      \u8be5\u884c\u4e1a\u6ca1\u6709\u663e\u793a\u51fa\u4efb\u4f55\u89e6\u5e95\u8ff9\u8c61 36<\/sup>\u30022025\u5e74\u524d\u4e5d\u4e2a\u6708\uff0c\u623f\u5730\u4ea7\u5f00\u53d1\u6295\u8d44\u540c\u6bd4\u6536\u7f2913.9% 8<\/sup>\u3002\u9884\u8ba12025\u5e74\u65b0\u623f\u9500\u552e\u5c06\u4e0b\u964d15%\uff0c\u800c\u81ea2024\u5e74\u521d\u4ee5\u6765\uff0c\u623f\u4ef7\u5df2\u4e0b\u8dcc\u8fd110% 7<\/sup>\u3002\u4eca\u5e74\u524d\u4e03\u4e2a\u6708\uff0c\u5f00\u53d1\u5546\u5230\u4f4d\u8d44\u91d1\u4e0b\u964d\u4e867.5% 37<\/sup>\u3002\u8fd9\u573a\u75312020\u5e74\u201c\u4e09\u9053\u7ea2\u7ebf\u201d\u653f\u7b56\u5f15\u53d1\u7684\u5371\u673a\uff0c\u6467\u6bc1\u4e86\u4e00\u4e2a\u4e00\u5ea6\u5360\u4e2d\u56fdGDP\u9ad8\u8fbe25%\u7684\u884c\u4e1a 7<\/sup>\u3002<\/p>\n\n\n\n

      B. \u8f6c\u6298\u70b9\uff1a\u4e07\u79d1\uff08China Vanke\uff09\u6848\u4f8b<\/h3>\n\n\n\n

      \u7f8e\u5143\u503a\u52a1\u8fdd\u7ea6\u5df2\u8d85\u8fc71300\u4ebf 38<\/sup>\uff0c\u5bfc\u81f4\u50cf\u6052\u5927 39<\/sup> \u548c\u78a7\u6842\u56ed 40<\/sup> \u8fd9\u6837\u7684\u79c1\u8425\u5de8\u5934\u88ab\u6e05\u7b97\u6216\u8fdb\u884c\u6df1\u5ea6\u91cd\u7ec4\u3002\u7136\u800c\uff0c2025\u5e74\u6700\u5177\u51b2\u51fb\u6027\u7684\u4e8b\u4ef6\u662f\u5e02\u573a\u5bf9\u6df7\u5408\u6240\u6709\u5236\uff08\u90e8\u5206\u56fd\u6709\uff09\u5f00\u53d1\u5546\u4fe1\u5fc3\u7684\u5d29\u6e83\u3002<\/p>\n\n\n\n

      2025\u5e7411\u67085\u65e5\uff0c\u6807\u666e\u5168\u7403\u8bc4\u7ea7\uff08S&P Global Ratings\uff09\u5c06\u4e2d\u56fd\u4e07\u79d1\uff08China Vanke\uff09\u7684\u8bc4\u7ea7\u4e0b\u8c03\u81f3\u201cCCC\u201d\uff0c\u5c55\u671b\u4e3a\u8d1f\u9762 13<\/sup>\u3002\u4e07\u79d1\u662f\u4e00\u5bb6\u62e5\u6709\u91cd\u8981\u56fd\u6709\u80a1\u4e1c\uff08\u6df1\u5733\u5730\u94c1\uff09\u7684\u5f00\u53d1\u5546\u3002\u8fd9\u4e00\u6df1\u5ea6\u201c\u5783\u573e\u7ea7\u201d\u8bc4\u7ea7\u53cd\u6620\u4e86\u6807\u666e\u7684\u89c2\u70b9\uff0c\u5373\u4e07\u79d1\u7684\u201c\u8d22\u52a1\u627f\u8bfa\u4f3c\u4e4e\u4e0d\u53ef\u6301\u7eed\u201d\uff0c\u5e76\u4e14\u201c\u53ef\u80fd\u51fa\u73b0\u503a\u52a1\u8fdd\u7ea6\u201d 13<\/sup>\u3002<\/p>\n\n\n\n

      \u8fd9\u4e00\u4e8b\u4ef6\u81f3\u5173\u91cd\u8981\uff0c\u56e0\u4e3a\u5b83\u6253\u7834\u4e86\u56fd\u5bb6\u7684\u201c\u9690\u6027\u62c5\u4fdd\u201d\u3002\u5e02\u573a\u66fe\u56e0\u4e07\u79d1\u7684\u56fd\u6709\u80cc\u666f\u800c\u8ba4\u4e3a\u5176\u201c\u5b89\u5168\u201d\u3002\u6b64\u6b21\u964d\u7ea7\u8868\u660e\uff0c\u56fd\u5bb6\u7684\u652f\u6301\u662f\u9009\u62e9\u6027\u7684\uff0c\u800c\u975e\u65e0\u6761\u4ef6\u7684\u3002\u8fd9\u89e3\u91ca\u4e86\u4e3a\u4ec0\u4e48\u5176\u4ed6\u5f00\u53d1\u5546\u7684\u56fd\u9645\u503a\u6743\u4eba\u5728\u8c08\u5224\u4e2d\u53d8\u5f97\u201c\u66f4\u52a0\u6c89\u5bc2\u201d\uff0c\u5e76\u201c\u613f\u610f\u63a5\u53d7\u66f4\u5927\u7684\u6298\u6263\uff08haircuts\uff09\u201d 38<\/sup>\uff1b\u4ed6\u4eec\u5df2\u7ecf\u610f\u8bc6\u5230\uff0c\u5168\u9762\u7684\u6551\u52a9\u4e0d\u4f1a\u5230\u6765\u3002\u5371\u673a\u5df2\u7ecf\u4ece\u79c1\u8425\u5f00\u53d1\u5546\u7684\u6d41\u52a8\u6027<\/em>\u95ee\u9898\u8f6c\u53d8\u4e3a\u6574\u4e2a\u884c\u4e1a\u7684\u507f\u4ed8\u80fd\u529b<\/em>\u95ee\u9898\u3002<\/p>\n\n\n\n

      C. \u653f\u7b56\u5e94\u5bf9\u7684\u65e0\u6548\u6027<\/h3>\n\n\n\n

      \u5317\u4eac\u7684\u653f\u7b56\u53cd\u5e94\u660e\u663e\u8fc7\u4e8e\u8c28\u614e\u3002\u4f5c\u4e3a\u5927\u591a\u6570\u62b5\u62bc\u8d37\u6b3e\u57fa\u51c6\u76845\u5e74\u671f\u8d37\u6b3e\u5e02\u573a\u62a5\u4ef7\u5229\u7387\uff08LPR\uff09\uff0c\u57282025\u5e74\u8fc4\u4eca\u4ec5\u4e0b\u8c03\u4e8610\u4e2a\u57fa\u70b9\uff0c\u4e0e2024\u5e74\u7d2f\u8ba1\u4e0b\u8c0360\u4e2a\u57fa\u70b9\u5f62\u6210\u9c9c\u660e\u5bf9\u6bd4 36<\/sup>\u30028\u6708\u4efd\u5bf9\u5317\u4eac\u548c\u4e0a\u6d77\u7b49\u4e00\u7ebf\u57ce\u5e02\u8d2d\u623f\u9650\u5236\u7684\u653e\u677e\u53ea\u662f\u201c\u5c40\u90e8\u7684\u201d\uff0c\u4e14\u4e3b\u8981\u96c6\u4e2d\u5728\u90ca\u533a 36<\/sup>\u3002<\/p>\n\n\n\n

      \u5317\u4eac\u9677\u5165\u4e86\u653f\u7b56\u56f0\u5883\u3002\u5927\u89c4\u6a21\u523a\u6fc0\uff08\u5927\u5e45\u964d\u606f\u3001\u6551\u5e02\uff09\u53ef\u80fd\u4f1a\u52a0\u901f\u8d44\u672c\u5916\u9003 15<\/sup>\uff0c\u4fb5\u8680\u94f6\u884c\u7684\u5229\u6da6\u7a7a\u95f4\uff08\u636e\u56fd\u9645\u8d27\u5e01\u57fa\u91d1\u7ec4\u7ec7\u79f0\uff0c\u94f6\u884c\u5229\u6da6\u5df2\u5f88\u8106\u5f31 41<\/sup>\uff09\uff0c\u5e76\u91cd\u65b0\u50ac\u751f\u4ed6\u4eec\u6b63\u8bd5\u56fe\u6291\u5236\u7684\u6ce1\u6cab\u3002\u5982\u679c\u4ed6\u4eec\u65e0\u6240\u4f5c\u4e3a\uff0c\u4fe1\u5fc3\u7684\u5d29\u6e83 42<\/sup> \u548c\u6d88\u8d39\u652f\u51fa\u7684\u574d\u584c 9<\/sup> \u5c06\u62d6\u7d2f\u6574\u4e2a\u7ecf\u6d4e\u3002\u4ed6\u4eec\u9009\u62e9\u4e86\u4e00\u6761\u4e2d\u95f4\u8def\u7ebf\uff1a\u201c\u7ba1\u7406\u5d29\u6e83\u201d\u800c\u975e\u201c\u7b56\u5212\u590d\u82cf\u201d\uff0c\u8fd9\u8bc1\u5b9e\u4e86\u9886\u5bfc\u5c42\u5df2\u653e\u5f03\u5c06\u623f\u5730\u4ea7\u4f5c\u4e3a\u589e\u957f\u5f15\u64ce\u3002<\/p>\n\n\n\n

      \u4e2d\u56fd\u7684\u65b0\u5de5\u4e1a\u6218\u7565\uff1a\u201c\u65b0\u8d28\u751f\u4ea7\u529b\u201d\u4f5c\u4e3a\u552f\u4e00\u5f15\u64ce<\/h2>\n\n\n\n

      \u968f\u7740\u623f\u5730\u4ea7\u6a21\u5f0f\u7684\u7834\u4ea7\uff0c\u4e2d\u56fd\u5df2\u5c06\u5176\u7ecf\u6d4e\u672a\u6765\u62bc\u6ce8\u4e8e\u4e00\u4e2a\u65b0\u7684\u5f15\u64ce\uff1a\u4e00\u9879\u88ab\u79f0\u4e3a\u201c\u65b0\u8d28\u751f\u4ea7\u529b\u201d\u7684\u5927\u89c4\u6a21\u4ea7\u4e1a\u6218\u7565\u3002\u8fd9\u4e0d\u4ec5\u662f\u4e00\u9879\u7b80\u5355\u7684\u653f\u7b56\uff0c\u66f4\u662f\u56fd\u5bb6\u7684\u65b0\u7ecf\u6d4e\u589e\u957f\u6a21\u5f0f\uff0c\u65e8\u5728\u62b5\u6d88\u623f\u5730\u4ea7\u884c\u4e1a\u7684\u5d29\u6e83\uff0c\u5e76\u63a8\u52a8\u4e2d\u56fd\u5728\u5168\u7403\u4ef7\u503c\u94fe\u4e2d\u5411\u4e0a\u6500\u5347\u3002<\/p>\n\n\n\n

      A. \u4ece\u201c\u4e2d\u56fd\u5236\u90202025\u201d\u5230\u65b0\u6218\u7565<\/h3>\n\n\n\n

      \u5907\u53d7\u5173\u6ce8\u7684\u201c\u4e2d\u56fd\u5236\u90202025\u201d\u653f\u7b56\uff082015\u5e74\u542f\u52a8 43<\/sup>\uff09\u57282018\u5e74\u5de6\u53f3\u56e0\u56fd\u9645\u793e\u4f1a\u7684\u5f3a\u70c8\u6279\u8bc4\u800c\u4ece\u516c\u5171\u8bdd\u8bed\u4e2d\u6d88\u5931 44<\/sup>\u3002\u7136\u800c\uff0c\u5176\u6838\u5fc3\u76ee\u6807\u5728\u65b0\u7684\u65d7\u5e1c\u4e0b\u5f97\u4ee5\u5ef6\u7eed\u548c\u6f14\u53d8\uff0c\u4f8b\u5982\u201c\u65b0\u8d28\u751f\u4ea7\u529b\u201d 3<\/sup>\u3002\u8fd9\u4e00\u65b0\u63d0\u6cd5\u5f3a\u8c03\u201c\u667a\u80fd\u3001\u7eff\u8272\u548c\u9ad8\u54c1\u8d28\u201d\u7684\u4ea7\u4e1a 3<\/sup>\uff0c\u91cd\u70b9\u5173\u6ce8\u7535\u52a8\u6c7d\u8f66\uff08EV\uff09\u3001\u592a\u9633\u80fd\u7535\u6c60\u677f\u3001\u7535\u6c60\u3001\u673a\u5668\u4eba\u3001\u4eba\u5de5\u667a\u80fd\uff08IA\uff09\u548c\u751f\u7269\u6280\u672f\u7b49\u9886\u57df 3<\/sup>\u3002\u8be5\u6218\u7565\u901a\u8fc7\u5f15\u5bfc\u57fa\u91d1\u3001\u5b9a\u5411\u94f6\u884c\u8d37\u6b3e\u548c\u8865\u8d34\u7b49\u5f62\u5f0f\u83b7\u5f97\u4e86\u5de8\u989d\u56fd\u5bb6\u8d44\u91d1\u7684\u652f\u6301 46<\/sup>\u3002<\/p>\n\n\n\n

      B. \u4f9b\u7ed9\u9a71\u52a8\u6210\u529f\u7684\u8bc1\u636e<\/h3>\n\n\n\n

      \u8fd9\u79cd\u5927\u89c4\u6a21\u4f9b\u7ed9\u4fa7\u6295\u8d44\u7684\u6210\u679c\u57282025\u5e74\u7684\u751f\u4ea7\u6570\u636e\u4e2d\u663e\u800c\u6613\u89c1\u30029\u6708\u4efd\uff0c\u5168\u56fd\u89c4\u6a21\u4ee5\u4e0a\u5de5\u4e1a\u589e\u52a0\u503c\u540c\u6bd4\u589e\u957f6.5%\uff0c\u8fdc\u8d85\u5e02\u573a\u9884\u671f\u76845.0% 2<\/sup>\u3002\u5236\u9020\u4e1a\u91c7\u8d2d\u7ecf\u7406\u6307\u6570\uff08PMI\uff09\u4e3a49.8\uff0c\u63a5\u8fd1\u7a33\u5b9a 1<\/sup>\u3002<\/p>\n\n\n\n

      \u5728\u201c\u65b0\u8d28\u751f\u4ea7\u529b\u201d\u7684\u76ee\u6807\u9886\u57df\uff0c\u589e\u957f\u5448\u7206\u70b8\u6027\uff1a<\/p>\n\n\n\n

        \n
      • \u6c7d\u8f66\u5236\u9020\u4e1a\uff1a<\/strong> +16.0% 4<\/sup><\/li>\n\n\n\n
      • \u8ba1\u7b97\u673a\u3001\u901a\u4fe1\u548c\u5176\u4ed6\u7535\u5b50\u8bbe\u5907\u5236\u9020\u4e1a\uff1a<\/strong> +11.3% 4<\/sup><\/li>\n\n\n\n
      • \u94c1\u8def\u3001\u8239\u8236\u3001\u822a\u7a7a\u822a\u5929\u548c\u5176\u4ed6\u8fd0\u8f93\u8bbe\u5907\u5236\u9020\u4e1a\uff1a<\/strong> +10.3% 4<\/sup><\/li>\n<\/ul>\n\n\n\n

        \u4e2d\u56fd\u5728\u8fd9\u4e9b\u9886\u57df\u7684\u5b9e\u4f53\u4e3b\u5bfc\u5730\u4f4d\u73b0\u5df2\u65e0\u53ef\u4e89\u8bae\u30022025\u5e74\u524d\u4e5d\u4e2a\u6708\uff0c\u4e2d\u56fd\u5b89\u88c5\u4e8659.5\u4e07\u53f0\u5de5\u4e1a\u673a\u5668\u4eba\u624b\u81c2 49<\/sup>\u3002\u4ee4\u4eba\u9707\u60ca\u7684\u662f\uff0c\u76ee\u524d\u4e2d\u56fd\u8fd0\u884c\u7684\u5de5\u4e1a\u673a\u5668\u4eba\u6570\u91cf\u5df2\u8d85\u8fc7\u4e16\u754c\u5176\u4ed6\u5730\u533a\u7684\u603b\u548c<\/em>\uff0c\u5e76\u4e14\u57282024\u5e74\u5360\u5168\u7403\u6240\u6709\u65b0\u88c5\u673a\u5668\u4eba\u7684\u4e00\u534a\u4ee5\u4e0a 49<\/sup>\u3002<\/p>\n\n\n\n

        C. \u4e0b\u4e00\u4e2a\u524d\u6cbf\uff1a\u201cAI+\u5236\u9020\u4e1a\u201d<\/h3>\n\n\n\n

        \u5317\u4eac\u6b63\u5728\u52a0\u500d\u63a8\u8fdb\u8fd9\u4e00\u6218\u7565\u30022025\u5e7411\u6708\uff0c\u5de5\u4e1a\u548c\u4fe1\u606f\u5316\u90e8\uff08MIIT\uff09\u5ba3\u5e03\u4e86\u4e00\u9879\u65b0\u7684\u201cAI+\u5236\u9020\u4e1a\u201d\u8ba1\u5212 50<\/sup>\u3002\u76ee\u6807\u662f\u5c06\u4eba\u5de5\u667a\u80fd\u6df1\u5ea6\u878d\u5165\u4e2d\u56fd\u7684\u5de5\u4e1a\u7ecf\u6d4e 50<\/sup>\uff0c\u91cd\u70b9\u5173\u6ce8\u5173\u952e\u884c\u4e1a\u548c\u6838\u5fc3\u751f\u4ea7\u6d41\u7a0b\u7684\u667a\u80fd\u8f6c\u578b 50<\/sup>\u3002\u4e0a\u6d77\u7684\uff082025-2027\uff09\u8ba1\u5212\u6210\u4e3a\u5178\u8303\uff0c\u5bfb\u6c42\u5c06\u4eba\u5de5\u667a\u80fd\u6574\u5408\u52303000\u5bb6\u5f53\u5730\u5236\u9020\u4f01\u4e1a\u4e2d 51<\/sup>\u3002\u4e2d\u56fd\u5df2\u62e5\u6709\u8d85\u8fc75000\u5bb6\u4eba\u5de5\u667a\u80fd\u4f01\u4e1a 50<\/sup> \u4e3a\u8fd9\u4e00\u52aa\u529b\u63d0\u4f9b\u652f\u6301\u3002<\/p>\n\n\n\n

        D. \u901a\u7f29\u6027\u4ea7\u80fd\u8fc7\u5269\u7684\u6096\u8bba<\/h3>\n\n\n\n

        \u8fd9\u79cd\u5de5\u4e1a\u751f\u4ea7\u7684\u7e41\u8363\u4e0e\u524d\u8ff0\u7684\u201c\u56fd\u5185\u9700\u6c42\u75b2\u8f6f\u201d\u548cGDP\u901a\u7f29\u5e76\u5b58 1<\/sup>\u3002\u4f01\u4e1a\u8c03\u67e5\u62a5\u544a\u663e\u793a\uff0c\u4f01\u4e1a\u6b63\u8270\u96be\u5e94\u5bf9\u201c\u75b2\u8f6f\u7684\u56fd\u5185\u8ba2\u5355\u201d 1<\/sup>\u3002\u8fd9\u610f\u5473\u7740\uff0c\u7531\u56fd\u5bb6\u8d44\u52a9\u7684\u65b0\u589e\u4ea7\u51fa\u6b63\u5728\u5236\u9020\u56fd\u5185\u6d88\u8d39\u8005\u548c\u4f01\u4e1a\u65e0\u6cd5\u6216\u4e0d\u613f\u8d2d\u4e70\u7684\u5546\u54c1\u3002<\/p>\n\n\n\n

        \u4e3a\u4e86\u907f\u514d\u7834\u4ea7\u5e76\u7ef4\u6301\u5de5\u5382\u8fd0\u8f6c\uff0c\u8fd9\u4e9b\u4f01\u4e1a\u5fc5\u987b\u5411\u6d77\u5916\u9500\u552e\u3002\u8fd9\u88ab\u79f0\u4e3a\u201c\u7b2c\u4e8c\u6b21\u4e2d\u56fd\u51b2\u51fb\u201d 52<\/sup>\u3002 \u201c\u65b0\u8d28\u751f\u4ea7\u529b\u201d\u589e\u957f\u6a21\u5f0f\u4e0d\u4ec5\u662f\u4e00\u79cd\u53d1\u5c55\u6218\u7565\uff1b\u5b83\u662f\u4e00\u4e2a\u9700\u8981<\/em>\u5411\u4e16\u754c\u5176\u4ed6\u5730\u533a\u8f93\u51fa\u4ea7\u80fd\u8fc7\u5269\u548c\u901a\u7f29\u7684\u6a21\u5f0f 53<\/sup>\u3002\u8fd9\u4f7f\u5f97\u8d38\u6613\u51b2\u7a81\u5177\u6709\u7ed3\u6784\u6027\u4e14\u4e0d\u53ef\u907f\u514d\u3002<\/p>\n\n\n\n

        \u4e2d\u56fd\u7684\u5168\u7403\u5730\u4f4d\uff1a\u8d38\u6613\u987a\u5dee\u4e0e\u65e5\u76ca\u52a0\u5267\u7684\u6469\u64e6<\/h2>\n\n\n\n

        \u4e2d\u56fd\u7684\u56fd\u5185\u7ecf\u6d4e\u6218\u7565\u5bf9\u5168\u7403\u5e02\u573a\u4ea7\u751f\u4e86\u76f4\u63a5\u4e14\u4e0d\u7a33\u5b9a\u7684\u5f71\u54cd\u3002\u8d38\u6613\u987a\u5dee\u5df2\u6210\u4e3a\u56fd\u5185\u9700\u6c42\u75b2\u8f6f\u7684\u5fc5\u8981\u5ba3\u6cc4\u53e3\uff0c\u52a0\u5267\u4e86\u5730\u7f18\u653f\u6cbb\u7684\u7d27\u5f20\u5c40\u52bf\u3002<\/p>\n\n\n\n

        A. \u4f5c\u4e3a\u7ecf\u6d4e\u5ba3\u6cc4\u53e3\u7684\u8d38\u6613\u987a\u5dee<\/h3>\n\n\n\n

        \u4e2d\u56fd\u7684\u8d38\u6613\u987a\u5dee\u5df2\u8fbe\u5230\u521b\u7eaa\u5f55\u6c34\u5e73\u30022025\u5e749\u6708\uff0c\u4e2d\u56fd\u5f55\u5f97904.5\u4ebf\u7f8e\u5143\u7684\u987a\u5dee 6<\/sup>\u3002\u622a\u81f39\u6708\u7684\u5e74\u521d\u81f3\u4eca\uff08YTD\uff09\u7d2f\u8ba1\u987a\u5dee\u8fbe\u52308751\u4ebf\u7f8e\u5143 6<\/sup>\u3002<\/p>\n\n\n\n

        \u9020\u6210\u8fd9\u4e00\u5de8\u989d\u987a\u5dee\u7684\u539f\u56e0\u662f\u8d38\u6613\u5206\u5316\uff0c\u8fd9\u5b8c\u7f8e\u53cd\u6620\u4e86\u8be5\u56fd\u7684\u53cc\u901f\u7ecf\u6d4e\uff1a<\/p>\n\n\n\n

          \n
        • \u51fa\u53e3\uff08\u4f9b\u7ed9\u9a71\u52a8\uff09\uff1a<\/strong> 2025\u5e74\u524d\u4e5d\u4e2a\u6708\uff0c\u51fa\u53e3\u540c\u6bd4\u589e\u957f6.1% 6<\/sup>\u3002\u8fd9\u4e00\u589e\u957f\u662f\u7531\u9ad8\u79d1\u6280\u5236\u9020\u4e1a 1<\/sup> \u548c\u673a\u7535\u4ea7\u54c1 54<\/sup> \u63a8\u52a8\u7684\u3002<\/li>\n\n\n\n
        • \u8fdb\u53e3\uff08\u9700\u6c42\u53cd\u6620\uff09\uff1a<\/strong> \u540c\u671f\uff0c\u8fdb\u53e3\u4e0b\u964d<\/em>\u4e861.1% 6<\/sup>\u3002<\/li>\n<\/ul>\n\n\n\n

          \u8fd9\u4e00\u5dee\u8ddd 53<\/sup> \u662f\u4e2d\u56fd\u5931\u8861\u7684\u6700\u660e\u663e\u8bc1\u636e\u3002\u75b2\u8f6f\u7684\u8fdb\u53e3\u662f\u56fd\u5185\u9700\u6c42\uff08\u623f\u5730\u4ea7\u3001\u6d88\u8d39\uff09\u5d29\u6e83\u7684\u66ff\u4ee3\u6307\u6807 55<\/sup>\u3002\u5f3a\u52b2\u7684\u51fa\u53e3\u5219\u662f\u201c\u65b0\u8d28\u751f\u4ea7\u529b\u201d\u8fc7\u5ea6\u751f\u4ea7\u7684\u76f4\u63a5\u7ed3\u679c 4<\/sup>\u3002\u4e2d\u56fd\u6b63\u5728\u5229\u7528\u4e16\u754c\u5176\u4ed6\u5730\u533a\u4f5c\u4e3a\u5176\u6700\u540e\u7684\u6d88\u8d39\u8005\uff0c\u5e76\u5728\u6b64\u8fc7\u7a0b\u4e2d\u8f93\u51fa\u5176\u901a\u7f29\u538b\u529b 53<\/sup>\u3002<\/p>\n\n\n\n

          B. \u8d38\u6613\u4f19\u4f34\u7684\u91cd\u7ec4\uff1a\u4e1c\u76df\uff08ASEAN\uff09\u7684\u5d1b\u8d77<\/h3>\n\n\n\n

          \u4e3a\u5e94\u5bf9\u4e0e\u897f\u65b9\u7684\u8d38\u6613\u7d27\u5f20\u5173\u7cfb\uff0c\u4e2d\u56fd\u5df2\u6210\u529f\u5730\u8c03\u6574\u4e86\u5176\u8d38\u6613\u6d41\u5411\u3002\u4e1c\u5357\u4e9a\u56fd\u5bb6\u8054\u76df\uff08ASEAN\uff0c\u7b80\u79f0\u4e1c\u76df\uff09\u5de9\u56fa\u4e86\u5176\u4f5c\u4e3a\u4e2d\u56fd\u6700\u5927\u8d38\u6613\u4f19\u4f34\u7684\u5730\u4f4d 54<\/sup>\uff0c\u8fd9\u662f\u5b83\u81ea2020\u5e74\u4ee5\u6765\u4e00\u76f4\u4fdd\u6301\u7684\u5934\u8854 56<\/sup>\u3002\u4f8b\u5982\uff0c\u57282025\u5e748\u6708\uff0c\u5bf9\u4e1c\u76df\u7684\u51fa\u53e3\u8d85\u8fc7570\u4ebf\u7f8e\u5143\uff0c\u4f7f\u5bf9\u7f8e\u51fa\u53e3\uff08\u964d\u81f3316\u4ebf\u7f8e\u5143\uff09\u76f8\u5f62\u89c1\u7ecc 58<\/sup>\u30022025\u5e7410\u6708\u7b7e\u7f72\u7684\u300a\u4e2d\u56fd\u2014\u4e1c\u76df\u81ea\u8d38\u533a3.0\u7248\u5347\u7ea7\u8bae\u5b9a\u4e66\u300b\u8fdb\u4e00\u6b65\u6df1\u5316\u4e86\u8fd9\u79cd\u5173\u7cfb 56<\/sup>\u3002<\/p>\n\n\n\n

          \u7136\u800c\uff0c\u8fd9\u79cd\u5173\u7cfb\u5e76\u975e\u6ca1\u6709\u6469\u64e6\u3002\u201c\u539f\u4ea7\u5730\u6e05\u6d17\u201d\uff08\u901a\u8fc7\u4e1c\u76df\u56fd\u5bb6\u8f6c\u8fd0\u4e2d\u56fd\u4ea7\u54c1\u4ee5\u89c4\u907f\u7f8e\u56fd\u5173\u7a0e\uff09\u7684\u505a\u6cd5\u65e5\u76ca\u5f15\u8d77\u5173\u6ce8 59<\/sup>\u3002\u6b64\u5916\uff0c\u5728\u5de5\u4e1a\u4ea7\u80fd\u8fc7\u5269\u7684\u63a8\u52a8\u4e0b\uff0c\u4f4e\u6210\u672c\u4e2d\u56fd\u4ea7\u54c1\u7684\u5927\u91cf\u6d8c\u5165\uff0c\u5df2\u8feb\u4f7f\u6cf0\u56fd\u548c\u5370\u5ea6\u5c3c\u897f\u4e9a\u7b49\u56fd\u6570\u4ee5\u5343\u8ba1\u7684\u5f53\u5730\u5de5\u5382\u5173\u95ed 59<\/sup>\u3002<\/p>\n\n\n\n

          C. \u897f\u65b9\u7684\u53cd\u5f39\uff1a\u5173\u7a0e\u4e0e\u201c\u53bb\u98ce\u9669\u201d<\/h3>\n\n\n\n

          \u897f\u65b9\u7ecf\u6d4e\u4f53\u6b63\u5bf9\u4e2d\u56fd\u7684\u4ea7\u4e1a\u653f\u7b56\u4f5c\u51fa\u6fc0\u70c8\u53cd\u5e94\u3002\u4ed6\u4eec\u8ba4\u4e3a\uff0c\u7eff\u8272\u79d1\u6280\u51fa\u53e3\u7684\u6d2a\u6d41\u5e76\u975e\u516c\u5e73\u7ade\u4e89\uff0c\u800c\u662f\u7531\u56fd\u5bb6\u8865\u8d34\u9a71\u52a8\u7684\u201c\u706d\u7edd\u7ea7\u4e8b\u4ef6\u201d 60<\/sup>\uff0c\u56e0\u6b64\u7eb7\u7eb7\u8bbe\u7f6e\u4e86\u8d38\u6613\u58c1\u5792\uff1a<\/p>\n\n\n\n

            \n
          • \u7f8e\u56fd\uff1a<\/strong> \u5bf9\u4e2d\u56fd\u7535\u52a8\u6c7d\u8f66\u5f81\u6536100%\u7684\u60e9\u7f5a\u6027\u5173\u7a0e 12<\/sup>\u30022025\u5e749\u6708\uff0c\u5bf9\u6240\u6709\u4e2d\u56fd\u5546\u54c1\u7684\u5e73\u5747\u5173\u7a0e\u9ad8\u8fbe57.6% 11<\/sup>\u3002<\/li>\n\n\n\n
          • \u6b27\u76df\uff1a<\/strong> \u5bf9\u4e2d\u56fd\u7535\u52a8\u6c7d\u8f66\u5f81\u653627.4%\u81f348.1%\u4e0d\u7b49\u7684\u4e34\u65f6\u5173\u7a0e 12<\/sup>\u3002<\/li>\n<\/ul>\n\n\n\n

            \u8fd9\u4e9b\u5173\u7a0e\u5e76\u975e\u6807\u51c6\u7684\u4fdd\u62a4\u4e3b\u4e49\uff1b\u5b83\u4eec\u662f\u5bf9\u4e2d\u56fd\u201c\u65b0\u8d28\u751f\u4ea7\u529b\u201d\u6218\u7565\u7684\u76f4\u63a5\u9632\u5fa1\u6027\u56de\u5e94\u3002\u8fd9\u5e26\u6765\u4e86\u4e00\u4e2a\u6839\u672c\u6027\u7684\u4e24\u96be\u56f0\u5883\uff1a\u4e2d\u56fd\u7684\u65b0\u7ecf\u6d4e\u6a21\u5f0f\u9700\u8981<\/em>\u5de8\u989d\u8d38\u6613\u987a\u5dee\u624d\u80fd\u6210\u529f\uff0c\u4f46\u6b63\u662f\u8fd9\u79cd\u987a\u5dee\u5f15\u53d1\u4e86\u4fdd\u62a4\u4e3b\u4e49\u7684\u53cd\u5f39\uff0c\u5a01\u80c1\u5230\u5176\u6700\u6709\u5229\u53ef\u56fe\u7684\u51fa\u53e3\u5e02\u573a 62<\/sup>\u3002<\/p>\n\n\n\n

            D. 2025\u5e7411\u6708\u7684\u4e2d\u7f8e\u8d38\u6613\u4f11\u6218\uff08\u7279\u6717\u666e-\u4e60\u8fd1\u5e73\uff09\uff1a\u6218\u672f\u6027\u6682\u505c<\/h3>\n\n\n\n

            \u5728\u7d27\u5f20\u5c40\u52bf\u4e0d\u65ad\u5347\u7ea7\uff08\u5305\u62ec\u4e2d\u56fd\u5a01\u80c1\u901a\u8fc7\u7a00\u571f\u51fa\u53e3\u7ba1\u5236\u201c\u627c\u6740\u201d\u4f9b\u5e94\u94fe 52<\/sup>\uff09\u7684\u80cc\u666f\u4e0b\uff0c\u53cc\u65b9\u57282025\u5e7410\u6708\u5e95\/11\u6708\u521d\u7684\u5cf0\u4f1a\u4e0a\u8fbe\u6210\u4e86\u4e34\u65f6\u201c\u4f11\u6218\u201d 52<\/sup>\u3002<\/p>\n\n\n\n

              \n
            • \u7f8e\u65b9\u884c\u52a8\uff1a<\/strong> \u540c\u610f\u5c06\u201c\u4e0e\u82ac\u592a\u5c3c\u76f8\u5173\u201d\u7684\u5173\u7a0e\u964d\u4f4e10\u4e2a\u767e\u5206\u70b9\uff0c\u5e76\u5c06\u9488\u5bf9\u9020\u8239\u4e1a\u7684301\u6761\u6b3e\u884c\u52a8\u6682\u505c\u4e00\u5e74 64<\/sup>\u3002<\/li>\n\n\n\n
            • \u4e2d\u65b9\u884c\u52a8\uff1a<\/strong> \u540c\u610f\u6682\u505c\u517610\u67089\u65e5\u5ba3\u5e03\u7684\u7a00\u571f\u51fa\u53e3\u7ba1\u5236 64<\/sup>\uff0c\u6682\u505c\u62a5\u590d\u6027\u5173\u7a0e\uff0c\u5e76\u6062\u590d\u8d2d\u4e70\u7f8e\u56fd\u5927\u8c46 65<\/sup>\u3002<\/li>\n<\/ul>\n\n\n\n

              \u8be5\u534f\u8bae\u5e76\u975e\u201c\u7b2c\u4e8c\u9636\u6bb5\u201d\u89e3\u51b3\u65b9\u6848 69<\/sup>\u3002\u8fd9\u662f\u4e00\u79cd\u6218\u672f\u4e0a\u7684\u964d\u7ea7\uff0c\u76ee\u7684\u662f\u8ba9\u53cc\u65b9\u90fd\u4ece\u60ac\u5d16\u8fb9\u540e\u9000\u4e00\u6b65\u3002\u7ed3\u6784\u6027<\/em>\u95ee\u9898\u2014\u2014\u6838\u5fc3\u7684301\u6761\u6b3e\u5173\u7a0e\u3001\u5bf9\u7535\u52a8\u6c7d\u8f66\u5f81\u6536\u7684100%\u5173\u7a0e 12<\/sup> \u4ee5\u53ca\u534a\u5bfc\u4f53\u6280\u672f\u6218 52<\/sup>\u2014\u2014\u4ecd\u672a\u89e3\u51b3\u3002\u8fd9\u53ea\u662f\u4e00\u4e2a\u8106\u5f31\u7684\u4f11\u6218\uff0c\u800c\u975e\u91cd\u542f 69<\/sup>\u3002<\/p>\n\n\n\n

              \u89e3\u8bfb\u4e2d\u56fd\u201c\u503a\u52a1\u70b8\u5f39\u201d\uff1aLGFV\u4e0e\u7cfb\u7edf\u6027\u98ce\u9669<\/h2>\n\n\n\n

              \u4e2d\u56fd\u56fd\u5185\u9700\u6c42\u7684\u75b2\u8f6f\u53ca\u5176\u4ea7\u4e1a\u8f6c\u578b\u7684\u88ab\u8feb\u6027\uff0c\u4e0e\u5176\u503a\u52a1\u5371\u673a\uff0c\u7279\u522b\u662f\u5730\u65b9\u653f\u5e9c\u7684\u201c\u9690\u6027\u503a\u52a1\u201d\u95ee\u9898\uff0c\u6709\u7740\u5185\u5728\u7684\u8054\u7cfb\u3002<\/p>\n\n\n\n

              A. \u503a\u52a1\u95ee\u9898\u7684\u89c4\u6a21<\/h3>\n\n\n\n

              \u4e2d\u56fd\u7684\u975e\u91d1\u878d\u90e8\u95e8\u603b\u503a\u52a1\u8d85\u8fc7GDP\u7684300% 14<\/sup>\u3002\u7136\u800c\uff0c\u771f\u6b63\u7684\u62c5\u5fe7\u5728\u4e8e\u516c\u5171\u503a\u52a1\u3002\u56fd\u9645\u8d27\u5e01\u57fa\u91d1\u7ec4\u7ec7\uff08IMF\uff092025\u5e7410\u6708\u7684\u6570\u636e\u663e\u793a\uff0c\u4e2d\u56fd\u7684\u4e00\u822c\u653f\u5e9c\u503a\u52a1\u5360GDP\u768496.3% 70<\/sup>\u3002\u4f46\u8fd9\u4e2a\u5b98\u65b9\u6570\u5b57\u5177\u6709\u8bef\u5bfc\u6027\u3002IMF\u81ea\u5df1\u4f7f\u7528\u4e86\u4e00\u4e2a\u201c\u6269\u5145\u201d\u5b9a\u4e49\uff0c\u5c06\u201c\u5730\u65b9\u9884\u7b97\u5916\u503a\u52a1\u201d\u8ba1\u7b97\u5728\u5185\uff0c\u4f30\u8ba1\u771f\u5b9e\u6570\u5b57\u9ad8\u8fbeGDP\u7684124% 14<\/sup>\u3002<\/p>\n\n\n\n

              \u8fd9\u8fd130\u4e2a\u767e\u5206\u70b9\u7684GDP\u5dee\u8ddd\u5c31\u662f<\/em>\u5371\u673a\u7684\u6240\u5728\u3002\u5b83\u4ee3\u8868\u4e86\u6570\u4ee5\u5343\u8ba1\u7684\u5730\u65b9\u653f\u5e9c\u878d\u8d44\u5e73\u53f0\uff08LGFV\uff09\u6240\u7d2f\u79ef\u7684\u201c\u9690\u6027\u503a\u52a1\u201d\u3002<\/p>\n\n\n\n

              B. \u95ee\u9898\u7684\u6838\u5fc3\uff1aLGFV\u7684\u9690\u6027\u503a\u52a1<\/h3>\n\n\n\n

              LGFV\u662f\u201c\u538b\u529b\u7684\u6838\u5fc3\u6765\u6e90\u201d 14<\/sup>\u3002\u5b83\u4eec\u662f\u5730\u65b9\u653f\u5e9c\u8bbe\u7acb\u7684\u8868\u5916\u5b9e\u4f53\uff08\u5730\u65b9\u653f\u5e9c\u7684\u8d22\u7a0e\u6536\u5165\u6765\u6e90\u57281994\u5e74\u88ab\u4e2d\u592e\u96c6\u6743 72<\/sup>\uff09\uff0c\u7528\u4e8e\u4e3a\u57fa\u7840\u8bbe\u65bd\u5efa\u8bbe\u878d\u8d44\u3002\u5b83\u4eec\u901a\u8fc7\u5411\u94f6\u884c\u548c\u503a\u5238\u5e02\u573a\u5927\u91cf\u501f\u6b3e\u6765\u5b9e\u73b0\u8fd9\u4e00\u70b9\uff0c\u5e76\u4f7f\u7528\u4e0d\u65ad\u4e0a\u6da8\u7684\u571f\u5730\u51fa\u8ba9\u6536\u5165\u4f5c\u4e3a\u62b5\u62bc 72<\/sup>\u3002<\/p>\n\n\n\n

              \u623f\u5730\u4ea7\u884c\u4e1a\u7684\u5d29\u6e83\uff08\u7b2c\u4e09\u8282\uff09\u6253\u7834\u4e86\u8fd9\u4e00\u5546\u4e1a\u6a21\u5f0f\u3002\u201c2022\u5e74\u4ee5\u6765\u571f\u5730\u51fa\u8ba9\u6536\u5165\u7684\u5927\u5e45\u4e0b\u964d\u201d 14<\/sup> \u5207\u65ad\u4e86LGFV\u7684\u4e3b\u8981\u6536\u5165\u6765\u6e90\uff0c\u4f7f\u5176\u6ca1\u6709\u73b0\u91d1\u6d41\u6765\u507f\u8fd8\u503a\u52a1\u3002\u73b0\u5728\uff0c\u5b83\u4eec\u4f9d\u9760\u201c\u94f6\u884c\u7684\u5bbd\u5bb9\u201d\uff08\u5373\u5bf9\u4e0d\u826f\u8d37\u6b3e\u8fdb\u884c\u5c55\u671f\uff09\u6765\u751f\u5b58 14<\/sup>\u3002\u8fd9\u9020\u6210\u4e86\u201c\u8d44\u4ea7\u8d1f\u503a\u8868\u8870\u9000\u201d 14<\/sup>\uff0c\u5730\u65b9\u653f\u5e9c\u5728\u8d22\u653f\u4e0a\u9677\u5165\u762b\u75ea\uff0c\u65e0\u6cd5\u63d0\u4f9b\u793e\u4f1a\u670d\u52a1\u6216\u523a\u6fc0\u6d88\u8d39 73<\/sup>\u3002LGFV\u503a\u52a1\u662f\u5c06\u623f\u5730\u4ea7\u5d29\u6e83\u4e0e\u6d88\u8d39\u75b2\u8f6f\u8054\u7cfb\u8d77\u6765\u7684\u4f20\u52a8\u5e26\u3002<\/p>\n\n\n\n

              C. \u5317\u4eac\u7684\u56de\u5e94\uff1a\u201c\u5c55\u671f\u4e0e\u63a9\u9970\u201d<\/h3>\n\n\n\n

              \u5317\u4eac\u7684\u5bf9\u7b56\u5e76\u975e\u6551\u52a9\uff0c\u800c\u662f\u4e00\u79cd\u88ab\u5206\u6790\u5e08\u79f0\u4e3a\u201c\u5c55\u671f\u4e0e\u63a9\u9970\u201d\uff08extend and pretend\uff09\u7684\u5f3a\u5236\u91cd\u7ec4 73<\/sup>\u3002\u8be5\u7b56\u7565\u5305\u62ec\uff1a<\/p>\n\n\n\n

                \n
              1. \u5c06\u4e0d\u900f\u660e\u7684\u3001\u8868\u5916\u7684LGFV\u503a\u52a1\u201c\u7f6e\u6362\u201d\u4e3a\u8868\u5185\u7684\u7701\u7ea7\u518d\u878d\u8d44\u503a\u5238\uff0c\u540e\u8005\u5177\u6709\u66f4\u957f\u7684\u671f\u9650\u548c\u66f4\u4f4e\u7684\u5229\u7387 14<\/sup>\u3002<\/li>\n\n\n\n
              2. \u52a8\u5458\u56fd\u6709\u94f6\u884c\u4e3aLGFV\u63d0\u4f9b1\u4e07\u4ebf\u5143\u4eba\u6c11\u5e01\u7684\u8d37\u6b3e\uff0c\u4ee5\u5e2e\u52a9\u5176\u7ed3\u6e05\u5bf9\u79c1\u8425\u4f01\u4e1a\u7684\u6b20\u6b3e 74<\/sup>\u3002<\/li>\n\n\n\n
              3. \u5ef6\u957f\u5230\u671f\u65e5\u5e76\u5141\u8bb8\u201c\u7eed\u8d37\u201d\uff08rollovers\uff09 14<\/sup>\u3002<\/li>\n<\/ol>\n\n\n\n

                \u8fd9\u4e00\u7b56\u7565\u7a33\u5b9a\u4e86\u77ed\u671f\u878d\u8d44\u5e02\u573a\uff0c\u4f46\u5e76\u672a\u89e3\u51b3\u6839\u672c\u7684\u507f\u4ed8\u80fd\u529b\u95ee\u9898\u3002\u5b83\u53ea\u662f\u5c06\u201c\u9690\u6027\u201d\u503a\u52a1\u8f6c\u79fb\u5230\u201c\u663e\u6027\u201d\u7684\u4e3b\u6743\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a 14<\/sup>\uff0c\u628a\u95ee\u9898\u5f80\u540e\u62d6\u5ef6 14<\/sup>\u3002<\/p>\n\n\n\n

                D. \u7cfb\u7edf\u6027\u98ce\u9669\u4e0eIMF\u7684\u8b66\u544a<\/h3>\n\n\n\n

                \u8fd9\u79cd\u201c\u5c55\u671f\u4e0e\u63a9\u9970\u201d\u7684\u7b56\u7565\u7ed9\u94f6\u884c\u4f53\u7cfb\u5e26\u6765\u4e86\u7cfb\u7edf\u6027\u98ce\u9669\u3002IMF\u5728\u51762025\u5e74\u91d1\u878d\u4f53\u7cfb\u7a33\u5b9a\u8bc4\u4f30\uff08FSSA\uff09\u4e2d\u8b66\u544a\u8bf4\uff0c\u201c\u5bbd\u677e\u7684\u8d27\u5e01\u653f\u7b56\u6b63\u5728\u524a\u5f31\u94f6\u884c\u7684\u5185\u751f\u76c8\u5229\u80fd\u529b\u201d\uff0c\u5e76\u4e14\u201c\u89c4\u6a21\u8f83\u5c0f\u7684\u94f6\u884c……\u66f4\u52a0\u8106\u5f31\u201d 41<\/sup>\u3002<\/p>\n\n\n\n

                \u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\uff08PBOC\uff09\u9677\u5165\u4e86\u56f0\u5883\u3002\u5b83\u9700\u8981\u4fdd\u6301\u4f4e\u5229\u7387\uff0c\u4ee5\u5141\u8bb8LGFV\u548c\u623f\u5730\u4ea7\u5f00\u53d1\u5546\u5728\u4e0d\u5d29\u6e83\u7684\u60c5\u51b5\u4e0b\u5bf9\u5176\u503a\u52a1\u8fdb\u884c\u518d\u878d\u8d44\u3002\u4f46\u8fd9\u4e9b\u4f4e\u5229\u7387\u538b\u7f29<\/em>\u4e86\u94f6\u884c\u7684\u51c0\u606f\u5dee\uff08NIM\uff09\uff0c\u4f7f\u5176\u5229\u6da6\u84b8\u53d1\u3002\u90a3\u4e9b\u5bf9LGFV\u548c\u7834\u4ea7\u5f00\u53d1\u5546\u98ce\u9669\u655e\u53e3\u6700\u5927\u7684\u5c0f\u94f6\u884c\uff0c\u6b63\u9762\u4e34\u7834\u4ea7\u98ce\u9669 41<\/sup>\u3002IMF\u7684\u7ed3\u8bba\u662f\uff0c\u201c\u5f53\u524d\u7684\u5371\u673a\u7ba1\u7406\u6846\u67b6\u4e0d\u8db3\u4ee5\u652f\u6301\u201d\u5e94\u5bf9\u201c\u7cfb\u7edf\u6027\u56f0\u5883\u201d 41<\/sup>\u3002\u8fd9\u79cd\u94f6\u884c\u4e1a\u56f0\u5883\u89e3\u91ca\u4e86\u5317\u4eac\u8d27\u5e01\u653f\u7b56\u4e3a\u4f55\u5982\u6b64\u8c28\u614e 36<\/sup>\u3002<\/p>\n\n\n\n

                \u8d44\u672c\u6d41\u52a8\u4e0e\u5916\u5546\u76f4\u63a5\u6295\u8d44\uff08FDI\uff09\u7684\u6096\u8bba<\/h2>\n\n\n\n

                \u5168\u7403\u6295\u8d44\u8005\u5bf9\u4e2d\u56fd\u7684\u4fe1\u5fc3\u5df2\u4e25\u91cd\u53d7\u635f\uff0c\u800c\u8fd9\u4e00\u4e8b\u5b9e\u88ab\u5916\u5546\u6295\u8d44\u6570\u636e\u4e2d\u7684\u4e00\u4e2a\u6096\u8bba\u6240\u63a9\u76d6\u3002<\/p>\n\n\n\n

                A. \u5b98\u65b9\u53d9\u4e8b\u4e0e\u56fd\u9645\u6536\u652f\u7684\u73b0\u5b9e<\/h3>\n\n\n\n

                \u4e2d\u56fd\u653f\u5e9c\u5ba3\u626c\u7740\u4e00\u79cd\u6210\u529f\u7684\u53d9\u4e8b\uff0c\u79f0\u53d6\u5f97\u4e86\u201c\u6765\u4e4b\u4e0d\u6613\u7684\u6210\u679c\u201d 75<\/sup>\u3002\u4e2d\u56fd\u5546\u52a1\u90e8\uff08MOFCOM\uff09\u62a5\u544a\u79f0\uff0c\u81ea2021\u5e74\u4ee5\u6765\uff0c\u4e2d\u56fd\u201c\u5b9e\u9645\u4f7f\u7528\u201d\u7684FDI\uff08\u8861\u91cf\u6bdb\u6d41\u5165\u7684\u6307\u6807\uff09\u5df2\u8fbe\u52307087.3\u4ebf\u7f8e\u5143\uff0c\u63d0\u524d\u516d\u4e2a\u6708\u5b8c\u6210\u4e86\u201c\u5341\u56db\u4e94\u201d\u89c4\u5212\u7684\u76ee\u6807 75<\/sup>\u3002\u4ed6\u4eec\u8fd8\u5f3a\u8c03\u4e86\u9ad8\u79d1\u6280\u9886\u57df\u6295\u8d44\u7684\u589e\u957f 75<\/sup>\u3002<\/p>\n\n\n\n

                \u7136\u800c\uff0c\u8861\u91cf\u51c0<\/em>\u6d41\u91cf\uff08\u6d41\u5165\u51cf\u53bb\u6d41\u51fa\uff09\u7684\u56fd\u9645\u6536\u652f\uff08BoP\uff09\u6570\u636e\uff0c\u5219\u63cf\u7ed8\u4e86\u4e00\u5e45\u622a\u7136\u4e0d\u540c\u7684\u666f\u8c61\u3002FDI\u51c0\u6d41\u5165\u5df2\u7ecf\u5d29\u6e83\uff1a<\/p>\n\n\n\n

                  \n
                • 2021\u5e74 (\u5cf0\u503c):<\/strong> +3440\u4ebf\u7f8e\u5143<\/li>\n\n\n\n
                • 2023\u5e74:<\/strong> +427\u4ebf\u7f8e\u5143 (\u4e8c\u5341\u5e74\u6765\u6700\u4f4e\u6c34\u5e73)<\/li>\n\n\n\n
                • 2024\u5e74\u4e0a\u534a\u5e74:<\/strong> -46\u4ebf\u7f8e\u5143 (\u9996\u6b21\u51fa\u73b0\u8d1f\u503c) 15<\/sup><\/li>\n<\/ul>\n\n\n\n

                  \u8fd9\u4e24\u7ec4\u6570\u636e\u5e76\u4e0d\u77db\u76fe\uff1b\u5b83\u4eec\u8861\u91cf\u7684\u662f\u4e0d\u540c\u7684\u4e8b\u7269\u3002\u201c\u5b9e\u9645\u4f7f\u7528\u201d\u7684FDI\uff08\u6bdb\u989d\uff0975<\/sup> \u8861\u91cf\u7684\u662f\u65b0\u6295\u8d44\u3002\u51c0<\/em>FDI\uff08\u56fd\u9645\u6536\u652f\uff0915<\/sup> \u8861\u91cf\u7684\u662f\u65b0\u6295\u8d44\u51cf\u53bb<\/em>\u6d41\u51fa\uff0c\u5176\u4e2d\u5305\u62ec\u73b0\u6709\u5916\u56fd\u4f01\u4e1a\u5229\u6da6\u7684\u6c47\u56de<\/em> 15<\/sup>\u3002<\/p>\n\n\n\n

                  \u51c0\u6d41\u5165\u4e3a\u8d1f\u800c\u6bdb\u6d41\u5165\u4e3a\u6b63\u7684\u552f\u4e00\u53ef\u80fd\u662f\uff1a\u73b0\u6709\u5916\u56fd\u4f01\u4e1a\u5c06\u5176\u5229\u6da6\u64a4\u51fa\u4e2d\u56fd\u7684\u901f\u5ea6\uff0c\u8d85\u8fc7\u4e86\u65b0\u8d44\u672c\u8fdb\u5165\u7684\u901f\u5ea6\u3002\u8fd9\u4e0d\u662f\u201c\u53bb\u98ce\u9669\u201d\uff1b\u8fd9\u662f\u8d44\u672c\u5916\u9003<\/em>\u3002\u8fd9\u662f\u8de8\u56fd\u516c\u53f8\u5931\u53bb\u4fe1\u5fc3\u7684\u6700\u5f3a\u70c8\u4fe1\u53f7 15<\/sup>\u3002<\/p>\n\n\n\n

                  \u88683\uff1a\u5916\u56fd\u6295\u8d44\u6d41\u5411\u7684\u5206\u5316\uff082021-2024\uff09<\/strong><\/p>\n\n\n\n

                  \u65f6\u671f<\/strong><\/td>\u201c\u5b9e\u9645\u4f7f\u7528\u201dFDI (\u6bdb\u989d, 2021\u5e74\u8d77\u7d2f\u8ba1)<\/strong><\/td>\u51c0FDI (\u56fd\u9645\u6536\u652f, \u5f53\u671f\u6d41\u91cf)<\/strong><\/td>\u6765\u6e90<\/strong><\/td><\/tr><\/thead>
                  2021\u5e74<\/strong><\/td>N\/A<\/td>+3440\u4ebf\u7f8e\u5143<\/td>15<\/sup><\/td><\/tr>
                  2023\u5e74<\/strong><\/td>N\/A<\/td>+427\u4ebf\u7f8e\u5143<\/td>15<\/sup><\/td><\/tr>
                  2024\u5e74\u4e0a\u534a\u5e74<\/strong><\/td>N\/A<\/td>-46\u4ebf\u7f8e\u5143<\/td>15<\/sup><\/td><\/tr>
                  \u622a\u81f32025\u5e746\u6708<\/strong><\/td>+7087.3\u4ebf\u7f8e\u5143 (\u201c\u5341\u56db\u4e94\u201d\u89c4\u5212\u76ee\u6807)<\/td>N\/A<\/td>75<\/sup><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                  B. \u6295\u8d44\u73af\u5883\uff1a\u201c\u7126\u8651\u201d\u4e0e\u201c\u9650\u5236\u201d<\/h3>\n\n\n\n

                  \u8d44\u672c\u5916\u9003\u6e90\u4e8e\u6295\u8d44\u73af\u5883\u7684\u8fc5\u901f\u6076\u5316\u30022024\u5e74\uff0c\u5916\u56fd\u5728\u534e\u603b\u6295\u8d44\u4e0b\u964d\u4e8627.1%\uff0c\u662f2008\u5e74\u4ee5\u6765\u7684\u6700\u5927\u964d\u5e45 76<\/sup>\u3002\u7f8e\u56fd\u56fd\u52a1\u9662\u57282025\u5e74\u7684\u62a5\u544a\u4e2d\u79f0\u4e2d\u56fd\u662f\u201c\u4e16\u754c\u4e0a\u6700\u5c01\u95ed\u7684\u4e3b\u8981\u7ecf\u6d4e\u4f53\u4e4b\u4e00\u201d 76<\/sup>\u3002\u5916\u56fd\u4f01\u4e1a\u62a5\u544a\u79f0\uff0c\u7531\u4e8e\u7ecf\u6d4e\u201c\u653e\u7f13\u201d\u3001\u201c\u9650\u5236\u6027\u7684\u5546\u4e1a\u73af\u5883\u201d\u4ee5\u53ca\u201c\u4e2d\u56fd\u653f\u5e9c\u65e5\u76ca\u79ef\u6781\u5730\u5229\u7528\u6cd5\u5f8b\u548c\u76d1\u7ba1\u5de5\u5177\u201d\u9488\u5bf9\u5916\u56fd\u4f01\u4e1a\uff0c\u5b83\u4eec\u7684\u201c\u7126\u8651\u611f\u65e5\u76ca\u52a0\u5267\u201d 76<\/sup>\u3002<\/p>\n\n\n\n

                  C. \u201c\u53bb\u98ce\u9669\u201d\u5bf9\u4f9b\u5e94\u94fe\u7684\u5f71\u54cd<\/h3>\n\n\n\n

                  \u4e3a\u5e94\u5bf9\u8fd9\u4e9b\u5730\u7f18\u653f\u6cbb\u548c\u7ecf\u6d4e\u98ce\u9669\uff0c\u5168\u7403\u4f01\u4e1a\u6b63\u5728\u79ef\u6781\u5b9e\u65bd\u201c\u53bb\u98ce\u9669\u201d\uff08de-risking\uff09\u6218\u7565 77<\/sup>\u3002\u4e24\u79cd\u4e3b\u5bfc\u7b56\u7565\u662f\uff1a<\/p>\n\n\n\n

                    \n
                  1. \u201c\u4e2d\u56fd+1\u201d\uff1a<\/strong> \u4fdd\u6301\u5728\u4e2d\u56fd\u7684\u751f\u4ea7\uff0c\u4f46\u5c06\u4e00\u90e8\u5206\u65b0\u6295\u8d44\u5206\u6563\u5230\u8d8a\u5357\u3001\u58a8\u897f\u54e5\u6216\u6ce2\u5170\u7b49\u5176\u4ed6\u56fd\u5bb6 78<\/sup>\u3002<\/li>\n\n\n\n
                  2. \u201c\u5728\u4e2d\u56fd\uff0c\u4e3a\u4e2d\u56fd\u201d\uff1a<\/strong> \u5728\u4e2d\u56fd\u4fdd\u7559\u6216\u6269\u5927\u672c\u5730<\/em>\u4f9b\u5e94\u57fa\u5730\uff0c\u5176\u552f\u4e00\u76ee\u7684\u662f\u5411\u4e2d\u56fd\u56fd\u5185\u5e02\u573a<\/em>\u9500\u552e\uff0c\u540c\u65f6\u4e3a\u4e16\u754c\u5176\u4ed6\u5730\u533a\u5efa\u7acb\u4e00\u4e2a\u72ec\u7acb\u3001\u5e73\u884c\u7684\u201c\u975e\u4e2d\u56fd\u201d\u4f9b\u5e94\u94fe 78<\/sup>\u3002<\/li>\n<\/ol>\n\n\n\n

                    \u8fd9\u4ee3\u8868\u4e86\u5168\u7403\u4f9b\u5e94\u94fe\u7684\u4e00\u79cd\u4ee3\u4ef7\u9ad8\u6602\u4e14\u6548\u7387\u4f4e\u4e0b\u7684\u788e\u7247\u5316 77<\/sup>\u3002<\/p>\n\n\n\n

                    \u5317\u4eac\u7684\u653f\u7b56\u56de\u5e94\uff1a\u62bc\u6ce8\u4f9b\u7ed9\uff0c\u800c\u975e\u9700\u6c42<\/h2>\n\n\n\n

                    \u5317\u4eac\u5bf9\u8fd9\u573a\u590d\u6742\u5371\u673a\u7684\u653f\u7b56\u56de\u5e94\u4e00\u76f4\u662f\u523b\u610f\u4e14\u4e0d\u5bf9\u79f0\u7684\u3002\u5b83\u62d2\u7edd\u4e86\u9700\u6c42\u4fa7\u7684\u523a\u6fc0\uff08\u5982\u5411\u6d88\u8d39\u8005\u76f4\u63a5\u53d1\u653e\u8865\u8d34\uff09\uff0c\u8f6c\u800c\u52a0\u500d\u62bc\u6ce8\u4e8e\u4f9b\u7ed9\u4fa7\u7684\u523a\u6fc0\uff0c\u4ece\u800c\u52a0\u5267\u4e86\u5931\u8861\u3002<\/p>\n\n\n\n

                    A. \u8d27\u5e01\u653f\u7b56\uff1a\u5341\u70b9\u7ec4\u5408\u62f3\u4e0e\u5229\u7387\u8c03\u63a7<\/h3>\n\n\n\n

                    \u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\uff08PBOC\uff09\u91c7\u53d6\u4e86\u201c\u9002\u5ea6\u5bbd\u677e\u201d\u7684\u7acb\u573a 80<\/sup>\u30022025\u5e74\u7684\u5173\u952e\u884c\u52a8\u5305\u62ec\uff1a<\/p>\n\n\n\n

                      \n
                    • \u201c\u5341\u70b9\u7ec4\u5408\u62f3\u201d\uff082025\u5e745\u6708\uff09\uff1a<\/strong> \u4e00\u9879\u65e8\u5728\u6ce8\u5165\u6d41\u52a8\u6027\u548c\u4fe1\u5fc3\u7684\u7efc\u5408\u65b9\u6848 16<\/sup>\u3002<\/li>\n\n\n\n
                    • \u964d\u51c6\uff08RRR\uff09\uff1a<\/strong> 5\u6708\u4efd\u4e0b\u8c03\u5b58\u6b3e\u51c6\u5907\u91d1\u73870.5\u4e2a\u767e\u5206\u70b9\uff0c\u91ca\u653e\u4e861\u4e07\u4ebf\u5143\u4eba\u6c11\u5e01\uff081380\u4ebf\u7f8e\u5143\uff09\u7684\u957f\u671f\u6d41\u52a8\u6027 16<\/sup>\u3002<\/li>\n\n\n\n
                    • \u653f\u7b56\u5229\u7387\u4e0b\u8c03\uff1a<\/strong> 7\u5929\u671f\u9006\u56de\u8d2d\u5229\u7387\u4e0b\u8c030.1\u4e2a\u767e\u5206\u70b9\uff08\u81f31.4%\uff09\uff0c\u4ee5\u53ca\u201c\u7ed3\u6784\u6027\u5de5\u5177\u201d\uff08\u5982\u9488\u5bf9\u4e2d\u5c0f\u4f01\u4e1a\u548c\u519c\u4e1a\u7684\u518d\u8d37\u6b3e\uff09\u5229\u7387\u4e0b\u8c030.25\u4e2a\u767e\u5206\u70b9 16<\/sup>\u3002<\/li>\n<\/ul>\n\n\n\n

                      \u7136\u800c\uff0c\u8fd9\u4e9b\u884c\u52a8\u5e76\u975e\u5e7f\u6cdb\u7684\u523a\u6fc0\u3002\u5927\u591a\u6570\u63aa\u65bd\u662f\u201c\u7ed3\u6784\u6027\u5de5\u5177\u201d\uff0c\u65e8\u5728\u5c06\u6d41\u52a8\u6027\u7cbe\u51c6\u5f15\u5bfc\u81f3\u201c\u65b0\u8d28\u751f\u4ea7\u529b\u201d\u9886\u57df\uff08\u79d1\u6280\u521b\u65b0\u3001\u4e2d\u5c0f\u4f01\u4e1a\u3001\u670d\u52a1\u6d88\u8d39\uff09 16<\/sup>\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u57289\u6708\u4efd\u4fdd\u6301\u8d37\u6b3e\u5e02\u573a\u62a5\u4ef7\u5229\u7387\uff08LPR\uff09\u7a33\u5b9a\uff081\u5e74\u671f3.00%\uff0c5\u5e74\u671f3.50%\uff0982<\/sup>\uff0c\u663e\u793a\u51fa\u4e0d\u613f\u5411\u623f\u5730\u4ea7\u884c\u4e1a\u6ce8\u5165\u8fc7\u591a\u4fe1\u8d37\u3002\u8fd9\u662f\u4e00\u79cd\u201c\u4f9b\u7ed9\u4fa7\u7684\u8d27\u5e01\u653f\u7b56\u201d\uff0c\u65e8\u5728\u4e3a\u7b2c\u56db\u8282\u4e2d\u7684\u6295\u8d44\u6218\u7565\u63d0\u4f9b\u8d44\u91d1\u3002<\/p>\n\n\n\n

                      B. \u8d22\u653f\u653f\u7b56\uff1a\u4e2d\u592e\u653f\u5e9c\u638c\u63a7\u5927\u5c40<\/h3>\n\n\n\n

                      \u8d22\u653f\u653f\u7b56\u4e5f\u53cd\u6620\u4e86\u540c\u6837\u7684\u60c5\u51b5\u3002\u7531\u4e8e\u5730\u65b9\u653f\u5e9c\u5728\u8d22\u653f\u4e0a\u9677\u5165\u762b\u75ea\uff08\u7b2c\u516d\u8282\uff09\uff0c\u4e2d\u592e\u653f\u5e9c\u5df2\u63a5\u7ba1\u4e86\u6295\u8d44\u6760\u6746\u30022025\u5e74\u7684\u9884\u7b97\u5305\u62ec\u4e00\u9879\u91cd\u5927\u7684\u8d22\u653f\u6269\u5f20\uff0c\u901a\u8fc7\u53d1\u884c\u8d85\u957f\u671f\u7279\u522b\u56fd\u503a\uff08\u62a5\u544a\u663e\u793a\u89c4\u6a21\u57281\u4e07\u4ebf\u81f33\u4e07\u4ebf\u5143\u4eba\u6c11\u5e01\u4e4b\u95f4\uff09\u6765\u63d0\u4f9b\u8d44\u91d1 17<\/sup>\u3002<\/p>\n\n\n\n

                      \u81f3\u5173\u91cd\u8981\u7684\u662f\uff0c\u8fd9\u4e9b\u8d44\u91d1\u88ab\u6307\u5b9a\u7528\u4e8e\u201c\u91cd\u5927\u56fd\u5bb6\u6218\u7565\u201d\u3001\u201c\u5173\u952e\u9886\u57df\u5b89\u5168\u80fd\u529b\u201d\u3001\u201c\u79d1\u6280\u521b\u65b0\u201d\u548c\u201c\u57f9\u80b2\u65b0\u8d28\u751f\u4ea7\u529b\u201d 17<\/sup>\u3002\u4e2d\u592e\u653f\u5e9c\u6b63\u5728\u7ed5\u8fc7\u5931\u7075\u7684\u5730\u65b9\u653f\u5e9c\u878d\u8d44\u5e73\u53f0\uff0c\u76f4\u63a5\u4e3a\u5176\u4ea7\u4e1a\u4f18\u5148\u4e8b\u9879\u63d0\u4f9b\u8d44\u91d1\u3002<\/p>\n\n\n\n

                      C. \u5173\u952e\u7684\u653f\u7b56\u5931\u8861<\/h3>\n\n\n\n

                      \u8d27\u5e01\u653f\u7b56\u548c\u8d22\u653f\u653f\u7b56\u90fd\u538b\u5012\u6027\u5730\u65e8\u5728\u4e3a\u4f9b\u7ed9\u878d\u8d44<\/em>\uff08\u6295\u8d44\u3001\u5236\u9020\u4e1a\u3001\u9ad8\u79d1\u6280\uff09\u3002\u51e0\u4e4e\u6ca1\u6709\u4efb\u4f55\u6709\u610f\u4e49\u7684\u653f\u7b56 31<\/sup> \u65e8\u5728\u63d0\u632f\u9700\u6c42<\/em>\uff08\u6d88\u8d39\u3001\u5bb6\u5ead\u652f\u6301\uff09\u3002\u8fd9\u662f\u4e60\u8fd1\u5e73\u7684\u6839\u672c\u8d4c\u6ce8\uff1a\u5373\u5bf9\u9ad8\u79d1\u6280\u751f\u4ea7\u7684\u5927\u89c4\u6a21\u6295\u8d44 3<\/sup> \u5c06\u521b\u9020\u9ad8\u8d28\u91cf\u7684\u5c31\u4e1a\u673a\u4f1a\uff0c\u4ece\u800c\u6700\u7ec8<\/em>\u63a8\u52a8\u6d88\u8d39\u3002<\/p>\n\n\n\n

                      \u4f46\u5728\u6b64\u671f\u95f4\uff0c\u8fd9\u4e00\u6218\u7565\u52a0\u5267<\/em>\u4e86\u7ecf\u6d4e\u7684\u6838\u5fc3\u5931\u8861\uff1a\u5927\u89c4\u6a21\u7684\u4ea7\u80fd\u8fc7\u5269 84<\/sup> \u548c\u75b2\u8f6f\u7684\u5185\u90e8\u9700\u6c42 18<\/sup>\u3002\u8fd9\u4e00\u653f\u7b56\u9009\u62e9\u662f\u4e2d\u56fd\u56fd\u5185\u901a\u7f29\u53ca\u5176\u5916\u90e8\u8d38\u6613\u51b2\u7a81\u7684\u6839\u672c\u539f\u56e0<\/em>\u3002<\/p>\n\n\n\n

                      2026\u5e74\u5c55\u671b\u4e0e\u6218\u7565\u603b\u7ed3<\/h2>\n\n\n\n

                      \u4e2d\u56fd\u65e7\u7684\u589e\u957f\u6a21\u5f0f\uff08\u623f\u5730\u4ea7 + LGFV\u878d\u8d44\u7684\u57fa\u7840\u8bbe\u65bd\uff09\u5df2\u4e0d\u53ef\u9006\u8f6c\u5730\u7834\u4ea7\u3002\u65b0\u7684\u6a21\u5f0f\uff08\u9ad8\u79d1\u6280\u5236\u9020\u4e1a + \u51fa\u53e3\uff0c\u7531\u4e2d\u592e\u653f\u5e9c\u878d\u8d44\uff09\u5df2\u7ecf\u5c31\u4f4d\u3002\u8fd9\u79cd\u91cd\u6784\u51b3\u5b9a\u4e862026\u5e74\u7684\u524d\u666f\u3002<\/p>\n\n\n\n

                      A. 2026\u5e74\u9884\u6d4b\uff1a\u5bf9\u51cf\u901f\u7684\u5171\u8bc6<\/h3>\n\n\n\n

                      \u5e02\u573a\u666e\u904d\u8ba4\u4e3a\u4e2d\u56fd\u7ecf\u6d4e\u5c06\u7ee7\u7eed\u653e\u7f13\uff0c\u5c3d\u7ba1\u5bf9\u653e\u7f13\u7684\u4e25\u91cd\u7a0b\u5ea6\u5b58\u5728\u5206\u6b67\uff1a<\/p>\n\n\n\n

                        \n
                      • \u591a\u8fb9\u673a\u6784\uff1a<\/strong> IMF\u9884\u6d4b2026\u5e74\u7ecf\u6d4e\u589e\u957f\u4e3a4.2% 85<\/sup>\u3002\u4e16\u754c\u94f6\u884c\u9884\u6d4b\u589e\u957f4.2% 86<\/sup> \u62164.0% 88<\/sup>\uff0c\u5176\u5047\u8bbe\u662f\u201c\u623f\u5730\u4ea7\u884c\u4e1a\u9010\u6e10\u4f01\u7a33\u201d 89<\/sup>\uff0c\u800c\u672c\u62a5\u544a\u7684\u5206\u6790\u5bf9\u6b64\u8868\u793a\u6000\u7591\u3002<\/li>\n\n\n\n
                      • \u6295\u8d44\u94f6\u884c\uff1a<\/strong> \u6295\u8d44\u94f6\u884c\u66f4\u4e3a\u60b2\u89c2\u3002\u745e\u94f6\u96c6\u56e2\uff08UBS\uff09\u9884\u6d4b2026\u5e74\u5c06\u51fa\u73b0\u66f4\u5927\u5e45\u5ea6\u7684\u51cf\u901f\uff0c\u964d\u81f33.0% 90<\/sup>\u3002\u81f3\u5173\u91cd\u8981\u7684\u662f\uff0c\u5176\u9884\u6d4b\u4e0e\u672c\u62a5\u544a\u7684\u901a\u7f29\u53d9\u4e8b\u4e00\u81f4\uff0c\u9884\u8ba12026\u5e74CPI\u5c06\u4e3a\u8d1f\u503c<\/em>\uff0c\u8fbe\u5230-0.2% 90<\/sup>\u3002\u6469\u6839\u58eb\u4e39\u5229\uff08Morgan Stanley\uff09\u4e5f\u9884\u89c1\u4e2d\u56fd\u5c06\u201c\u8868\u73b0\u4e0d\u4f73\u201d\uff0c\u5e76\u9884\u8ba1\u7ecf\u6d4e\u5c06\u4e0e\u901a\u7f29\u4f5c\u6597\u4e89 84<\/sup>\u3002<\/li>\n<\/ul>\n\n\n\n

                        \u9274\u4e8e\u9700\u6c42\u7684\u6df1\u5ea6\u75b2\u8f6f\u4ee5\u53ca\u653f\u7b56\u672a\u80fd\u6709\u6548\u5e94\u5bf9\uff0c\u98ce\u9669\u503e\u5411\u4e8e\u66f4\u60b2\u89c2\u7684\u60c5\u666f\u3002<\/p>\n\n\n\n

                        B. \u957f\u671f\u7ed3\u6784\u6027\u98ce\u9669\uff1a\u4eba\u53e3\u4e0e\u751f\u4ea7\u7387<\/h3>\n\n\n\n

                        \u4e2d\u56fd\u7684\u957f\u671f\u589e\u957f\u6f5c\u529b\u6b63\u53d7\u5230\u4e24\u79cd\u4e0d\u53ef\u6297\u62d2\u7684\u529b\u91cf\u7684\u4fb5\u8680\uff1a<\/p>\n\n\n\n

                          \n
                        1. \u4eba\u53e3\u7ed3\u6784\uff1a<\/strong> \u201c\u4eba\u53e3\u7ea2\u5229\u201d\u5df2\u8f6c\u53d8\u4e3a\u201c\u4eba\u53e3\u62d6\u7d2f\u201d 92<\/sup>\u3002\u52b3\u52a8\u5e74\u9f84\u4eba\u53e3\u57282013\u5e74\u8fbe\u5230\u9876\u5cf0 92<\/sup>\uff0c\u76ee\u524d\u6b63\u8fc5\u901f\u4e0b\u964d\uff0c\u800c\u4eba\u53e3\u8001\u9f84\u5316\u52a0\u5267 93<\/sup>\u3002<\/li>\n\n\n\n
                        2. \u751f\u4ea7\u7387\uff1a<\/strong> \u751f\u4ea7\u7387\u589e\u957f\uff0c\u8fd9\u552f\u4e00\u7684\u53e6\u4e00\u4e2a\u589e\u957f\u6765\u6e90\uff0c\u6b63\u5728\u653e\u7f13 89<\/sup>\u3002<\/li>\n<\/ol>\n\n\n\n

                          \u5fc5\u987b\u5728\u8fd9\u4e00\u80cc\u666f\u4e0b\u7406\u89e3\u201c\u65b0\u8d28\u751f\u4ea7\u529b\u201d\u6218\u7565\uff08\u7b2c\u56db\u8282\uff09\u53ca\u5176\u5bf9\u673a\u5668\u4eba\u6280\u672f 49<\/sup> \u548c\u4eba\u5de5\u667a\u80fd 50<\/sup> \u7684\u72c2\u70ed\u5173\u6ce8\u3002\u8fd9\u4e0d\u4ec5\u662f\u4e00\u9879\u4ea7\u4e1a\u653f\u7b56\uff1b\u8fd9\u662f\u5229\u7528\u6280\u672f\u521b\u9020\u751f\u4ea7\u7387\u6536\u76ca\u3001\u4ee5\u62b5\u6d88\u4eba\u53e3\u5d29\u6e83\u7684\u5b64\u6ce8\u4e00\u63b7\u3002\u5373\u5c06\u5230\u6765\u7684\u201c\u5341\u4e94\u4e94\u201d\u89c4\u5212\uff082026-2030\uff09 94<\/sup> \u662f\u4e00\u573a\u5168\u62bc\u7684\u8d4c\u535a\uff0c\u8d4c\u4eba\u5de5\u667a\u80fd\u548c\u673a\u5668\u4eba\u80fd\u591f\u8db3\u591f\u5feb\u5730\u63d0\u9ad8\u751f\u4ea7\u7387\uff0c\u4ee5\u4fbf\u4e3a\u65e5\u76ca\u8001\u9f84\u5316\u7684\u4eba\u53e3\u652f\u4ed8\u517b\u8001\u91d1\uff0c\u5e76\u7ba1\u7406\u4ece\u623f\u5730\u4ea7\u7e41\u8363\u4e2d\u7ee7\u627f\u4e0b\u6765\u7684\u5982\u5c71\u503a\u52a1\u3002<\/p>\n\n\n\n

                          C. \u6218\u7565\u603b\u7ed3\uff1a\u4e2d\u56fd\u4e0d\u7a33\u5b9a\u7684\u65b0\u6a21\u5f0f<\/h3>\n\n\n\n

                          2025\u5e74\u5e95\u7684\u4e2d\u56fd\u7ecf\u6d4e\u5e76\u672a\u5d29\u6e83\u3002\u5b83\u6b63\u5728\u91cd\u5851\u4e3a\u4e00\u4e2a\u6280\u672f\u5148\u8fdb\u3001\u4f46\u7ed3\u6784\u6027\u5931\u8861\u7684\u5de5\u4e1a\u5f3a\u56fd\u3002\u65b0\u7684\u589e\u957f\u6a21\u5f0f\u5df2\u7ecf\u5230\u4f4d\uff0c\u4f46\u5176\u4ee3\u4ef7\u662f\u5de8\u5927\u7684\u3002\u5728\u5185\u90e8\uff0c\u5b83\u4ea7\u751f\u4e86\u901a\u7f29\u538b\u529b\uff0c\u5ffd\u89c6\u4e86\u6d88\u8d39\u8005\uff0c\u4e5f\u672a\u80fd\u89e3\u51b3\u503a\u52a1\u5371\u673a\u3002\u5728\u5916\u90e8\uff0c\u5b83\u4f9d\u8d56\u4e8e\u4e0d\u53ef\u6301\u7eed\u7684\u8d38\u6613\u987a\u5dee\uff0c\u8fd9\u5f15\u53d1\u4e86\u76f4\u63a5\u7684\u8d38\u6613\u51b2\u7a81\u548c\u4f9b\u5e94\u94fe\u7684\u788e\u7247\u5316\u3002<\/p>\n\n\n\n

                          \u4e2d\u56fd\u7ecf\u6d4e\u5728\u4f9b\u7ed9\u4fa7\u663e\u793a\u51fa\u5de8\u5927\u7684\u529b\u91cf\uff0c\u5728\u9700\u6c42\u4fa7\u5219\u66b4\u9732\u51fa\u5371\u9669\u7684\u8106\u5f31\u6027\u3002\u8fd9\u4e00\u6096\u8bba\u5c06\u5b9a\u4e49\u5176\u672a\u6765\u51e0\u5e74\u7684\u53d1\u5c55\u8f68\u8ff9\u53ca\u5176\u4e0e\u5168\u7403\u7ecf\u6d4e\u7684\u51b2\u7a81\u5173\u7cfb\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

                          \u5bf92025\u5e74\u5e95\u4e2d\u56fd\u7ecf\u6d4e\u6307\u6807\u7684\u5206\u6790\u63ed\u793a\u4e86\u4e00\u4e2a\u6df1\u5ea6\u5206\u5316\u7684\u7ecf\u6d4e\u4f53\uff0c\u5176\u7279\u70b9\u662f\u56fd\u5bb6\u9a71\u52a8\u7684\u9ad8\u79d1\u6280\u51fa\u53e3\u90e8\u95e8\u8868\u73b0\u5f3a\u52b2\uff0c\u800c\u5185\u90e8\u9700 […]<\/p>\n","protected":false},"author":1,"featured_media":13863,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[290,263],"tags":[299,142],"class_list":{"0":"post-13869","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-china","8":"category-asia-zh-hans","9":"tag-china","10":"tag-noticias-zh-hans"},"_links":{"self":[{"href":"https:\/\/zythos.es\/zh-hans\/wp-json\/wp\/v2\/posts\/13869","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zythos.es\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zythos.es\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zythos.es\/zh-hans\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zythos.es\/zh-hans\/wp-json\/wp\/v2\/comments?post=13869"}],"version-history":[{"count":0,"href":"https:\/\/zythos.es\/zh-hans\/wp-json\/wp\/v2\/posts\/13869\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zythos.es\/zh-hans\/wp-json\/wp\/v2\/media\/13863"}],"wp:attachment":[{"href":"https:\/\/zythos.es\/zh-hans\/wp-json\/wp\/v2\/media?parent=13869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zythos.es\/zh-hans\/wp-json\/wp\/v2\/categories?post=13869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zythos.es\/zh-hans\/wp-json\/wp\/v2\/tags?post=13869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}