{"id":2218,"date":"2026-02-05T16:55:00","date_gmt":"2026-02-05T16:55:00","guid":{"rendered":"https:\/\/fffanclub.com\/?p=2218"},"modified":"2026-02-06T03:35:33","modified_gmt":"2026-02-06T03:35:33","slug":"%e6%88%98%e7%95%a5%e5%9d%87%e8%a1%a1%e4%b8%8e%e5%b8%82%e5%9c%ba%e5%8c%96%e9%9f%a7%e6%80%a7%ef%bc%9a%e8%b4%b5%e5%b7%9e%e8%8c%85%e5%8f%b0%ef%bc%88600519-sh%ef%bc%89%e6%b7%b1%e5%ba%a6%e7%a0%94%e7%a9%b6","status":"publish","type":"post","link":"https:\/\/fffanclub.com\/?p=2218","title":{"rendered":"\u6218\u7565\u5747\u8861\u4e0e\u5e02\u573a\u5316\u97e7\u6027\uff1a\u8d35\u5dde\u8305\u53f0\uff08600519.SH\uff09\u6df1\u5ea6\u7814\u7a76\u62a5\u544a\u4e0e\u201c\u5341\u4e94\u4e94\u201d\u8f6c\u578b\u524d\u77bb"},"content":{"rendered":"\n<h1 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<sup><\/sup>\u3002<\/p>\n\n\n\n<p>\u901a\u8fc7i\u8305\u53f0\uff0c\u516c\u53f8\u80fd\u591f\u5b9e\u65f6\u76d1\u63a7\u6d88\u8d39\u8005\u7684\u5730\u7406\u5206\u5e03\u3001\u8d2d\u4e70\u9891\u6b21\u4e0e\u4ef7\u683c\u63a5\u53d7\u5ea6\u30022026\u5e74\u521d\uff0ci\u8305\u53f0\u6839\u636e\u5e02\u573a\u4f9b\u9700\u6ce2\u52a8\uff0c\u7075\u6d3b\u8c03\u6574\u9650\u8d2d\u653f\u7b56\uff08\u4ece12\u74f6\u4e0b\u8c03\u81f36\u74f6\uff09\uff0c\u8fd9\u79cd\u5fae\u89c2\u8c03\u63a7\u80fd\u529b\u662f\u4f20\u7edf\u5206\u9500\u6a21\u5f0f\u65e0\u6cd5\u4f01\u53ca\u7684 <sup><\/sup>\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5382\u5546\u547d\u8fd0\u5171\u540c\u4f53\uff1a\u5382\u5546\u8054\u76df\u6a21\u5f0f\u7684\u5174\u8d77<\/h3>\n\n\n\n<p>\u5728\u53d6\u6d88\u90e8\u5206\u5206\u9500\u6388\u6743\u7684\u540c\u65f6\uff0c\u8305\u53f0\u5e76\u672a\u7b80\u5355\u5730\u629b\u5f03\u7ecf\u9500\u5546\uff0c\u800c\u662f\u63a8\u52a8\u201c\u5382\u5546\u8054\u76df\u201d\u6a21\u5f0f\u3002\u901a\u8fc7\u9f13\u52b1\u7ecf\u9500\u5546\u5165\u80a1\u8054\u8425\u516c\u53f8\uff0c\u8305\u53f0\u5c06\u539f\u672c\u7684\u535a\u5f08\u5173\u7cfb\u8f6c\u5316\u4e3a\u5229\u76ca\u7ed1\u5b9a\u5173\u7cfb <sup><\/sup>\u3002\u8fd9\u79cd\u6a21\u5f0f\u5728\u767d\u9152\u4e0b\u884c\u5468\u671f\u4e2d\u8d77\u5230\u4e86\u5173\u952e\u7684\u9632\u5b88\u4f5c\u7528\uff1a\u7ecf\u9500\u5546\u4e0d\u518d\u4e3a\u4e86\u73b0\u91d1\u6d41\u800c\u76f2\u76ee\u4f4e\u4ef7\u629b\u552e\uff0c\u800c\u662f\u613f\u610f\u4e0e\u9152\u4f01\u5171\u540c\u5206\u62c5\u53bb\u5e93\u5b58\u7684\u538b\u529b\uff0c\u4ece\u800c\u7a33\u5b9a\u4e86\u6574\u4f53\u7684\u4ef7\u683c\u4f53\u7cfb\uff08\u4ef7\u76d8\uff09 <sup><\/sup>\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6218\u7565\u5b9a\u4ef7\u7684\u827a\u672f\uff1a1500\u5143\u81f31700\u5143\u7684\u4ef7\u683c\u91cd\u6784<\/h3>\n\n\n\n<p>2025\u5e7412\u6708\uff0c\u98de\u5929\u8305\u53f0\u7684\u6279\u4ef7\u66fe\u4e00\u5ea6\u8dcc\u78341499\u5143\u6307\u5bfc\u4ef7\uff0c\u968f\u540e\u901a\u8fc7\u63a7\u91cf\u653f\u7b56\u4e0e\u5e02\u573a\u5316\u6539\u9769\u7684\u7ec4\u5408\u62f3\uff0c\u6210\u529f\u56de\u5347\u81f31500\u5143\u4e0a\u65b9 <sup><\/sup>\u3002\u5e02\u573a\u7814\u7a76\u8868\u660e\uff0c1500\u5143\/\u74f6\u5df2\u6210\u4e3a\u5382\u5546\u3001\u6e20\u9053\u4e0e\u6d88\u8d39\u8005\u4e09\u65b9\u535a\u5f08\u540e\u7684\u5171\u8bc6\u533a\u95f4 <sup><\/sup>\u3002\u5bf9\u4e8e\u6280\u672f\u6295\u8d44\u8005\u800c\u8a00\uff0c\u8fd9\u4e2a\u4ef7\u683c\u6c34\u5e73\u4ee3\u8868\u4e86\u8305\u53f0\u5728\u5931\u53bb\u653f\u52a1\u6d88\u8d39\u652f\u6491\u540e\uff0c\u4ec5\u51ed\u5546\u52a1\u4e0e\u4e2a\u4eba\u6d88\u8d39\u6240\u80fd\u8fbe\u5230\u7684\u201c\u771f\u5b9e\u5e95\u90e8\u201d <sup><\/sup>\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u7b2c\u4e09\u7ef4\u5ea6\uff1a\u5353\u8d8a\u8fd0\u8425\u4e0e\u5de5\u827a\u58c1\u5792\u2014\u2014\u4f20\u7edf\u4e0e\u79d1\u6280\u7684\u8fa9\u8bc1\u6cd5<\/h2>\n\n\n\n<p>\u8305\u53f0\u7684\u6838\u5fc3\u7ade\u4e89\u529b\u5728\u4e8e\u5176\u4e0d\u53ef\u590d\u5236\u7684\u917f\u9020\u73af\u5883\u4e0e\u4e25\u683c\u7684\u751f\u4ea7\u89c4\u8303\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">12987\u5de5\u827a\u7684\u7269\u7406\u7ea6\u675f<\/h3>\n\n\n\n<p>\u8305\u53f0\u575a\u6301\u201c12987\u201d\u751f\u4ea7\u5de5\u827a\uff0c\u610f\u5473\u7740\u5f53\u5e74\u7684\u4ea7\u91cf\u5728\u4e94\u5e74\u540e\u624d\u80fd\u8f6c\u5316\u4e3a\u6210\u54c1\u9152\u8fdb\u5165\u5e02\u573a <sup><\/sup>\u3002\u8fd9\u79cd\u65f6\u95f4\u4e0a\u7684\u9519\u4f4d\u5f62\u6210\u4e86\u5929\u7136\u7684\u4f9b\u7ed9\u62a4\u57ce\u6cb3\u3002\u5373\u4f7f\u57282026\u5e74\u5e02\u573a\u9700\u6c42\u56de\u6696\uff0c\u8305\u53f0\u4e5f\u65e0\u6cd5\u901a\u8fc7\u77ed\u671f\u6269\u4ea7\u6765\u7a00\u91ca\u54c1\u724c\u4ef7\u503c\u3002<\/p>\n\n\n\n<p>$$ROIC = \\frac{\\text{Net Operating Profit After Tax (NOPAT)}}{\\text{Invested Capital}}$$<\/p>\n\n\n\n<p>\u5728\u8fd0\u8425\u5c42\u9762\uff0c\u8305\u53f0\u6781\u9ad8\u7684\u8d44\u672c\u56de\u62a5\u7387\uff08ROIC\uff09\u6765\u6e90\u4e8e\u5176\u6781\u4f4e\u7684\u539f\u6750\u6599\u6210\u672c\u4e0e\u6781\u9ad8\u7684\u54c1\u724c\u6ea2\u4ef7\u3002\u51e0\u5341\u4e07\u5428\u57fa\u9152\u50a8\u5907\u4f5c\u4e3a\u201c\u8d26\u5916\u8d44\u4ea7\u201d\uff0c\u4ef7\u503c\u6570\u4e07\u4ebf\u5143\uff0c\u4e3a\u5176\u5728\u884c\u4e1a\u5bd2\u51ac\u4e2d\u63d0\u4f9b\u4e86\u6df1\u539a\u7684\u9632\u5fa1\u7eb5\u6df1 <sup><\/sup>\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u79d1\u5b66\u8305\u53f0\uff1a\u751f\u7269\u6280\u672f\u8d4b\u80fd<\/h3>\n\n\n\n<p>\u9648\u534e\u4e0a\u4efb\u540e\uff0c\u5927\u529b\u63a8\u884c\u201c\u79d1\u5b66\u8305\u53f0\u201d\u6218\u7565\u30022025\u5e74\uff0c\u8305\u53f0\u6210\u7acb\u4e86\u751f\u7269\u6280\u672f\u7814\u53d1\u516c\u53f8\uff0c\u5e76\u4ece\u9876\u7ea7\u9ad8\u6821\u62db\u8058\u4e86\u767e\u4f59\u540d\u9ad8\u5c42\u6b21\u4eba\u624d <sup><\/sup>\u3002\u8fd9\u5e76\u975e\u662f\u8981\u6539\u53d8\u917f\u9020\u5de5\u827a\uff0c\u800c\u662f\u901a\u8fc7\u57fa\u56e0\u6d4b\u5e8f\u4e0e\u5fae\u751f\u7269\u7fa4\u843d\u5206\u6790\uff0c\u786e\u4fdd\u5728\u73af\u5883\u6ce2\u52a8\uff08\u5982\u6c14\u5019\u53d8\u5316\u5bf9\u8d64\u6c34\u6cb3\u6c34\u8d28\u7684\u5f71\u54cd\uff09\u4e0b\uff0c\u8305\u53f0\u9152\u54c1\u8d28\u7684\u6052\u5b9a\u6027 <sup><\/sup>\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td><strong>\u79d1\u6280\u521b\u65b0\u6307\u6807<\/strong><\/td><td><strong>2025\u5e74\u5ea6\u8868\u73b0<\/strong><\/td><\/tr><\/thead><tbody><tr><td>\u53d1\u660e\u4e13\u5229\u7533\u8bf7\u6570<\/td><td>35\u9879<\/td><\/tr><tr><td>\u9ad8\u5c42\u6b21\u4eba\u624d\u5f15\u8fdb<\/td><td>100+\u4eba<\/td><\/tr><tr><td>\u7814\u53d1\u6295\u5165\u65b9\u5411<\/td><td>\u751f\u7269\u53d1\u9175\u673a\u7406\u3001\u751f\u6001\u73af\u5883\u4fdd\u62a4\u3001\u6570\u5b57\u5316\u4f9b\u5e94\u94fe<\/td><\/tr><tr><td>\u521b\u65b0\u5e73\u53f0\u5efa\u8bbe<\/td><td>\u751f\u7269\u6280\u672f\u7814\u53d1\u516c\u53f8\u6302\u724c\u8fd0\u8425<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u7b2c\u56db\u7ef4\u5ea6\uff1a\u8d22\u52a1\u7a33\u5065\u6027\u5206\u6790\u2014\u2014\u4e1a\u7ee9\u84c4\u6c34\u6c60\u7684\u6d88\u957f<\/h2>\n\n\n\n<p>\u8d22\u52a1\u62a5\u8868\u662f\u89c2\u5bdf\u8305\u53f0\u6218\u7565\u6267\u884c\u6548\u679c\u7684\u6700\u76f4\u89c2\u7a97\u53e3\u30022025\u5e74\u7684\u4e2d\u62a5\u4e0e\u4e09\u5b63\u62a5\u663e\u793a\uff0c\u8305\u53f0\u7684\u589e\u957f\u901f\u5ea6\u6b63\u5728\u56de\u5f52\u7406\u6027\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u8425\u6536\u4e0e\u5229\u6da6\uff1a\u544a\u522b\u4e24\u4f4d\u6570\u589e\u957f\u7684\u9635\u75db<\/h3>\n\n\n\n<p>2025\u5e74\u4e0a\u534a\u5e74\uff0c\u8305\u53f0\u5b9e\u73b0\u8425\u4e1a\u603b\u6536\u5165910.94\u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f9.16%\uff1b\u51c0\u5229\u6da6454.03\u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f8.89% <sup><\/sup>\u3002\u8fd9\u662f\u8fd1\u5341\u5e74\u4ee5\u6765\uff0c\u8305\u53f0\u8425\u6536\u589e\u901f\u9996\u6b21\u964d\u81f3\u4e2a\u4f4d\u6570\u3002\u5bf9\u4e8e\u8ffd\u6c42\u8d85\u989d\u6536\u76ca\u7684\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u8fd9\u79cd\u201c\u51cf\u901f\u201d\u9700\u8981\u7ed3\u5408\u5b8f\u89c2\u73af\u5883\u8fdb\u884c\u8fa9\u8bc1\u5206\u6790\uff1a\u5728\u767d\u9152\u884c\u4e1a\u6574\u4f53\u8425\u6536\u5229\u6da6\u9f50\u8dcc\u7684\u80cc\u666f\u4e0b\uff0c\u8305\u53f0\u7684\u4e2a\u4f4d\u6570\u589e\u957f\u5b9e\u9645\u4e0a\u53cd\u6620\u4e86\u6781\u5f3a\u7684\u4efd\u989d\u96c6\u4e2d\u80fd\u529b <sup><\/sup>\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5408\u540c\u8d1f\u503a\uff1a\u4e1a\u7ee9\u7f13\u51b2\u57ab\u7684\u7f29\u51cf<\/h3>\n\n\n\n<p>\u4e00\u4e2a\u503c\u5f97\u8b66\u60d5\u7684\u4fe1\u53f7\u662f\u5408\u540c\u8d1f\u503a\uff08\u5373\u9884\u6536\u8d27\u6b3e\uff09\u7684\u5927\u5e45\u4e0b\u6ed1\u3002\u622a\u81f32025\u5e74\u4e8c\u5b63\u5ea6\u672b\uff0c\u8305\u53f0\u7684\u5408\u540c\u8d1f\u503a\u4ece\u5e74\u521d\u768495.9\u4ebf\u5143\u964d\u81f355.1\u4ebf\u5143\uff0c\u964d\u5e45\u8fbe42.59% <sup><\/sup>\u3002<\/p>\n\n\n\n<p>\u5206\u6790\u8ba4\u4e3a\uff0c\u5408\u540c\u8d1f\u503a\u7684\u51cf\u5c11\u4e3b\u8981\u7531\u4e8e\u4e24\u4e2a\u539f\u56e0\uff1a<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>\u4e3b\u52a8\u63a7\u8282\u594f<\/strong>\uff1a\u516c\u53f8\u4e3a\u4e86\u51cf\u8f7b\u7ecf\u9500\u5546\u538b\u529b\uff0c\u4e3b\u52a8\u964d\u4f4e\u4e86\u6253\u6b3e\u6bd4\u4f8b\uff0c\u907f\u514d\u5728\u4e0b\u884c\u5468\u671f\u8fc7\u5ea6\u538b\u8d27\u5bfc\u81f4\u6e20\u9053\u5d29\u6e83 \u3002<\/li>\n\n\n\n<li><strong>\u7ecf\u9500\u5546\u9884\u671f\u8f6c\u5411<\/strong>\uff1a\u5728\u4ef7\u683c\u5012\u6302\u4e25\u91cd\u7684\u5e02\u573a\u73af\u5883\u4e0b\uff0c\u7ecf\u9500\u5546\u62ff\u8d27\u7684\u79ef\u6781\u6027\u51cf\u5f31\uff0c\u4e0d\u518d\u50cf\u8fc7\u53bb\u90a3\u6837\u63d0\u524d\u5927\u91cf\u9884\u4ed8\u8d44\u91d1 \u3002<\/li>\n<\/ol>\n\n\n\n<p>\u5c3d\u7ba1\u5982\u6b64\uff0c\u8305\u53f0\u4f9d\u7136\u7ef4\u6301\u7740\u65e5\u5747\u76c8\u5229\u7ea62.5\u4ebf\u5143\u7684\u6050\u6016\u8d5a\u94b1\u80fd\u529b <sup><\/sup>\u3002\u5176\u7ecf\u8425\u6027\u73b0\u91d1\u6d41\u867d\u7136\u6709\u6240\u6ce2\u52a8\uff0c\u4f46\u81ea\u7531\u73b0\u91d1\u6d41\u4f9d\u7136\u5145\u6c9b\uff0c\u8db3\u4ee5\u652f\u6491\u5176\u9ad8\u989d\u7684\u5206\u7ea2\u627f\u8bfa\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e1a\u7ee9\u9884\u6d4b\u4e0e\u5206\u7ea2\u9884\u671f<\/h3>\n\n\n\n<p>\u673a\u6784\u5bf92025\u5e74\u7684\u4e1a\u7ee9\u9884\u6d4b\u666e\u904d\u8d8b\u4e8e\u5ba1\u614e\u3002\u6839\u636e49\u5bb6\u673a\u6784\u7684\u7efc\u5408\u9884\u6d4b\uff0c2025\u5e74\u6bcf\u80a1\u6536\u76ca\uff08EPS\uff09\u9884\u8ba1\u4e3a72.80\u5143\uff0c\u540c\u6bd4\u589e\u957f6.06% <sup><\/sup>\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td><strong>\u8d22\u52a1\u5e74\u5ea6<\/strong><\/td><td><strong>\u8425\u4e1a\u603b\u6536\u5165\uff08\u4ebf\u5143\uff09<\/strong><\/td><td><strong>\u51c0\u5229\u6da6\uff08\u4ebf\u5143\uff09<\/strong><\/td><td><strong>EPS\uff08\u5143\uff09<\/strong><\/td><td><strong>\u589e\u957f\u7387\uff08\u5f52\u6bcd\u51c0\u5229\uff09<\/strong><\/td><\/tr><\/thead><tbody><tr><td>2024 (\u5b9e\u9645)<\/td><td>1,741.44<\/td><td>862.28<\/td><td>&#8212;<\/td><td>&#8212; <sup><\/sup><\/td><\/tr><tr><td>2025 (\u9884\u6d4b)<\/td><td>~1,850<\/td><td>912.11<\/td><td>72.80<\/td><td>5.78% <sup><\/sup><\/td><\/tr><tr><td>2026 (\u9884\u6d4b)<\/td><td>~2,000<\/td><td>~1,000<\/td><td>&#8212;<\/td><td>~10% (\u6f5c\u5728\u62d0\u70b9)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u7b2c\u4e94\u7ef4\u5ea6\uff1a\u884c\u4e1a\u5468\u671f\u4e0e\u7ade\u4e89\u683c\u5c40\u2014\u2014\u201c\u4e94\u5e95\u9636\u6bb5\u201d\u7684\u786e\u8ba4<\/h2>\n\n\n\n<p>\u4e2d\u4fe1\u5efa\u6295\u7b49\u673a\u6784\u5c06\u76ee\u524d\u7684\u767d\u9152\u884c\u4e1a\u5b9a\u4e49\u4e3a\u201c\u4e94\u5e95\u9636\u6bb5\u201d\u4e0e\u8d44\u672c\u5e02\u573a\u201c\u4e09\u4f4e\u4e00\u9ad8\u201d\u7684\u5171\u632f\u671f <sup><\/sup>\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u884c\u4e1a\u5468\u671f\u7684\u201c\u4e94\u5e95\u201d\u8bba\u8bc1<\/h3>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>\u653f\u7b56\u5e95<\/strong>\uff1a\u9650\u5236\u516c\u52a1\u6d88\u8d39\u7684\u653f\u7b56\u5df2\u5b8c\u5168\u51fa\u53f0\u5e76\u88ab\u5e02\u573a\u6d88\u5316\uff0c\u653f\u7b56\u7684\u8fb9\u9645\u51b2\u51fb\u6b63\u5728\u51cf\u5f31 \u3002<\/li>\n\n\n\n<li><strong>\u5e93\u5b58\u5e95<\/strong>\uff1a2025\u5e74\u662f\u5168\u884c\u4e1a\u7684\u53bb\u5e93\u5b58\u5143\u5e74\u3002\u7ecf\u8fc7\u4e00\u5e74\u7684\u5e93\u5b58\u6e05\u7406\uff0c\u6838\u5fc3\u5355\u54c1\u7684\u793e\u4f1a\u5e93\u5b58\u6b63\u8d8b\u4e8e\u5408\u7406 \u3002<\/li>\n\n\n\n<li><strong>\u52a8\u9500\u5e95<\/strong>\uff1a\u968f\u7740PPI\u8f6c\u6b63\u9884\u671f\u4e0e\u5185\u9700\u523a\u6fc0\u653f\u7b56\u7684\u843d\u5730\uff0c\u7ec8\u7aef\u52a8\u9500\u57282026\u5e74\u6625\u8282\u524d\u540e\u51fa\u73b0\u660e\u663e\u56de\u6696 \u3002<\/li>\n\n\n\n<li><strong>\u6279\u4ef7\u5e95<\/strong>\uff1a\u8305\u53f0\u6279\u4ef7\u56de\u5347\u81f31500\u5143\u4ee5\u4e0a\uff0c\u6807\u5fd7\u7740\u9ad8\u7aef\u767d\u9152\u7684\u4ef7\u683c\u62a4\u57ce\u6cb3\u5df2\u7ecf\u7b51\u7262 \u3002<\/li>\n\n\n\n<li><strong>\u4ea7\u91cf\u5e95<\/strong>\uff1a\u767d\u9152\u603b\u4ea7\u91cf\u9884\u8ba1\u57282025\u5e74\u8dcc\u7834400\u4e07\u5343\u5347\u540e\u89e6\u5e95\uff0c\u884c\u4e1a\u8fdb\u5165\u201c\u5b58\u91cf\u7ade\u4e89\u3001\u5f3a\u8005\u6052\u5f3a\u201d\u7684\u9636\u6bb5 \u3002<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">\u7ade\u4e89\u683c\u5c40\uff1a\u5f3a\u8005\u6052\u5f3a\u7684\u201c\u6324\u538b\u5f0f\u201d\u589e\u957f<\/h3>\n\n\n\n<p>\u57282026\u5e74\u7684\u5e02\u573a\u4e2d\uff0c\u4e2d\u56fd\u767d\u9152\u7684\u7ade\u4e89\u903b\u8f91\u5df2\u7531\u201c\u7ecf\u8425\u903b\u8f91\u201d\u8f6c\u5411\u201c\u7ade\u4e89\u903b\u8f91\u201d <sup><\/sup>\u3002\u7531\u4e8e\u540d\u9152\u4f01\u4e1a\u4ea7\u80fd\u6269\u5f20\u540e\u7684\u5145\u6c9b\u4f9b\u7ed9\uff08\u8fbe\u52302015\u5e74\u76842-3\u500d\uff09\uff0c\u884c\u4e1a\u5c06\u5f00\u542f\u5168\u65b9\u4f4d\u7684\u4efd\u989d\u4e89\u593a\u6218\u3002\u8305\u53f0\u51ed\u501f\u5176\u65e0\u4e0e\u4f26\u6bd4\u7684\u54c1\u724c\u5fc3\u667a\uff0c\u6b63\u5728\u8679\u5438\u539f\u672c\u5c5e\u4e8e\u6b21\u9ad8\u7aef\u54c1\u724c\u7684\u5e02\u573a\u4efd\u989d\u3002<\/p>\n\n\n\n<p>\u968f\u7740\u201c\u5c11\u559d\u9152\u3001\u559d\u597d\u9152\u201d\u7684\u6d88\u8d39\u5347\u7ea7\u8d8b\u52bf\u5ef6\u7eed\uff0c\u8305\u53f0\u5728\u5343\u5143\u4ee5\u4e0a\u4ef7\u4f4d\u6bb5\u7684\u7edf\u6cbb\u529b\u53cd\u800c\u56e0\u4e3a\u884c\u4e1a\u8c03\u6574\u800c\u5f97\u5230\u4e86\u52a0\u5f3a <sup><\/sup>\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u7b2c\u516d\u7ef4\u5ea6\uff1a\u76d1\u7ba1\u653f\u7b56\u4e0e\u5b8f\u89c2\u73af\u5883\u2014\u2014\u7a0e\u6539\u4e0e\u65b0\u7981\u9152\u4ee4\u7684\u51b2\u51fb\u6ce2<\/h2>\n\n\n\n<p>\u5b8f\u89c2\u73af\u5883\u662f\u5f71\u54cd\u8305\u53f0\u4f30\u503c\u7684\u6838\u5fc3\u53d8\u91cf\u30022025\u5e74\uff0c\u4e24\u5927\u653f\u7b56\u53d8\u5316\u5bf9\u884c\u4e1a\u4ea7\u751f\u4e86\u6df1\u8fdc\u5f71\u54cd\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6d88\u8d39\u7a0e\u6539\u9769\uff1a\u73af\u8282\u540e\u79fb\u7684\u865a\u4e0e\u5b9e<\/h3>\n\n\n\n<p>\u5173\u4e8e\u767d\u9152\u6d88\u8d39\u7a0e\u5f81\u6536\u73af\u8282\u540e\u79fb\uff08\u4ece\u751f\u4ea7\u7aef\u79fb\u81f3\u6279\u53d1\/\u96f6\u552e\u7aef\uff09\u7684\u4f20\u95fb\u4e00\u76f4\u662f\u7b3c\u7f69\u5728\u884c\u4e1a\u4e0a\u65b9\u7684\u9634\u4e91\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u7ba1\u7406\u96be\u5ea6<\/strong>\uff1a\u767d\u9152\u6279\u53d1\u5546\u8d85\u8fc712\u4e07\u5bb6\uff0c\u5f81\u7ba1\u96be\u5ea6\u8fdc\u8d85\u70df\u8349\u884c\u4e1a \u3002<\/li>\n\n\n\n<li><strong>\u8d22\u653f\u5e73\u8861<\/strong>\uff1a\u8305\u53f0\u4f5c\u4e3a\u8d35\u5dde\u7701\u7684\u6838\u5fc3\u7a0e\u6e90\uff0c\u82e5\u6539\u4e3a\u6d88\u8d39\u5730\u5f81\u6536\uff0c\u5c06\u5bf9\u751f\u4ea7\u5927\u7701\u7684\u8d22\u653f\u4ea7\u751f\u5de8\u5927\u51b2\u51fb \u3002<\/li>\n\n\n\n<li><strong>\u54c1\u724c\u8bae\u4ef7\u80fd\u529b<\/strong>\uff1a\u5373\u4f7f\u7a0e\u6539\u843d\u5730\uff0c\u5934\u90e8\u9152\u4f01\u5982\u8305\u53f0\u5177\u6709\u6781\u5f3a\u7684\u8bae\u4ef7\u6743\uff0c\u53ef\u4ee5\u5c06\u7a0e\u8d1f\u5411\u4e0b\u6e38\u8f6c\u5ac1\uff1b\u800c\u54c1\u724c\u529b\u5f31\u7684\u4e2d\u5c0f\u9152\u4f01\u5219\u53ef\u80fd\u9762\u4e34\u5229\u6da6\u88ab\u541e\u566c\u7684\u56f0\u5883 \u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2025\u65b0\u7981\u9152\u4ee4\uff1a\u573a\u666f\u7684\u53bb\u653f\u52a1\u5316<\/h3>\n\n\n\n<p>2025\u5e745\u6708\u4fee\u8ba2\u7684\u76f8\u5173\u653f\u7b56\u8fdb\u4e00\u6b65\u9650\u5236\u4e86\u516c\u52a1\u63a5\u5f85\u573a\u666f\u4e0b\u7684\u767d\u9152\u6d88\u8d39 <sup><\/sup>\u3002\u867d\u7136\u77ed\u671f\u5185\u5bfc\u81f4\u4e86\u4e8c\u3001\u4e09\u5b63\u5ea6\u9500\u552e\u4e0b\u6ed1\uff0c\u4f46\u4ece\u957f\u8fdc\u770b\uff0c\u8fd9\u8feb\u4f7f\u8305\u53f0\u52a0\u901f\u5411\u5546\u52a1\u4e0e\u4e2a\u4eba\u6d88\u8d39\u573a\u666f\u8f6c\u578b\u3002\u6b63\u5982\u5206\u6790\u6307\u51fa\uff0c\u5f53\u524d\u6d88\u8d39\u4e3b\u4f53\u7684\u6839\u672c\u6027\u8f6c\u53d8\uff0c\u4f7f\u5f97\u65b0\u7981\u9152\u4ee4\u7684\u5b9e\u9645\u5f71\u54cd\u7a0b\u5ea6\u5df2\u5c0f\u4e8e2013\u5e74 <sup><\/sup>\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u7b2c\u4e03\u7ef4\u5ea6\uff1a\u672a\u6765\u5c55\u671b\u4e0e\u201c\u5341\u4e94\u4e94\u201d\u89c4\u5212\u2014\u2014\u56fd\u9645\u5316\u4e0e\u6570\u5b57\u5316\u7684\u53cc\u8f6e\u9a71\u52a8<\/h2>\n\n\n\n<p>\u9762\u5bf92026\u5e74\u53ca\u4ee5\u540e\u7684\u201c\u5341\u4e94\u4e94\u201d\u89c4\u5212\uff0c\u8305\u53f0\u7684\u6218\u7565\u91cd\u5fc3\u5df2\u4ece\u5355\u7eaf\u7684\u56fd\u5185\u589e\u957f\u8f6c\u5411\u5168\u7403\u4ef7\u503c\u94fe\u7684\u6784\u5efa\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u56fd\u9645\u5316\uff1a\u8ba9\u4e16\u754c\u7231\u4e0a\u8305\u53f0<\/h3>\n\n\n\n<p>\u9648\u534e\u8463\u4e8b\u957f\u660e\u786e\u63d0\u51fa\uff0c\u8981\u6df1\u5316\u56fd\u9645\u5316\u53d1\u5c55\uff0c\u52aa\u529b\u5b9e\u73b0\u201c\u8ba9\u4e16\u754c\u7231\u4e0a\u8305\u53f0\u201d\u7684\u7f8e\u597d\u613f\u666f <sup><\/sup>\u3002\u76ee\u524d\uff0c\u8305\u53f0\u5df2\u572864\u4e2a\u56fd\u5bb6\u548c\u5730\u533a\u5efa\u7acb\u9500\u552e\u7f51\u7edc <sup><\/sup>\u3002\u56fd\u9645\u5316\u4e0d\u4ec5\u662f\u4e3a\u4e86\u589e\u52a0\u8425\u6536\uff0c\u66f4\u662f\u4e3a\u4e86\u5efa\u7acb\u5168\u7403\u54c1\u724c\u9ad8\u5ea6\uff0c\u5bf9\u6297\u56fd\u5185\u4eba\u53e3\u7ea2\u5229\u51cf\u9000\u5e26\u6765\u7684\u6f5c\u5728\u538b\u529b\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6570\u5b57\u5316\u8425\u5546\u73af\u5883\u4e0eESG\u9886\u5bfc\u529b<\/h3>\n\n\n\n<p>\u8305\u53f0\u6b63\u5728\u7814\u7a76\u6570\u5b57\u5316\u8425\u5546\u73af\u5883\u5efa\u8bbe\uff0c\u901a\u8fc7\u5927\u6570\u636e\u624b\u6bb5\u5b9e\u73b0\u4f9b\u5e94\u94fe\u7684\u201c\u65e0\u611f\u76d1\u6d4b\u201d <sup><\/sup>\u3002\u540c\u65f6\uff0c\u4f5c\u4e3a\u552f\u4e00\u83b7\u5f97MSCI ESG rating \u201cA\u201d\u7ea7\u7684\u4e2d\u56fd\u767d\u9152\u4f01\u4e1a\uff0c\u8305\u53f0\u5728\u7eff\u8272\u53d1\u5c55\u3001\u8d64\u6c34\u6cb3\u4fdd\u62a4\u3001\u793e\u4f1a\u516c\u76ca\uff08\u5982\u5e0c\u671b\u5de5\u7a0b\u3001\u4e61\u6751\u632f\u5174\uff09\u65b9\u9762\u7684\u6295\u5165\uff0c\u4e3a\u5176\u8d62\u5f97\u4e86\u56fd\u9645\u8d44\u672c\u7684\u9752\u7750 <sup><\/sup>\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td><strong>\u6218\u7565\u76ee\u6807<\/strong><\/td><td><strong>\u5341\u4e94\u4e94\u89c4\u5212\u91cd\u70b9<\/strong><\/td><\/tr><\/thead><tbody><tr><td><strong>\u54c1\u8d28\u951a\u70b9<\/strong><\/td><td>\u5b88\u62a4\u8d64\u6c34\u6cb3\u6d41\u57df\u751f\u6001\uff0c\u786e\u4fdd\u57fa\u9152\u4f9b\u5e94\u7684\u7a33\u5b9a\u6027<\/td><\/tr><tr><td><strong>\u6e20\u9053\u91cd\u6784<\/strong><\/td><td>\u63d0\u5347\u76f4\u8425\u5360\u6bd4\uff0ci\u8305\u53f0\u6210\u4e3a\u6838\u5fc3\u6210\u4ea4\u8282\u70b9<\/td><\/tr><tr><td><strong>\u6587\u5316IP<\/strong><\/td><td>\u6253\u9020\u8305\u53f0\u9152\u8282\u3001\u7ea2\u7f28\u5b50\u9ad8\u7cb1\u4e30\u6536\u5b63\u7b49\u6587\u5316\u7b26\u53f7<\/td><\/tr><tr><td><strong>\u5168\u7403\u5e03\u5c40<\/strong><\/td><td>\u6784\u5efa\u767e\u82b1\u9f50\u653e\u3001\u5171\u4eab\u5171\u8d62\u7684\u5168\u7403\u9152\u4e1a\u65b0\u751f\u6001<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 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