{"id":203917,"date":"2025-11-26T21:24:00","date_gmt":"2025-11-26T13:24:00","guid":{"rendered":"http:\/\/www.htt.hk\/?p=203917"},"modified":"2025-11-26T21:24:00","modified_gmt":"2025-11-26T13:24:00","slug":"%e6%84%8f%e5%a4%a7%e5%88%a9%e5%a5%a2%e4%be%88%e5%93%81%e5%8d%8f%e4%bc%9a%e6%9c%80%e6%96%b0%e6%8a%a5%e5%91%8a%e7%a7%b0%ef%bc%9a%e4%b8%ad%e5%9b%bd%e5%b8%82%e5%9c%ba%e5%8d%b1%e6%9c%ba%e5%b3%b0","status":"publish","type":"post","link":"http:\/\/www.htt.hk\/?p=203917","title":{"rendered":"\u610f\u5927\u5229\u5962\u4f88\u54c1\u534f\u4f1a\u6700\u65b0\u62a5\u544a\u79f0\uff1a\u4e2d\u56fd\u5e02\u573a\u201c\u5371\u673a\u5cf0\u503c\u201d\u5df2\u8fc7"},"content":{"rendered":"\n<p><strong>\u610f\u5927\u5229\u5962\u4f88\u54c1\u534f\u4f1a\uff08Altagamma\uff09<\/strong>\u8054\u540819\u4f4d\u5962\u4f88\u54c1\u884c\u4e1a\u8d44\u6df1\u4eba\u58eb\u5171\u540c\u64b0\u5199\u7684<strong>\u300a2026 Altagamma \u5171\u8bc6\u62a5\u544a\u300b\uff08ALTAGAMMA CONSENSUS 2026\uff09<\/strong>\uff0c\u5bf9 2026\u5e74\u5962\u4f88\u54c1\u884c\u4e1a\u524d\u666f\u8fdb\u884c\u4e86\u9884\u6d4b\u3002<\/p>\n\n\n\n<p>\u62a5\u544a\u9884\u8ba1\uff1a<strong>2026\u5e74\uff0c\u5168\u7403\u5962\u4f88\u54c1\u5e02\u573a\u5c06\u589e\u957f\u7ea65%\uff0c\u4e0e4%-6%\u7684\u957f\u671f\u9884\u6d4b\u589e\u901f\u4e00\u81f4\u3002<\/strong><\/p>\n\n\n\n<p>\u62a5\u544a\u6307\u51fa\uff0c\u5f97\u76ca\u4e8e\u6210\u672c\u4f18\u5316\u4e3e\u63aa\u53ca\u7f8e\u6d32\u3001\u6b27\u6d32\u3001\u4e2d\u4e1c\u5e02\u573a\u7684\u5f3a\u52b2\u8868\u73b0\uff0c<strong>2026\u5e74\u5168\u7403\u5962\u4f88\u54c1\u5e02\u573a\u5c06\u8d8b\u4e8e\u7a33\u5b9a\uff0c\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\uff08EBITDA\uff09\u9884\u8ba1\u540c\u6bd4\u589e\u957f5%<\/strong>\u3002<strong>\u4e2d\u56fd\u6d88\u8d39\u8005\u4fe1\u5fc3\u7684\u590d\u82cf\u6216\u6210\u4e3a\u79ef\u6781\u8f6c\u6298\u70b9<\/strong>\uff0c\u540c\u65f6\u9700\u5173\u6ce8\u7f8e\u5143\u6c47\u7387\u8d2c\u503c\u5bf9\u51fa\u53e3\u9020\u6210\u7684\u4e0d\u5229\u5f71\u54cd\u3002<\/p>\n\n\n\n<p>Altagamma \u4e3b\u5e2d&nbsp;<strong>Matteo Lunelli<\/strong>\u8868\u793a\uff1a\u201c2025 \u5e74\u5168\u7403\u5962\u4f88\u54c1\u5e02\u573a\u89c4\u6a21\u7ef4\u6301\u5728<strong>1.44\u4e07\u4ebf\u6b27\u5143<\/strong>\uff0c<strong>\u867d\u4fdd\u6301\u7a33\u5b9a\uff0c\u4f46\u4ecd\u5904\u4e8e\u590d\u6742\u9636\u6bb5<\/strong>&nbsp;\u2014\u2014 \u6d88\u8d39\u8005\u8d2d\u4e70\u66f4\u8d8b\u5ba1\u614e\uff0c<strong>\u4e2d\u56fd\u6d88\u8d39\u8005\u9700\u6c42\u53cd\u5e94\u4e0d\u8db3<\/strong>\u3002<strong>\u4f53\u9a8c\u5f0f\u6d88\u8d39<\/strong>\uff08\u5c24\u5176\u4e0e\u957f\u5bff\u5eb7\u517b\u76f8\u5173\u7684\u9886\u57df\uff09\u6301\u7eed\u589e\u957f\uff0c<strong>\u5411\u5f80\u578b\u6d88\u8d39\u7fa4\u4f53<\/strong>\u9700\u6c42\u75b2\u8f6f\u3002\u4ef7\u683c\u52a8\u6001\u9700\u8981\u54c1\u724c\u9ad8\u5ea6\u5173\u6ce8\uff0c\u540c\u65f6\u54c1\u724c\u8fd8\u9700\u5e94\u5bf9\u5173\u7a0e\u3001\u7f8e\u5143\u8d70\u5f31\u53ca\u80fd\u6e90\u4ef7\u683c\u9ad8\u4f01\u7b49\u6311\u6218\u3002\u9884\u8ba12026\u5e74\u5e02\u573a\u5c06\u5b9e\u73b05%\u7684\u6709\u673a\u589e\u957f\u3002\u201d<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/image.luxe.co\/wp-content\/uploads\/2025\/11\/QQ%E6%88%AA%E5%9B%BE20251124111616.png\" alt=\"\" class=\"wp-image-439276\"\/><\/figure>\n\n\n\n<h5 class=\"wp-block-heading\"><\/h5>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>\u4e2d\u56fd\u5e02\u573a\u5df2\u8fc7\u201c\u5371\u673a\u5cf0\u503c\u201d\uff0c\u4e2d\u4e1c\u4f9d\u7136\u662f\u6838\u5fc3\u53c2\u8003\u5e02\u573a<\/strong><\/h5>\n\n\n\n<p>\u6309\u5e02\u573a\u6765\u770b\uff0c\u5448\u73b0\u663e\u8457\u7684\u5206\u5316\u7279\u5f81\uff1a<\/p>\n\n\n\n<p><strong>\u2014\u2014 \u4e2d\u56fd<\/strong>\uff1a<strong>\u5df2\u5ea6\u8fc7\u201c\u5371\u673a\u5cf0\u503c\u201d\uff0c2026\u5e74\u5962\u4f88\u54c1\u6d88\u8d39\u9884\u8ba1\u6e29\u548c\u589e\u957f4%<\/strong>\u3002\u53d7\u8c28\u614e\u6d88\u8d39\u6001\u5ea6\u53ca\u623f\u5730\u4ea7\u5371\u673a\u5f71\u54cd\uff0c<strong>\u201c\u5962\u4f88\u54c1\u7f9e\u803b\u611f\u201d\uff08Luxury Shame\uff09<\/strong><strong>\u4f9d\u7136\u5b58\u5728<\/strong>\uff0c\u5bfc\u81f4\u6d88\u8d39\u8005\u66f4\u503e\u5411\u4e8e\u4f53\u9a8c\u5f0f\u6d88\u8d39\uff1b<strong>\u4f46\u9ad8\u51c0\u503c\u4eba\u7fa4\u6570\u91cf\u589e\u52a0<\/strong>\uff0c\u9884\u8ba1\u4e2d\u56fd\u6d88\u8d39\u8005\u652f\u51fa\u589e\u957f3.5%\uff0c\u672c\u571f\u6d88\u8d39\u6301\u7eed\u6269\u5f20\u3002<\/p>\n\n\n\n<p><strong>\u2014\u2014 \u4e9a\u6d32\u5176\u4ed6\u5730\u533a<\/strong>\uff1a\u6574\u4f53\u589e\u957f4%\uff0c\u8868\u73b0\u6d3b\u8dc3\u3002<strong>\u97e9\u56fd\u9886\u8dd1\uff0c\u6cf0\u56fd\u3001\u5370\u5ea6\u5c3c\u897f\u4e9a\u3001\u65b0\u52a0\u5761\u6301\u7eed\u589e\u957f<\/strong>\uff1b<strong>\u5370\u5ea6\u4f5c\u4e3a\u5962\u4f88\u54c1\u884c\u4e1a\u7684 \u201c\u957f\u671f\u6f5c\u529b\u5e02\u573a\u201d<\/strong>\uff0c\u5e02\u573a\u6d3b\u529b\u5341\u8db3\uff0c\u9884\u8ba1\u589e\u957f 7%\uff0c\u5206\u9500\u6e20\u9053\u4e0d\u65ad\u5b8c\u5584\uff0c\u4f46\u5e02\u573a\u89c4\u6a21\u4ecd\u6709\u9650\u3002<\/p>\n\n\n\n<p><strong>\u2014\u2014 \u65e5\u672c<\/strong>\uff1a2025\u5e74\u53d7\u6c47\u7387\u4e0d\u5229\u5f71\u54cd\uff0c\u5e02\u573a\u53ca\u65c5\u6e38\u4e1a\u589e\u901f\u653e\u7f13\uff1b2026\u5e74\u9884\u8ba1\u589e\u957f2.5%\uff0c<strong>\u65e5\u5143\u8d2c\u503c\u6216\u5438\u5f15\u65b0\u7684\u65c5\u6e38\u6d41\u91cf<\/strong>\u3002<\/p>\n\n\n\n<p><strong>\u2014\u2014\u5317\u7f8e<\/strong>\uff1a<strong>\u4ecd\u662f\u4f18\u5148\u7ea7\u5e02\u573a<\/strong>\uff0c\u80a1\u5e02\u652f\u6491\u6d88\u8d39\u8005\u4fe1\u5fc3\uff0c\u9ad8\u51c0\u503c\u4eba\u7fa4\u6570\u91cf\u6301\u7eed\u589e\u957f\u3002\u9884\u8ba1\u5e02\u573a\u6574\u4f53\u589e\u957f 4.5%\uff0c\u6d88\u8d39\u8005\u652f\u51fa\u589e\u957f 5.5%\u3002\u5c3d\u7ba1\u7f8e\u5143\u8d70\u5f31\uff0c\u4f46\u6d88\u8d39\u7fa4\u4f53\u89c4\u6a21\u6269\u5927\u53ca\u65c5\u6e38\u9700\u6c42\u590d\u82cf\uff0c\u5c06\u5e26\u52a8\u9152\u5e97\u4f4f\u5bbf\u53ca\u5883\u5916\u65c5\u6e38\u6d88\u8d39\u3002<\/p>\n\n\n\n<p><strong>\u2014\u2014 \u6b27\u6d32<\/strong>\uff1a\u5e02\u573a\u4fdd\u6301\u97e7\u6027\uff0c\u9884\u8ba1\u589e\u957f3.5%\u3002<strong>\u589e\u957f\u53d7\u9650\u4e3b\u56e0\u662f\u5e02\u573a\u6210\u719f\u5ea6\u9ad8<\/strong>\uff0c\u4e14\u6cd5\u5fb7\u4e24\u56fd\u53d7\u653f\u6cbb\u7ecf\u6d4e\u5371\u673a\u5f71\u54cd\uff1b\u897f\u73ed\u7259\u8868\u73b0\u7a81\u51fa\uff0c\u5f97\u76ca\u4e8e\u8f83\u4f4e\u7684\u80fd\u6e90\u6210\u672c\u548c\u826f\u597d\u7684\u79fb\u6c11\u7ba1\u7406\uff1b\u4e0d\u8fc7\uff0c\u5730\u7f18\u51b2\u7a81\u5f15\u53d1\u7684\u4e0d\u786e\u5b9a\u6027\u53ca\u4e9a\u6d32\u6e38\u5ba2\u6d41\u91cf\u4e0d\u8db3\uff0c\u4ecd\u5bf9\u5e02\u573a\u6784\u6210\u538b\u529b\u3002<strong>\u9884\u8ba1 2026 \u5e74\u6b27\u6d32\u6d88\u8d39\u8005\u6d3b\u529b\u5c06\u8fdb\u4e00\u6b65\u63d0\u5347<\/strong>\u3002<\/p>\n\n\n\n<p><strong>\u2014\u2014 \u62c9\u4e01\u7f8e\u6d32<\/strong>\uff1a\u9884\u8ba1\u589e\u957f4.5%\uff0c\u65b0\u5174\u9ad8\u7aef\u6d88\u8d39\u7cbe\u82f1\u7fa4\u4f53\u5d1b\u8d77\uff0c\u5c3d\u7ba1\u8fdb\u53e3\u5546\u54c1\u5173\u7a0e\u9ad8\u6602\uff0c\u4f46\u4ecd\u5bfb\u6c42\u672c\u571f\u4f9b\u5e94\u3002\u5df4\u897f\u3001\u58a8\u897f\u54e52026 \u5e74\u884c\u4e1a\u6709\u671b\u590d\u82cf\uff1b\u672c\u5e01\u5347\u503c\u5c06\u63a8\u52a8\u672c\u571f\u6d88\u8d39\u3002<\/p>\n\n\n\n<p><strong>\u2014\u2014<\/strong>&nbsp;<strong>\u4e2d\u4e1c<\/strong>\uff1a2026\u5e74\u4ecd\u5c06\u662f\u6838\u5fc3\u53c2\u8003\u5e02\u573a\uff0c\u9884\u8ba1\u589e\u957f6%\u3002\u8fea\u62dc\u4e4b\u540e\uff0c<strong>\u963f\u5e03\u624e\u6bd4\u53d1\u5c55\u52bf\u5934\u8fc5\u731b\uff0c\u88ab\u8bc4\u4e3a \u201c\u533a\u57df\u4e0b\u4e00\u4e2a\u5173\u952e\u73a9\u5bb6\u201d<\/strong>\uff082025 \u5e74\u6e38\u5ba2\u589e\u957f 46%\uff0c\u9ad8\u51c0\u503c\u4eba\u7fa4\u9ad8\u5ea6\u96c6\u4e2d\uff09\uff1b\u6c99\u7279\u963f\u62c9\u4f2f\u51ed\u501f\u5927\u89c4\u6a21\u623f\u5730\u4ea7\u6295\u8d44\u5b9e\u73b0\u589e\u957f\u3002<\/p>\n\n\n\n<p><strong>\u2014\u2014\u5176\u4ed6\u5730\u533a<\/strong>\uff1a\u9884\u8ba1\u589e\u957f 4.5%\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><\/h5>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>\u4e2d\u56fd\u6d88\u8d39\u8005\u8f6c\u5411\u201c\u4f53\u9a8c\u6d88\u8d39\u201d\uff0c\u9ad8\u51c0\u503c\u4eba\u7fa4\u662f\u6838\u5fc3\u9a71\u52a8\u529b<\/strong><\/h5>\n\n\n\n<p>\u6309\u6d88\u8d39\u7fa4\u4f53\u7279\u5f81\u6765\u770b\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u9ad8\u51c0\u503c\u4eba\u7fa4\u6210\u4e3a\u6838\u5fc3\u9a71\u52a8\u529b<\/strong>\uff0c\u5c24\u5176\u5728\u5317\u7f8e\u3001\u4e2d\u4e1c\u5e02\u573a\uff1b<\/li>\n\n\n\n<li>\u6b27\u6d32\u6d88\u8d39\u8005\u97e7\u6027\u5341\u8db3\uff0c\u66f4\u6ce8\u91cd\u4ef7\u503c\u611f\u77e5\uff1b<\/li>\n\n\n\n<li><strong>\u4e2d\u56fd\u6d88\u8d39\u8005\u4ece \u201c\u5546\u54c1\u6d88\u8d39\u201d \u8f6c\u5411 \u201c\u4f53\u9a8c\u6d88\u8d39\u201d\uff0c\u672c\u571f\u6d88\u8d39\u610f\u613f\u4e0a\u5347<\/strong>\uff1b<\/li>\n\n\n\n<li>\u62c9\u4e01\u7f8e\u6d32\u3001\u5370\u5ea6\u7b49\u65b0\u5174\u5e02\u573a\u7684\u9ad8\u7aef\u6d88\u8d39\u7fa4\u4f53\u5feb\u901f\u6269\u5f20\uff0c\u9700\u6c42\u6f5c\u529b\u91ca\u653e\u3002<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><\/h5>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>\u7ebf\u4e0b\u96f6\u552e\u6301\u7eed\u4e3b\u5bfc\uff0c\u6570\u5b57\u5316\u878d\u5408\u6df1\u5316<\/strong><\/h5>\n\n\n\n<p><strong>\u2014\u2014 \u7ebf\u4e0b\u96f6\u552e<\/strong>\uff1a<strong>\u4ecd\u662f\u4e2a\u4eba\u5962\u4f88\u54c1\u7684\u9996\u9009\u6e20\u9053\uff0c\u589e\u957f\u663e\u8457\u4e14\u4e0e\u6570\u5b57\u96f6\u552e\u534f\u540c\u53d1\u5c55\u3002<\/strong>2026 \u5e74\u9884\u8ba1\u589e\u957f 5%\uff0c\u91cd\u70b9\u62d3\u5c55\u5317\u7f8e\u4e8c\u7ebf\u57ce\u5e02\u3001\u4e2d\u4e1c\u3001\u62c9\u4e01\u7f8e\u6d32\u7b49\u65b0\u533a\u57df\u3002\u51ed\u501f\u4e2a\u6027\u5316\u670d\u52a1\u3001\u9ad8\u7aef\u6d88\u8d39\u8005\u4e13\u5c5e\u65b9\u6848\u3001\u54c1\u724c\u5c55\u5385\u3001\u72ec\u5bb6\u9500\u552e\u6a21\u5f0f\u3001\u5a31\u4e50\u4f53\u9a8c\u533a\uff08\u5982\u5496\u5561\u9986\u3001\u9910\u5385\uff09\u7b49\u4f18\u52bf\uff0c\u7ebf\u4e0b\u96f6\u552e\u4ecd\u662f\u5962\u4f88\u54c1\u884c\u4e1a\u7684\u6218\u7565\u6e20\u9053\u3002<\/p>\n\n\n\n<p><strong>\u2014\u2014 \u6570\u5b57\u96f6\u552e<\/strong>\uff1a\u9884\u8ba1\u589e\u957f 4.5%\uff0c\u4e0e\u7ebf\u4e0b\u96f6\u552e\u7684\u6574\u5408\u5ea6\u4e0d\u65ad\u63d0\u5347\uff0c\u8d2d\u7269\u4f53\u9a8c\u6301\u7eed\u4f18\u5316\u3002<\/p>\n\n\n\n<p><strong>\u2014\u2014 \u6279\u53d1\u6e20\u9053<\/strong>\uff1a<strong>\u5f71\u54cd\u529b\u51cf\u5f31\u3002<\/strong>\u6570\u5b57\u6279\u53d1\u9884\u8ba1\u589e\u957f 1%\uff0c\u5b9e\u4f53\u6279\u53d1\u9884\u8ba1\u589e\u957f 2%\uff1b\u767e\u8d27\u5546\u573a\uff08\u7ebf\u4e0a + \u7ebf\u4e0b\uff09\u6301\u7eed\u9677\u5165\u5371\u673a\uff0c\u5c3d\u7ba1\u5404\u6e20\u9053\u52a8\u6001\u5b58\u5728\u5dee\u5f02\uff0c\u4f46\u9884\u8ba1\u4e0d\u4f1a\u51fa\u73b0\u663e\u8457\u589e\u957f\u3002<\/p>\n\n\n\n<p><strong>\u2014\u2014 \u591a\u54c1\u724c\u5b9e\u4f53\u5e97<\/strong>\uff1a\u5bf9\u6d88\u8d39\u8005\u5438\u5f15\u529b\u5f3a\uff0c<strong>\u5bf9\u54c1\u724c\uff08\u5c24\u5176\u65b0\u5174\u54c1\u724c\uff09\u6f5c\u5728\u4ef7\u503c\u663e\u8457<\/strong>\uff1b\u5728\u5317\u7f8e\u5e02\u573a\u4ecd\u662f\u90e8\u5206\u54c1\u724c\u7684\u6218\u7565\u9009\u62e9 \u2014\u2014 \u9ad8\u7aef\u6d88\u8d39\u8005\u5bfb\u6c42\u6c89\u6d78\u5f0f\u4f53\u9a8c\uff0c\u54c1\u724c\u6b63\u5f00\u53d1\u65b0\u7684\u4e92\u52a8\u5f62\u5f0f\uff0c\u504f\u597d\u7ebf\u4e0b\u5b9e\u4f53\u53ca\u79c1\u4eba\u5b9a\u5236\u6a21\u5f0f\u3002<\/p>\n\n\n\n<p><strong>\u2014\u2014 \u6298\u6263\u6e20\u9053\uff08\u7ebf\u4e0a + \u7ebf\u4e0b\uff09<\/strong>\uff1a<strong>\u8868\u73b0\u7a81\u51fa<\/strong>\u3002\u5f97\u76ca\u4e8e\u5f80\u671f\u672a\u552e\u4ea7\u54c1\u7684\u6d88\u5316\uff0c\u9ad8\u7aef\u6298\u6263\u6e20\u9053\u4e1a\u7ee9\u4eae\u773c\uff1b\u6570\u5b57\u6279\u53d1\u6e20\u9053\u5219\u56e0\u96be\u4ee5\u63d0\u4f9b\u7ef4\u7cfb\u6d88\u8d39\u8005\u5fe0\u8bda\u5ea6\u7684\u4ea7\u54c1\uff0c\u5904\u5883\u76f8\u5bf9\u8270\u96be\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><\/h5>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>\u73e0\u5b9d\u6210 \u201c\u907f\u9669\u8d44\u4ea7\u201d\uff0c\u54c1\u7c7b\u5206\u5316\u52a0\u5267<\/strong><\/h5>\n\n\n\n<p><strong>2025 \u5e74\u5404\u54c1\u7c7b\u9500\u91cf\u6e29\u548c\u589e\u957f\uff0c\u8fd9\u4e00\u8d8b\u52bf\u5c06\u5728 2026 \u5e74\u5de9\u56fa\u3002<\/strong>\u6574\u4f53\u5448\u73b0&nbsp;<strong>\u201c\u9ad8\u7aef\u7ec6\u5206\u4e0e\u4eb2\u6c11\u4ef7\u683c\u5e26\u4e24\u6781\u5316\u201d<\/strong>&nbsp;\u7279\u5f81\uff1a<\/p>\n\n\n\n<p><strong>\u2014\u2014 \u73e0\u5b9d<\/strong>\uff1a\u5ef6\u7eed\u79ef\u6781\u8d70\u52bf\uff0c\u9884\u8ba1\u589e\u957f 5%\u3002<strong>\u9ec4\u91d1\u4ef7\u683c 5 \u5e74\u589e\u957f\u4e86\u4e00\u500d\uff0c\u73e0\u5b9d\u4f5c\u4e3a \u201c\u907f\u9669\u8d44\u4ea7\u201d \u548c\u6295\u8d44\u9009\u62e9\u7684\u5c5e\u6027\u51f8\u663e<\/strong>\uff1b<strong>\u54c1\u724c\u73e0\u5b9d<\/strong>\u9700\u6c42\u4e0a\u5347\uff0c\u9ad8\u7aef\u73e0\u5b9d\u66f4\u88ab\u89c6\u4e3a\u827a\u672f\u54c1\uff0c\u6210\u4e3a\u8eab\u4efd\u4e0e\u4f20\u7edf\u7684\u8868\u8fbe\u8f7d\u4f53\uff1b\u5168\u7403\u9ad8\u7aef\u73e0\u5b9d\u5e02\u573a\u89c4\u6a21\u8d85 310 \u4ebf\u6b27\u5143\uff0c\u610f\u5927\u5229\u5236\u9020\u7684\u5353\u8d8a\u5de5\u827a\u6210\u4e3a\u54c1\u8d28\u4e0e\u957f\u671f\u4ef7\u503c\u7684\u4fdd\u969c\u3002<\/p>\n\n\n\n<p><strong>\u2014\u2014 \u76ae\u5177<\/strong>\uff1a\u9884\u8ba1\u589e\u957f 4%\uff0c\u8868\u73b0\u76f8\u5bf9\u79ef\u6781\u3002\u5c3d\u7ba1\u53d7\u4e2d\u56fd\u65c5\u6e38\u6d88\u8d39\u4e0b\u6ed1\u5f71\u54cd\uff0c\u4f46<strong>\u624b\u888b\u4f5c\u4e3a\u6295\u8d44\u54c1\u7684\u5438\u5f15\u529b\u4ecd\u5728<\/strong>\u3002<\/p>\n\n\n\n<p><strong>\u2014\u2014 \u978b\u5c65<\/strong>\uff1a\u9884\u8ba1\u589e\u957f 3%\uff0c\u8868\u73b0\u5e73\u6de1\u3002\u4ef7\u683c\u4e0a\u6da8\u53ca\u4e2d\u56fd\u6e38\u5ba2\u51cf\u5c11\u5bfc\u81f4\u9500\u91cf\u627f\u538b\u3002<\/p>\n\n\n\n<p><strong>\u2014\u2014 \u7f8e\u5986<\/strong>\uff1a\u9884\u8ba1\u589e\u957f 4%\uff0c\u589e\u901f\u653e\u7f13\u3002<strong>\u957f\u5bff\u4e0e\u5eb7\u517b\u9700\u6c42\u6210\u4e3a\u6838\u5fc3\u9a71\u52a8\u529b<\/strong>\uff1b\u7ebf\u4e0a\u6e20\u9053\u8868\u73b0\u826f\u597d\uff0c\u5e74\u8f7b\u6d88\u8d39\u7fa4\u4f53\u6301\u7eed\u6d8c\u5165\uff1b<strong>\u5c0f\u4f17\u9999\u6c34\u52bf\u5934\u5f3a\u52b2\uff0c\u97e9\u56fd\u4ecd\u662f\u62a4\u80a4\u54c1\u6807\u6746\u5e02\u573a<\/strong>\uff1b\u79d1\u6280\u5728\u7f8e\u5986\u884c\u4e1a\u7684\u5e94\u7528\u65e5\u76ca\u91cd\u8981\u3002<\/p>\n\n\n\n<p><strong>\u2014\u2014 \u949f\u8868<\/strong>\uff1a2025 \u5e74\u9500\u91cf\u5df2\u8d8b\u4e8e\u7a33\u5b9a\uff0c<strong>2026 \u5e74\u6709\u671b\u6062\u590d\u6b63\u589e\u957f\u3002<\/strong><\/p>\n\n\n\n<p><strong>\u2014\u2014 \u670d\u88c5<\/strong>\uff1a\u9884\u8ba1\u6e29\u548c\u589e\u957f 4%\uff0c<strong>\u54c1\u724c\u95f4\u5206\u5316\u663e\u8457<\/strong>\u3002\u5411\u5f80\u578b\u6d88\u8d39\u8005\u9752\u7750\u5b9a\u4ef7\u9002\u4e2d\u7684\u4ea7\u54c1\uff0c<strong>\u90e8\u5206\u5feb\u65f6\u5c1a\u54c1\u724c\u63a8\u51fa \u201c\u9ad8\u7aef\u5316\u6218\u7565\u201d<\/strong>\uff1b\u9ad8\u7aef\u65f6\u5c1a\u54c1\u724c\u6216\u5c06\u63a8\u51fa\u4f4e\u4ef7\u4ea7\u54c1\u7ebf\uff0c\u5e26\u52a8\u9500\u91cf\u589e\u957f\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><\/h5>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>\u6765\u81ea\u5404\u7ec6\u5206\u9886\u57df\u8d44\u6df1\u9ad8\u7ba1\u7684\u884c\u4e1a\u6d1e\u5bdf<\/strong><\/h5>\n\n\n\n<p><strong>\u73e0\u5b9d \uff1a\u5b9d\u66fc\u5170\u6735 Pomellato \u9996\u5e2d\u6267\u884c\u5b98 Sabina Belli<\/strong><\/p>\n\n\n\n<p>\u201c\u5168\u7403\u9ad8\u7aef\u73e0\u5b9d\u5e02\u573a\u89c4\u6a21\u8d85 310 \u4ebf\u6b27\u5143\uff0c2026 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Domenicali<\/strong><\/p>\n\n\n\n<p>\u201c\u6c7d\u8f66\uff08\u542b\u6469\u6258\u8f66\uff09\u9886\u57df\uff0c\u51ed\u501f\u9876\u7ea7\u6d88\u8d39\u8005\u7684\u652f\u6491\uff0c\u9700\u6c42\u4fdd\u6301\u7a33\u5b9a\u3002\u53d7\u5730\u7f18\u653f\u6cbb\u52a8\u8361\u5f71\u54cd\uff0c\u6b27\u6d32\u8f7b\u5962\u6c7d\u8f66\u5e02\u573a\u627f\u538b\u5e76\u6ce2\u53ca\u5168\u4ea7\u4e1a\u94fe\uff1b\u7535\u52a8\u6c7d\u8f66\u4ecd\u662f\u884c\u4e1a\u6838\u5fc3\u8d4c\u6ce8\uff0c\u76f8\u5173\u76d1\u7ba1\u653f\u7b56\u6301\u7eed\u63a8\u8fdb\u3002\u8d85\u534a\u6570\u9ad8\u7aef\u6d88\u8d39\u8005\u5728\u8fc7\u53bb\u4e00\u5e74\u8d2d\u4e70\u4e86\u8c6a\u534e\u6c7d\u8f66\uff0c\u5f70\u663e\u5e02\u573a\u5f3a\u52b2\u6d3b\u529b\uff1b\u672a\u6765\u51e0\u5e74\u589e\u957f\u5c06\u4e3b\u8981\u4f9d\u8d56\u8d85\u9ad8\u7aef\u53ca\u5b9a\u5236\u5316\u8f66\u578b\u3002\u201d<\/p>\n\n\n\n<p><strong>\u5962\u534e\u9152\u5e97 \uff1a\u610f\u5927\u5229 Egnazia \u9152\u5e97\u96c6\u56e2\u521b\u59cb\u4eba\u517c\u9996\u5e2d\u6267\u884c\u5b98 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