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CAGR\uff0c\u22645%\u7684\u533a\u57df\uff08\u4e2d\u56fd\u3001\u897f\u6b27\u3001\u53d1\u8fbe\u4e9a\u592a\uff09\u752850% CAGR<\/li>\n<\/ul>\n\n\n\n<p>\u4f5c\u4e3a\u53c2\u7167\uff0cGoldman Sachs 2026\u5e744\u6708\u9884\u6d4b2035\u5e74\u5168\u7403Robotaxi\u5e02\u573a\u4e3a$4,150\u4ebf\uff0c\u7ea6\u4e3a\u672c\u62a5\u544a\u4f30\u7b97\u76844\u500d\u3002<\/p>\n\n\n\n<p><strong>\u6838\u5fc3\u5047\u8bbe\uff1aRobotaxi\u9700\u8981\u7a33\u6b65\u63a8\u8fdb\uff0c\u4e0d\u5b58\u5728\u6d77\u91cf\u91cf\u4ea7\u8f66\u4e00\u591c\u4e4b\u95f4\u5347\u7ea7\u4e3aL4\u7684\u53ef\u80fd\u3002<\/strong><br>\u672c\u62a5\u544a\u7684\u6240\u6709\u6d4b\u7b97\u5efa\u7acb\u5728\u4e00\u4e2a\u57fa\u672c\u524d\u63d0\u4e4b\u4e0a\uff1aRobotaxi\u662f\u4e13\u7528\u8f66\u961f\u9010\u57ce\u5e02\u90e8\u7f72\u7684\u4e1a\u52a1\uff0c\u9700\u8981\u9010\u4e00\u901a\u8fc7\u5404\u5730\u76d1\u7ba1\u5ba1\u6279\u3001\u5efa\u8bbe\u8fd0\u7ef4\u4f53\u7cfb\u3001\u79ef\u7d2f\u5b89\u5168\u91cc\u7a0b\u6570\u636e\u3002\u6d88\u8d39\u7ea7\u91cf\u4ea7\u8f66\u901a\u8fc7OTA\u5347\u7ea7\u4e00\u591c\u4e4b\u95f4\u53d8\u6210L4 Robotaxi\u7684\u60c5\u666f\uff0c\u5728\u672c\u62a5\u544a\u65f6\u95f4\u6846\u67b6\u5185\uff082030-2035\u5e74\uff09\u4e0d\u4f1a\u53d1\u751f\u3002\u8fd9\u610f\u5473\u7740\u8f66\u961f\u89c4\u6a21\u7684\u589e\u957f\u53d7\u5236\u4e8e\u4ea7\u80fd\u722c\u5761\u3001\u57ce\u5e02\u5ba1\u6279\u548c\u8fd0\u8425\u4f53\u7cfb\u5efa\u8bbe\u7684\u7269\u7406\u7ea6\u675f\uff0c\u800c\u975e\u8f6f\u4ef6\u5206\u53d1\u901f\u5ea6\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5168\u7403Robotaxi TAM<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u65f6\u95f4<\/th><th>\u5168\u7403TAM<\/th><th>\u5168\u7403\u8f66\u961f<\/th><\/tr><tr><td><strong>2030\u5e74<\/strong><\/td><td>~$172\u4ebf<\/td><td>~24\u4e07\u8f86<\/td><\/tr><tr><td><strong>2035\u5e74<\/strong><\/td><td>~$1,020\u4ebf<\/td><td>~201\u4e07\u8f86<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\u5934\u90e8\u516c\u53f8Robotaxi\u4e1a\u52a1\u4f30\u503c\uff08\u8d34\u73b0\u81f32026\u5e74\uff09<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u516c\u53f8\u7c7b\u578b<\/th><th>\u57fa\u4e8e2030\u5e74<\/th><th>\u57fa\u4e8e2035\u5e74<\/th><\/tr><tr><td>\u7f8e\u56fd\u5934\u90e8<\/td><td>$207\u4ebf<\/td><td><strong>$930\u4ebf<\/strong><\/td><\/tr><tr><td>\u4e2d\u56fd\u5934\u90e8<\/td><td>$67\u4ebf<\/td><td><strong>$395\u4ebf<\/strong><\/td><\/tr><tr><td>\u7f8e\u56fd\u7b2c\u4e8c<\/td><td>$56\u4ebf<\/td><td><strong>$245\u4ebf<\/strong><\/td><\/tr><tr><td>\u4e2d\u56fd\u7b2c\u4e8c<\/td><td>$18\u4ebf<\/td><td><strong>$108\u4ebf<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">\u4e8c\u3001\u65b9\u6cd5\u8bba<\/h1>\n\n\n\n<h3 class=\"wp-block-heading\">TAM\u5b9a\u4e49<\/h3>\n\n\n\n<p><strong>Robotaxi TAM = \u4e58\u5ba2\u4e3a\u65e0\u4eba\u9a7e\u9a76\u51fa\u79df\u8f66\u670d\u52a1\u652f\u4ed8\u7684GTV\u603b\u989d\uff08Gross Transaction Value\uff09<\/strong><\/p>\n\n\n\n<p>\u4e0d\u5305\u542b\uff1a\u81ea\u52a8\u9a7e\u9a76\u6280\u672f\u6388\u6743\u6536\u5165\u3001\u79c1\u5bb6\u8f66\u81ea\u52a8\u9a7e\u9a76\u8f6f\u4ef6\u8ba2\u9605\u3001\u81ea\u52a8\u9a7e\u9a76\u8d27\u8fd0\/\u7269\u6d41\u3001\u8f66\u8f86\u786c\u4ef6\u9500\u552e\u6536\u5165\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u53cc\u8def\u5f84\u6d4b\u7b97\u6846\u67b6<\/h3>\n\n\n\n<p>\u6838\u5fc3\u6d1e\u5bdf\uff1a<strong>\u4ece\u73b0\u5728\u52302030\u5e74\uff0c\u653f\u7b56\u548c\u724c\u7167\u662f\u4e3b\u8981\u74f6\u9888\uff0c\u5e94\u81ea\u4e0b\u800c\u4e0a\u6839\u636e\u8f66\u961f\u89c4\u6a21\u7b97\u6536\u5165\uff1b2030\u5e74\u540e\u653f\u7b56\u8fc7\u4e86\u4e34\u754c\u70b9\uff0c\u4ee5\u5b9e\u9645\u5e02\u573a\u9700\u6c42\u8bc4\u4f30\u589e\u901f\u3002<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u65f6\u95f4\u6bb5<\/th><th>\u65b9\u6cd5<\/th><th>\u516c\u5f0f<\/th><th>\u74f6\u9888<\/th><\/tr><tr><td><strong>2025\u21922030<\/strong><\/td><td>\u81ea\u4e0b\u800c\u4e0a\uff08Bottom-up\uff09<\/td><td>\u8f66\u961f\u89c4\u6a21 \u00d7 \u65e5\u5747\u91cc\u7a0b \u00d7 \u8f7d\u5ba2\u7387 \u00d7 \u8fd0\u8425\u5929\u6570 \u00d7 \u6bcf\u516c\u91cc\u6536\u8d39<\/td><td>\u4f9b\u7ed9\u7ea6\u675f\uff08\u8f66\u8f86\u4ea7\u80fd\u3001\u57ce\u5e02\u5ba1\u6279\uff09<\/td><\/tr><tr><td><strong>2030\u21922035<\/strong><\/td><td>\u81ea\u4e0a\u800c\u4e0b\uff08Top-down\uff09<\/td><td>2030\u5e74GTV\u57fa\u6570 \u00d7 \u5e74\u5316\u589e\u901f\uff08CAGR\uff09<\/td><td>\u9700\u6c42\u9a71\u52a8\uff08\u6e17\u900f\u7387\u3001\u6d88\u8d39\u8005\u63a5\u53d7\u5ea6\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\u533a\u57df\u5212\u5206<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u533a\u57df<\/th><th>\u8986\u76d6\u8303\u56f4<\/th><th>\u8bf4\u660e<\/th><\/tr><tr><td>\u7f8e\u56fd<\/td><td>\u7f8e\u56fd\u5355\u5217<\/td><td>\u6700\u5927\u5355\u4e00\u7f51\u7ea6\u8f66\u5e02\u573a\u4e4b\u4e00\uff0c\u591a\u5bb6\u7f8e\u56fdRobotaxi\u516c\u53f8\u4e3b\u6218\u573a<\/td><\/tr><tr><td>\u4e2d\u56fd<\/td><td>\u4e2d\u56fd\u5927\u9646<\/td><td>\u6700\u5927\u5355\u4e00\u7f51\u7ea6\u8f66\u5e02\u573a\u4e4b\u4e00\uff0c\u591a\u5bb6\u4e2d\u56fdRobotaxi\u516c\u53f8\u4e3b\u573a<\/td><\/tr><tr><td>\u897f\u6b27<\/td><td>\u82f1\/\u5fb7\/\u6cd5\/\u897f\/\u610f\/\u8377\u7b49<\/td><td>\u7f8e\u56fd\u5934\u90e82026\u8fdb\u4f26\u6566\uff0c\u4eca\u5e74\u5f00\u59cb\u4f1a\u4ece0\u52301\u53d1\u5c55<\/td><\/tr><tr><td>\u4e2d\u4e1c<\/td><td>\u963f\u8054\u914b\u3001\u6c99\u7279\u3001\u5361\u5854\u5c14<\/td><td>\u5e02\u573a\u603b\u89c4\u6a21\u4e0a\u9650\u4e0d\u5927\uff0c\u4f46\u653f\u7b56\u5f00\u653e\u7a0b\u5ea6\u4ec5\u6b21\u4e8e\u4e2d\u7f8e<\/td><\/tr><tr><td>\u53d1\u8fbe\u4e9a\u592a<\/td><td>\u97e9\u56fd\u3001\u65e5\u672c\u3001\u65b0\u52a0\u5761\u3001\u6fb3\u5927\u5229\u4e9a\u3001\u9999\u6e2f<\/td><td>\u6d88\u8d39\u529b\u9ad8\u4f46\u6cd5\u89c4\u63a8\u8fdb\u6162<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>\u4e0d\u7eb3\u5165\u6d4b\u7b97\u7684\u533a\u57df<\/strong>\uff1a\u5370\u5ea6\u3001\u4e1c\u5357\u4e9a\uff08\u9664\u65b0\u52a0\u5761\uff09\u3001\u62c9\u7f8e\u3001\u975e\u6d32\u3001\u4e1c\u6b27\u2014\u20142030-2035\u5e74\u65f6\u95f4\u6846\u67b6\u5185\u5047\u8bbeRobotaxi\u5b8c\u5168\u6ca1\u6709\u89c4\u6a21\u5316\u843d\u5730\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5173\u952e\u7ea6\u5b9a<\/h3>\n\n\n\n<ul>\n<li>\u589e\u91cf\u9700\u6c42\u63090\u8ba1\u7b97\u2014\u2014\u5982\u679c\u6709\u589e\u91cf\u53ea\u4f1a\u66f4\u9ad8<\/li>\n\n\n\n<li>\u91cc\u7a0b\u5355\u4f4d\u7edf\u4e00\u4f7f\u7528\u516c\u91cc\uff08km\uff09<\/li>\n\n\n\n<li>\u8d27\u5e01\u5355\u4f4d\u4f7f\u7528\u7f8e\u5143\uff08$\uff09<\/li>\n\n\n\n<li>GTV\u53e3\u5f84\uff08\u4e58\u5ba2\u652f\u4ed8\u603b\u989d\uff0c\u4e0d\u6263\u8865\u8d34\uff09\uff0c\u5404\u533a\u57df\u7edf\u4e00<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">\u4e09\u3001\u5e02\u573a\u57fa\u76d8\uff1a\u5168\u7403\u51fa\u79df\u8f66+\u7f51\u7ea6\u8f66\u5e02\u573a<\/h1>\n\n\n\n<h3 class=\"wp-block-heading\">2025\u5e74\u5404\u533a\u57dfGTV\u57fa\u51c6<\/h3>\n\n\n\n<p>\u57fa\u76d8\u6570\u636e\u4ece\u5934\u90e8\u5e73\u53f0\u5df2\u62ab\u9732\u8d22\u52a1\u6570\u636e\u5411\u4e0a\u52a0\u603b\u5f97\u51fa\uff0c\u53e3\u5f84\u4e3aGTV\uff08\u4e58\u5ba2\u652f\u4ed8\u603b\u989d\uff0c\u4e0d\u6263\u8865\u8d34\uff09\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u533a\u57df<\/th><th>2025 GTV ($B)<\/th><th>\u5360\u6bd4<\/th><th>\u4e3b\u8981\u6570\u636e\u951a\u70b9<\/th><\/tr><tr><td>\u7f8e\u56fd<\/td><td>75<\/td><td>22%<\/td><td>Uber Mobility GBV ~$45-49B\uff08\u7f8e\u56fd\uff09+ Lyft ~$16B + \u4f20\u7edf\u51fa\u79df\u8f66 ~$10B<\/td><\/tr><tr><td>\u4e2d\u56fd<\/td><td>75<\/td><td>22%<\/td><td>\u7f51\u7ecf\u793e2025\u5e74\u7f51\u7ea6\u8f66\u4ea4\u6613\u89c4\u6a21 RMB 4,119\u4ebf \u2248 $57B + \u4f20\u7edf\u51fa\u79df\u8f66 ~$18B<\/td><\/tr><tr><td>\u6b27\u6d32<\/td><td>65<\/td><td>19%<\/td><td>\u7f51\u7ea6\u8f66GTV ~$20-25B + \u4f20\u7edf\u51fa\u79df\u8f66\uff08\u4f26\u6566\/\u5df4\u9ece\/\u67cf\u6797\u7b49\uff09~$40-45B<\/td><\/tr><tr><td>\u4e2d\u4e1c<\/td><td>15<\/td><td>4%<\/td><td>Uber\/Careem\u4e2d\u4e1c ~$4-5B + \u4f20\u7edf\u51fa\u79df\u8f66 ~$10B<\/td><\/tr><tr><td>\u4e9a\u592a\u5176\u4ed6<\/td><td>80<\/td><td>23%<\/td><td>\u65e5\u672c ~$15B\u3001\u97e9\u56fd ~$9B\u3001\u4e1c\u5357\u4e9a ~$25B\u3001\u5370\u5ea6 ~$27B\u3001\u6fb3\u65b0 ~$4B<\/td><\/tr><tr><td>\u62c9\u7f8e\u53ca\u5176\u4ed6<\/td><td>35<\/td><td>10%<\/td><td>Uber\u62c9\u7f8e ~$11B\u3001DiDi\u62c9\u7f8e ~$5B\u3001\u5176\u4ed6+\u4f20\u7edf\u51fa\u79df\u8f66 ~$19B<\/td><\/tr><tr><td><strong>\u5168\u7403<\/strong><\/td><td><strong>345<\/strong><\/td><td><strong>100%<\/strong><\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\u589e\u957f\u81f32030\/2035\u5e74<\/h3>\n\n\n\n<p>\u5404\u533a\u57dfCAGR\u53d6\u4fdd\u5b88\u7aef\uff088-12%\uff09\uff0c\u56e0\u4e3a\u53e3\u5f84\u5305\u542b\u589e\u901f\u8f83\u4f4e\u7684\u4f20\u7edf\u51fa\u79df\u8f66\u90e8\u5206\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u533a\u57df<\/th><th>CAGR<\/th><th>2025 ($B)<\/th><th>2030 ($B)<\/th><th>2035 ($B)<\/th><\/tr><tr><td>\u7f8e\u56fd<\/td><td>6%<\/td><td>75<\/td><td>100<\/td><td>135<\/td><\/tr><tr><td>\u4e2d\u56fd<\/td><td>5.5%<\/td><td>75<\/td><td>98<\/td><td>125<\/td><\/tr><tr><td>\u6b27\u6d32<\/td><td>7%<\/td><td>65<\/td><td>91<\/td><td>128<\/td><\/tr><tr><td>\u4e2d\u4e1c<\/td><td>10%<\/td><td>15<\/td><td>24<\/td><td>39<\/td><\/tr><tr><td>\u4e9a\u592a\u5176\u4ed6<\/td><td>8%<\/td><td>80<\/td><td>118<\/td><td>173<\/td><\/tr><tr><td>\u62c9\u7f8e\u53ca\u5176\u4ed6<\/td><td>8%<\/td><td>35<\/td><td>51<\/td><td>75<\/td><\/tr><tr><td><strong>\u5168\u7403<\/strong><\/td><td><\/td><td><strong>345<\/strong><\/td><td><strong>482<\/strong><\/td><td><strong>675<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u6ce8\uff1a\u6b64\u57fa\u76d8\u4ec5\u4f5c\u4e3a\u6e17\u900f\u7387\u6821\u9a8c\u7684\u5206\u6bcd\u4f7f\u7528\uff0c\u4e0d\u76f4\u63a5\u53c2\u4e0eRobotaxi TAM\u7684\u8ba1\u7b97\u3002<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">\u56db\u3001\u5355\u8f66\u7ecf\u6d4e\u6a21\u578b<\/h1>\n\n\n\n<h3 class=\"wp-block-heading\">\u8fd0\u8425\u53c2\u6570<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u53c2\u6570<\/th><th>2030\u5e74\u5047\u8bbe<\/th><th>\u903b\u8f91<\/th><\/tr><tr><td>\u65e5\u5747\u884c\u9a76\u91cc\u7a0b<\/td><td><strong>300 km<\/strong><\/td><td>7\u00d724\u8fd0\u8425\uff0c\u5e74\u884c\u9a76\u7ea610.5\u4e07km<\/td><\/tr><tr><td>\u8f7d\u5ba2\u7387<\/td><td><strong>60%<\/strong><\/td><td>\u5168\u5c40\u8c03\u5ea6\u4f18\u5316\u540e\u7684\u6709\u6548\u8f7d\u5ba2\u6bd4\u4f8b\uff0c40%\u4e3a\u7a7a\u9a76\uff08\u63a5\u5ba2\u3001\u8c03\u5ea6\u91cd\u5e73\u8861\uff09<\/td><\/tr><tr><td>\u5e74\u8fd0\u8425\u5929\u6570<\/td><td><strong>350\u5929<\/strong><\/td><td>\u6263\u9664\u4fdd\u517b\u3001\u7ef4\u4fee\u7b49\u505c\u8fd0\u65f6\u95f4<\/td><\/tr><tr><td><strong>\u5355\u8f66\u5e74\u8f7d\u5ba2\u516c\u91cc\u6570<\/strong><\/td><td><strong>63,000 km<\/strong><\/td><td>300 \u00d7 60% \u00d7 350 = 63,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\u5404\u533a\u57df\u6bcf\u516c\u91cc\u7efc\u5408\u5355\u4ef7<\/h3>\n\n\n\n<p>\u7efc\u5408\u5355\u4ef7 = \u4e58\u5ba2\u6bcf\u7a0b\u603b\u82b1\u8d39\uff08\u542b\u8d77\u6b65\u8d39\u3001\u91cc\u7a0b\u8d39\u3001\u65f6\u95f4\u8d39\u3001\u9884\u8ba2\u8d39\uff09\u00f7 \u884c\u7a0b\u516c\u91cc\u6570\u3002\u5bf9\u6807\u5404\u533a\u57df<strong>\u5927\u57ce\u5e02\u5165\u95e8\u7ea7\u7f51\u7ea6\u8f66<\/strong>\u4ea7\u54c1\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u533a\u57df<\/th><th>\u5bf9\u6807\u4ea7\u54c1<\/th><th>\u5bf9\u6807\u57ce\u5e02<\/th><th>\u7efc\u5408\u5355\u4ef7 ($\/km)<\/th><th>\u63a8\u5bfc\u8fc7\u7a0b<\/th><\/tr><tr><td>\u7f8e\u56fd<\/td><td>UberX<\/td><td>SF\/LA\/NYC\/Phoenix\/Austin<\/td><td><strong>$2.00<\/strong><\/td><td>\u5168\u56fd\u5747\u4ef7\u6bcf\u7a0b~$31\uff0c\u5e73\u5747\u884c\u7a0b11.3km\u2192$2.74\uff1b\u6263\u9664\u7ebd\u7ea6\u6781\u7aef\u503c\u540e\u5927\u57ce\u5e02\u52a0\u6743~$2.0<\/td><\/tr><tr><td>\u4e2d\u56fd<\/td><td>\u6ef4\u6ef4\u7279\u60e0\u5feb\u8f66<\/td><td>\u5317\u4e0a\u5e7f\u6df1+\u676d\u84c9<\/td><td><strong>$0.40<\/strong><\/td><td>\u4e00\u7ebf\u57ce\u5e02\u7279\u60e0\u91cc\u7a0b\u8d39\u00a51.5-2.0\/km\uff0c\u542b\u8d77\u6b65\u8d39\u540e\u7efc\u5408~\u00a53.0\/km \u2248 $0.40<\/td><\/tr><tr><td>\u897f\u6b27<\/td><td>Bolt \/ UberX<\/td><td>\u4f26\u6566\/\u67cf\u6797\/\u5df4\u9ece\/\u9a6c\u5fb7\u91cc<\/td><td><strong>$1.50<\/strong><\/td><td>Bolt\u6b27\u6d32\u5747\u4ef7\u6bcf\u7a0b\u20ac12\/8km=\u20ac1.5\uff1b\u67cf\u6797Uber 8km ~\u20ac12.5\uff1b\u6cd5\u610f\u4f53\u611f\u504f\u4f4e\uff0c\u52a0\u6743$1.50<\/td><\/tr><tr><td>\u4e2d\u4e1c<\/td><td>\u51fa\u79df\u8f66 \/ Careem<\/td><td>\u8fea\u62dc\/\u963f\u5e03\u624e\u6bd4\/\u5229\u96c5\u5f97<\/td><td><strong>$0.75<\/strong><\/td><td>Abu Dhabi\u51fa\u79df\u8f668km AED 19.6\u2192$0.67\/km\uff1b\u8fea\u62dcCareem\u7a0d\u8d35\uff1b\u52a0\u6743$0.75<\/td><\/tr><tr><td>\u53d1\u8fbe\u4e9a\u592a<\/td><td>Kakao T \/ Grab<\/td><td>\u9996\u5c14\/\u65b0\u52a0\u5761<\/td><td><strong>$1.10<\/strong><\/td><td>\u97e9\u56fd\u7efc\u5408~$1.0-1.2\/km\uff1b\u65b0\u52a0\u5761Grab ~$1.1-1.5\/km\uff1b\u52a0\u6743$1.10<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\u5355\u8f66\u5e74GTV<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u533a\u57df<\/th><th>\u5e74\u8f7d\u5ba2\u516c\u91cc<\/th><th>\u7efc\u5408\u5355\u4ef7 ($\/km)<\/th><th>\u5355\u8f66\u5e74GTV<\/th><\/tr><tr><td>\u7f8e\u56fd<\/td><td>63,000<\/td><td>$2.00<\/td><td><strong>$126K<\/strong><\/td><\/tr><tr><td>\u4e2d\u56fd<\/td><td>63,000<\/td><td>$0.40<\/td><td><strong>$25K<\/strong><\/td><\/tr><tr><td>\u897f\u6b27<\/td><td>63,000<\/td><td>$1.50<\/td><td><strong>$95K<\/strong><\/td><\/tr><tr><td>\u4e2d\u4e1c<\/td><td>63,000<\/td><td>$0.75<\/td><td><strong>$47K<\/strong><\/td><\/tr><tr><td>\u53d1\u8fbe\u4e9a\u592a<\/td><td>63,000<\/td><td>$1.10<\/td><td><strong>$69K<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">\u4e94\u30012030\u5e74TAM\uff1a\u4f9b\u7ed9\u7ea6\u675f\u4e0b\u7684\u81ea\u5e95\u5411\u4e0a\u6d4b\u7b97<\/h1>\n\n\n\n<h3 class=\"wp-block-heading\">\u5404\u533a\u57df\u8f66\u961f\u89c4\u6a21\u5047\u8bbe<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u533a\u57df<\/th><th>2030\u5e74\u8f66\u961f\uff08\u8f86\uff09<\/th><th>\u5f53\u524d\u5b58\u91cf\u51fa\u79df\u8f66+\u7f51\u7ea6\u8f66<\/th><th>Robotaxi\u5360\u6bd4<\/th><\/tr><tr><td>\u7f8e\u56fd<\/td><td><strong>100,000<\/strong><\/td><td>~180\u4e07\u8f86\uff08Uber\u6d3b\u8dc3\u53f8\u673a~100\u4e07+Lyft\u72ec\u5360\u90e8\u5206+\u4f20\u7edf\u51fa\u79df\u8f66~20\u4e07\uff09<\/td><td>5.6%<\/td><\/tr><tr><td>\u4e2d\u56fd<\/td><td><strong>120,000<\/strong><\/td><td>~1,000\u4e07\u8f86\uff08\u5408\u89c4\u7f51\u7ea6\u8f66320\u4e07+\u5de1\u6e38\u51fa\u79df\u8f66130\u4e07+\u65e0\u8bc1\u7f51\u7ea6\u8f66500\u4e07+\uff09<\/td><td>1.2%<\/td><\/tr><tr><td>\u897f\u6b27<\/td><td><strong>10,000<\/strong><\/td><td>~30\u4e07\u8f86\uff08\u4f26\u6566\/\u5df4\u9ece\/\u67cf\u6797\/\u9a6c\u5fb7\u91cc\uff09<\/td><td>3.3%<\/td><\/tr><tr><td>\u4e2d\u4e1c<\/td><td><strong>10,000<\/strong><\/td><td>~16\u4e07\u8f86\uff08\u8fea\u62dc+\u963f\u5e03\u624e\u6bd4+\u5229\u96c5\u5f97+\u591a\u54c8\uff09<\/td><td>6.3%<\/td><\/tr><tr><td>\u53d1\u8fbe\u4e9a\u592a<\/td><td><strong>2,500<\/strong><\/td><td>~25\u4e07\u8f86\uff08\u9996\u5c14+\u65b0\u52a0\u5761+\u6089\u5c3c+\u9999\u6e2f\uff09<\/td><td>1.0%<\/td><\/tr><tr><td><strong>\u5168\u7403<\/strong><\/td><td><strong>~242,500<\/strong><\/td><td><\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">2030\u5e74Robotaxi TAM<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u533a\u57df<\/th><th>\u8f66\u961f\uff08\u8f86\uff09<\/th><th>\u5355\u8f66\u5e74GTV<\/th><th>Robotaxi GTV ($B)<\/th><th>\u8f66\u8f86\u6e17\u900f\u7387<\/th><\/tr><tr><td>\u7f8e\u56fd<\/td><td>100,000<\/td><td>$126K<\/td><td><strong>12.6<\/strong><\/td><td>5.6%<\/td><\/tr><tr><td>\u4e2d\u56fd<\/td><td>120,000<\/td><td>$25K<\/td><td><strong>3.0<\/strong><\/td><td>1.2%<\/td><\/tr><tr><td>\u897f\u6b27<\/td><td>10,000<\/td><td>$95K<\/td><td><strong>0.9<\/strong><\/td><td>3.3%<\/td><\/tr><tr><td>\u4e2d\u4e1c<\/td><td>10,000<\/td><td>$47K<\/td><td><strong>0.5<\/strong><\/td><td>6.3%<\/td><\/tr><tr><td>\u53d1\u8fbe\u4e9a\u592a<\/td><td>2,500<\/td><td>$69K<\/td><td><strong>0.2<\/strong><\/td><td>1.0%<\/td><\/tr><tr><td><strong>\u5168\u7403<\/strong><\/td><td><strong>~242,500<\/strong><\/td><td><\/td><td>~$172\u4ebf<\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">\u516d\u30012035\u5e74TAM\uff1a\u9700\u6c42\u9a71\u52a8\u4e0b\u7684\u589e\u901f\u5916\u63a8<\/h1>\n\n\n\n<h3 class=\"wp-block-heading\">\u589e\u901f\u5047\u8bbe<\/h3>\n\n\n\n<p>2030\u5e74\u540e\u653f\u7b56\u8fc7\u4e34\u754c\u70b9\uff0c\u4f9b\u7ed9\u4e0d\u518d\u662f\u74f6\u9888\uff0c\u589e\u901f\u7531\u9700\u6c42\u9a71\u52a8\u3002\u63092030\u5e74<strong>\u8f66\u8f86\u6e17\u900f\u7387<\/strong>\u5206\u6863\u8bbe\u5b9a\u589e\u901f\uff1a\u6e17\u900f\u7387&gt;5%\u7684\u533a\u57df\uff08\u7f8e\u56fd\u3001\u4e2d\u4e1c\uff09\u91c7\u7528<strong>40% CAGR<\/strong>\uff0c\u6e17\u900f\u7387\u22645%\u7684\u533a\u57df\uff08\u4e2d\u56fd\u3001\u897f\u6b27\u3001\u53d1\u8fbe\u4e9a\u592a\uff09\u91c7\u7528<strong>50% CAGR<\/strong>\u2014\u2014\u4f4e\u6e17\u900f\u7387\u533a\u57df\u6709\u66f4\u5927\u7684\u8ffd\u8d76\u7a7a\u95f4\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u964d\u4ef7\u5047\u8bbe<\/h3>\n\n\n\n<p>2030\u21922035\u5e74\uff0c\u7ade\u4e89\u52a0\u5267+\u8f66\u8f86\u6210\u672c\u4e0b\u964d\u4f20\u5bfc\uff0c\u5404\u533a\u57dfRobotaxi\u6bcf\u516c\u91cc\u6536\u8d39\u57282030\u5e74\u57fa\u7840\u4e0a<strong>\u7edf\u4e00\u4e0b\u964d20%<\/strong>\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u533a\u57df<\/th><th>2030\u5e74\u6536\u8d39 ($\/km)<\/th><th>2035\u5e74\u6536\u8d39 ($\/km)<\/th><\/tr><tr><td>\u7f8e\u56fd<\/td><td>$2.00<\/td><td>$1.60<\/td><\/tr><tr><td>\u4e2d\u56fd<\/td><td>$0.40<\/td><td>$0.32<\/td><\/tr><tr><td>\u897f\u6b27<\/td><td>$1.50<\/td><td>$1.20<\/td><\/tr><tr><td>\u4e2d\u4e1c<\/td><td>$0.75<\/td><td>$0.60<\/td><\/tr><tr><td>\u53d1\u8fbe\u4e9a\u592a<\/td><td>$1.10<\/td><td>$0.88<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">2035\u5e74Robotaxi TAM<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u533a\u57df<\/th><th>2030 GTV ($B)<\/th><th>CAGR<\/th><th>5\u5e74\u500d\u6570<\/th><th>2035 GTV ($B)<\/th><th>\u9690\u542b\u8f66\u961f\uff08\u4e07\u8f86\uff09<\/th><\/tr><tr><td>\u7f8e\u56fd<\/td><td>12.6<\/td><td>40%<\/td><td>5.4x<\/td><td><strong>68<\/strong><\/td><td>67<\/td><\/tr><tr><td>\u4e2d\u56fd<\/td><td>3.0<\/td><td>50%<\/td><td>7.6x<\/td><td><strong>23<\/strong><\/td><td>115<\/td><\/tr><tr><td>\u897f\u6b27<\/td><td>0.9<\/td><td>50%<\/td><td>7.6x<\/td><td><strong>7<\/strong><\/td><td>9.2<\/td><\/tr><tr><td>\u4e2d\u4e1c<\/td><td>0.5<\/td><td>40%<\/td><td>5.4x<\/td><td><strong>2.7<\/strong><\/td><td>7.1<\/td><\/tr><tr><td>\u53d1\u8fbe\u4e9a\u592a<\/td><td>0.2<\/td><td>50%<\/td><td>7.6x<\/td><td><strong>1.5<\/strong><\/td><td>2.7<\/td><\/tr><tr><td><strong>\u5168\u7403<\/strong><\/td><td><strong>17.2<\/strong><\/td><td><\/td><td><\/td><td>~$1,020\u4ebf<\/td><td><strong>~201<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>\u8f66\u961f\u89c4\u6a21\u6821\u9a8c\uff1a<\/strong>2035\u5e74\u5168\u7403Robotaxi\u8f66\u961f\u7ea6201\u4e07\u8f86\uff0c\u4e0eBCG base case\uff08~120\u4e07\u8f86\uff09\u5728\u540c\u4e00\u6570\u91cf\u7ea7\u3002\u5176\u4e2d\u4e2d\u56fd115\u4e07\u8f86\u6700\u591a\uff08\u53d7\u76ca\u4e8e\u4f4e\u8f66\u8f86\u6210\u672c\u548c\u9ad8\u589e\u901f\uff09\uff0c\u7f8e\u56fd67\u4e07\u8f86\u6b21\u4e4b\u3002<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">\u4e03\u3001\u7ade\u4e89\u683c\u5c40\u4e0e\u5934\u90e8\u516c\u53f8\u6536\u5165<\/h1>\n\n\n\n<h3 class=\"wp-block-heading\">\u4efd\u989d\u5206\u914d\u5047\u8bbe<\/h3>\n\n\n\n<p>\u53c2\u8003\u5f53\u524d\u5404\u533a\u57df\u7f51\u7ea6\u8f66\u5e02\u573a\u96c6\u4e2d\u5ea6\uff08\u7f8e\u56fdCR2\u2248100%\u3001\u4e2d\u56fdCR2\u224890%\u3001\u897f\u6b27CR2\u224870-80%\uff09\uff0c\u5047\u8bbeRobotaxi\u5e02\u573a\u540c\u6837\u9ad8\u5ea6\u96c6\u4e2d\uff1a\u5404\u533a\u57df<strong><a href=\"javascript:;\">#1\u536070<\/a>%\u3001<a href=\"javascript:;\">#2\u536020<\/a>%<\/strong>\uff0c\u5269\u4f5910%\u4e3a\u672c\u5730\u5c0f\u73a9\u5bb6\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5730\u7f18\u7ade\u4e89\u683c\u5c40<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u533a\u57df<\/th><th>\u7f8e\u56fd\u5934\u90e8<\/th><th>\u4e2d\u56fd\u5934\u90e8<\/th><th>\u903b\u8f91<\/th><\/tr><tr><td>\u7f8e\u56fd<\/td><td><strong><a href=\"javascript:;\">#1<\/a>\uff0870%\uff09<\/strong><\/td><td>\u4e0d\u8fdb\u5165<\/td><td>\u4e2d\u56fd\u516c\u53f8\u65e0\u6cd5\u8fdb\u5165\u7f8e\u56fd\u5e02\u573a<\/td><\/tr><tr><td>\u4e2d\u56fd<\/td><td>\u4e0d\u8fdb\u5165<\/td><td><strong><a href=\"javascript:;\">#1<\/a>\uff0870%\uff09<\/strong><\/td><td>\u7f8e\u56fd\u516c\u53f8\u65e0\u6cd5\u8fdb\u5165\u4e2d\u56fd\u5e02\u573a<\/td><\/tr><tr><td>\u4e2d\u4e1c<\/td><td>\u2014<\/td><td><strong><a href=\"javascript:;\">#1<\/a>\uff0870%\uff09<\/strong><\/td><td>\u4e2d\u56fdRobotaxi\u516c\u53f8\u5df2\u5728UAE\u548c\u6c99\u7279\u5546\u4e1a\u8fd0\u8425<\/td><\/tr><tr><td>\u897f\u6b27<\/td><td colspan=\"2\">\u4e2d\u7f8e\u5934\u90e8\u4e92\u6709\u80dc\u8d1f\uff0c\u5404\u53d645%<\/td><td>\u7f8e\u56fd\u5934\u90e8\u8fdb\u4f26\u6566\u3001\u4e2d\u56fd\u5934\u90e8\u4e0eUber\/Lyft\u5408\u4f5c\u8fdb\u6b27\u6d32\uff0c55\u5f00<\/td><\/tr><tr><td>\u53d1\u8fbe\u4e9a\u592a<\/td><td colspan=\"2\">\u4e2d\u7f8e\u5934\u90e8\u4e92\u6709\u80dc\u8d1f\uff0c\u5404\u53d645%<\/td><td>\u4e2d\u56fd\u516c\u53f8\u5df2\u8fdb\u5165\u97e9\u56fd\uff0c\u65b0\u52a0\u5761\u672c\u5730\u51fa\u79df\u8f66\u516c\u53f8\u4e0e\u4e2d\u56fdRobotaxi\u516c\u53f8\u5408\u4f5c<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\u5404\u516c\u53f8\u5206\u533a\u57dfGTV<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">\u7f8e\u56fd\u5934\u90e8<\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u533a\u57df<\/th><th>\u5730\u4f4d<\/th><th>2030 GTV ($B)<\/th><th>2035 GTV ($B)<\/th><\/tr><tr><td>\u7f8e\u56fd<\/td><td><a href=\"javascript:;\">#1<\/a>\uff0870%\uff09<\/td><td>8.8<\/td><td>47.6<\/td><\/tr><tr><td>\u897f\u6b27<\/td><td>\u5747\u503c45%<\/td><td>0.4<\/td><td>3.2<\/td><\/tr><tr><td>\u53d1\u8fbe\u4e9a\u592a<\/td><td>\u5747\u503c45%<\/td><td>0.1<\/td><td>0.7<\/td><\/tr><tr><td><strong>\u5408\u8ba1<\/strong><\/td><td><\/td><td><strong>9.3<\/strong><\/td><td><strong>51.5<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">\u4e2d\u56fd\u5934\u90e8<\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u533a\u57df<\/th><th>\u5730\u4f4d<\/th><th>2030 GTV ($B)<\/th><th>2035 GTV ($B)<\/th><\/tr><tr><td>\u4e2d\u56fd<\/td><td><a href=\"javascript:;\">#1<\/a>\uff0870%\uff09<\/td><td>2.1<\/td><td>16.1<\/td><\/tr><tr><td>\u4e2d\u4e1c<\/td><td><a href=\"javascript:;\">#1<\/a>\uff0870%\uff09<\/td><td>0.35<\/td><td>1.9<\/td><\/tr><tr><td>\u897f\u6b27<\/td><td>\u5747\u503c45%<\/td><td>0.4<\/td><td>3.2<\/td><\/tr><tr><td>\u53d1\u8fbe\u4e9a\u592a<\/td><td>\u5747\u503c45%<\/td><td>0.1<\/td><td>0.7<\/td><\/tr><tr><td><strong>\u5408\u8ba1<\/strong><\/td><td><\/td><td><strong>3.0<\/strong><\/td><td><strong>21.9<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">\u7f8e\u56fd\u7b2c\u4e8c<\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u533a\u57df<\/th><th>\u5730\u4f4d<\/th><th>2030 GTV ($B)<\/th><th>2035 GTV ($B)<\/th><\/tr><tr><td>\u7f8e\u56fd<\/td><td><a href=\"javascript:;\">#2<\/a>\uff0820%\uff09<\/td><td>2.5<\/td><td>13.6<\/td><\/tr><tr><td><strong>\u5408\u8ba1<\/strong><\/td><td><\/td><td><strong>2.5<\/strong><\/td><td><strong>13.6<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">\u4e2d\u56fd\u7b2c\u4e8c<\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u533a\u57df<\/th><th>\u5730\u4f4d<\/th><th>2030 GTV ($B)<\/th><th>2035 GTV ($B)<\/th><\/tr><tr><td>\u4e2d\u56fd<\/td><td><a href=\"javascript:;\">#2<\/a>\uff0820%\uff09<\/td><td>0.6<\/td><td>4.6<\/td><\/tr><tr><td>\u4e2d\u4e1c<\/td><td><a href=\"javascript:;\">#2<\/a>\uff0820%\uff09<\/td><td>0.1<\/td><td>0.5<\/td><\/tr><tr><td>\u897f\u6b27<\/td><td>~10%<\/td><td>0.1<\/td><td>0.7<\/td><\/tr><tr><td>\u53d1\u8fbe\u4e9a\u592a<\/td><td>~10%<\/td><td>0.02<\/td><td>0.15<\/td><\/tr><tr><td><strong>\u5408\u8ba1<\/strong><\/td><td><\/td><td><strong>0.8<\/strong><\/td><td><strong>6.0<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\u56db\u5bb6\u516c\u53f8\u6c47\u603b<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u516c\u53f8<\/th><th>2030 GTV ($B)<\/th><th>2035 GTV ($B)<\/th><\/tr><tr><td>\u7f8e\u56fd\u5934\u90e8<\/td><td>9.3<\/td><td>51.5<\/td><\/tr><tr><td>\u4e2d\u56fd\u5934\u90e8<\/td><td>3.0<\/td><td>21.9<\/td><\/tr><tr><td>\u7f8e\u56fd\u7b2c\u4e8c<\/td><td>2.5<\/td><td>13.6<\/td><\/tr><tr><td>\u4e2d\u56fd\u7b2c\u4e8c<\/td><td>0.8<\/td><td>6.0<\/td><\/tr><tr><td><strong>\u5408\u8ba1<\/strong><\/td><td><strong>15.6<\/strong><\/td><td><strong>93.0<\/strong><\/td><\/tr><tr><td>\u5360\u5168\u7403TAM<\/td><td>91%<\/td><td>91%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u7f8e\u56fd\u5934\u90e8\u4e0e\u4e2d\u56fd\u5934\u90e8\u7684GTV\u5dee\u8ddd\u7ea63.1x\uff082030\u5e74\uff09\u21922.4x\uff082035\u5e74\uff09\uff0c\u5dee\u8ddd\u4e3b\u8981\u6765\u81ea\u7f8e\u56fd\u6bcf\u516c\u91cc\u5355\u4ef7\u662f\u4e2d\u56fd\u76845\u500d\uff08$2.00 vs $0.40\uff09\u3002\u4e2d\u56fd\u5934\u90e8\u4f9d\u9760\u4e2d\u4e1c\u548c\u6b27\u4e9a\u6d77\u5916\u5e02\u573a\u90e8\u5206\u5f25\u8865\uff0c\u4e14\u4e2d\u56fd50% CAGR\u9ad8\u4e8e\u7f8e\u56fd40%\uff0c\u5dee\u8ddd\u5728\u6536\u7a84\u3002<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">\u516b\u3001\u62cd\u4e00\u4e2a\u9884\u671f\u7684\u5229\u6da6\u7387\u548cPE\u500d\u6570\uff0c\u4ece\u800c\u62cd\u4e00\u4e2a\u4f30\u503c<\/h1>\n\n\n\n<h3 class=\"wp-block-heading\">\u4f30\u503c\u65b9\u6cd5<\/h3>\n\n\n\n<p>\u5047\u8bbeGTV\u5373\u4e3a\u516c\u53f8\u6536\u5165\uff08Revenue\uff09\uff0c\u91c7\u7528&nbsp;<strong>\u51c0\u5229\u6da6 \u00d7 P\/E\u500d\u6570<\/strong>&nbsp;\u4f30\u503c\uff0c\u518d\u8d34\u73b0\u81f32026\u5e74\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5173\u952e\u5047\u8bbe<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u53c2\u6570<\/th><th>2030\u5e74<\/th><th>2035\u5e74<\/th><th>\u4f9d\u636e<\/th><\/tr><tr><td>\u51c0\u5229\u6da6\u7387<\/td><td><strong>10%<\/strong><\/td><td><strong>20%<\/strong><\/td><td>2030\u5e74\u4ecd\u5728\u6269\u5f20\u671f\uff1b2035\u5e74\u89c4\u6a21\u6548\u5e94\u663e\u73b0\u3002\u53c2\u8003\uff1aUber Mobility EBITDA margin ~8%\uff08\u6709\u53f8\u673a\uff09\uff0cRobotaxi\u53bb\u6389\u53f8\u673a\u6210\u672c\u540eGoldman\u4f30\u8ba1\u6210\u719f\u671f\u6bdb\u5229\u738740-50%<\/td><\/tr><tr><td>P\/E\u500d\u6570<\/td><td><strong>35x<\/strong><\/td><td><strong>25x<\/strong><\/td><td>2030\u5e74\u4ecd\u662f\u9ad8\u589e\u957f\u671f\uff0840% CAGR\uff09\uff0c\u5bf9\u6807\u6210\u957f\u578b\u79d1\u6280\u516c\u53f8\uff1b2035\u5e74\u589e\u901f\u653e\u7f13\u4f46\u4ecd20%+<\/td><\/tr><tr><td>\u8d34\u73b0\u7387\uff08WACC\uff09<\/td><td colspan=\"2\"><strong>12%<\/strong><\/td><td>\u9ad8\u589e\u957f\u79d1\u6280+\u989d\u5916\u6280\u672f\/\u76d1\u7ba1\u98ce\u9669\u6ea2\u4ef7<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u8d34\u73b0\u56e0\u5b50\uff1a2030\u21922026\uff084\u5e74\uff09= 1\/1.12<sup>4<\/sup>&nbsp;=&nbsp;<strong>0.636<\/strong>\uff1b2035\u21922026\uff089\u5e74\uff09= 1\/1.12<sup>9<\/sup>&nbsp;=&nbsp;<strong>0.361<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4f30\u503c\u7ed3\u679c<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">\u57fa\u4e8e2030\u5e74<\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u516c\u53f8<\/th><th>2030 GTV ($B)<\/th><th>\u51c0\u5229\u6da6 ($B)<\/th><th>P\/E 35x \u4f30\u503c ($B)<\/th><th>\u8d34\u73b0\u81f32026 ($B)<\/th><\/tr><tr><td>\u7f8e\u56fd\u5934\u90e8<\/td><td>9.3<\/td><td>0.93<\/td><td>32.6<\/td><td><strong>20.7<\/strong><\/td><\/tr><tr><td>\u4e2d\u56fd\u5934\u90e8<\/td><td>3.0<\/td><td>0.30<\/td><td>10.5<\/td><td><strong>6.7<\/strong><\/td><\/tr><tr><td>\u7f8e\u56fd\u7b2c\u4e8c<\/td><td>2.5<\/td><td>0.25<\/td><td>8.8<\/td><td><strong>5.6<\/strong><\/td><\/tr><tr><td>\u4e2d\u56fd\u7b2c\u4e8c<\/td><td>0.8<\/td><td>0.08<\/td><td>2.8<\/td><td><strong>1.8<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">\u57fa\u4e8e2035\u5e74<\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u516c\u53f8<\/th><th>2035 GTV ($B)<\/th><th>\u51c0\u5229\u6da6 ($B)<\/th><th>P\/E 25x \u4f30\u503c ($B)<\/th><th>\u8d34\u73b0\u81f32026 ($B)<\/th><\/tr><tr><td>\u7f8e\u56fd\u5934\u90e8<\/td><td>51.5<\/td><td>10.3<\/td><td>257.5<\/td><td><strong>93.0<\/strong><\/td><\/tr><tr><td>\u4e2d\u56fd\u5934\u90e8<\/td><td>21.9<\/td><td>4.38<\/td><td>109.5<\/td><td><strong>39.5<\/strong><\/td><\/tr><tr><td>\u7f8e\u56fd\u7b2c\u4e8c<\/td><td>13.6<\/td><td>2.72<\/td><td>68.0<\/td><td><strong>24.5<\/strong><\/td><\/tr><tr><td>\u4e2d\u56fd\u7b2c\u4e8c<\/td><td>6.0<\/td><td>1.20<\/td><td>30.0<\/td><td><strong>10.8<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\u4f30\u503c\u6c47\u603b<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>\u516c\u53f8<\/th><th>2026\u5e74\u8d34\u73b0\u503c\uff08\u57fa\u4e8e2030\uff09<\/th><th>2026\u5e74\u8d34\u73b0\u503c\uff08\u57fa\u4e8e2035\uff09<\/th><\/tr><tr><td><strong>\u7f8e\u56fd\u5934\u90e8<\/strong><\/td><td>$207\u4ebf<\/td><td><strong>$930\u4ebf<\/strong><\/td><\/tr><tr><td><strong>\u4e2d\u56fd\u5934\u90e8<\/strong><\/td><td>$67\u4ebf<\/td><td><strong>$395\u4ebf<\/strong><\/td><\/tr><tr><td><strong>\u7f8e\u56fd\u7b2c\u4e8c<\/strong><\/td><td>$56\u4ebf<\/td><td><strong>$245\u4ebf<\/strong><\/td><\/tr><tr><td><strong>\u4e2d\u56fd\u7b2c\u4e8c<\/strong><\/td><td>$18\u4ebf<\/td><td><strong>$108\u4ebf<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h1 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