
2ĺš´ĺăŽéĺśăăźăżă示ăăănoteă䟸ă°ăăăăĄăłăĺ˘ăăăăăŽ3ă¤ăŽă˘ăăă¤ăšă
- ĺ˛ĺźăă
noteéĺśăŽ2ĺš´éăŽććăŤă¤ăăŚă厢茳çăŞăăźăżăŽé˘ăăă䟸ăłćšăăŽćŁä˝ăćăăăŤăăŚăăăžăăĺžĺă§ăŻănoteă䟸ă°ăăŚăăä¸ă§ăăŠăŽăăăŞć˝çă¨čăćšăçšăŤćĺšă ăŁăăŽăăăŽčĺŻăăäźăăăžăă
âť çăăććč¨äşă§ăăăăˇăă¤ăŻnoteĺçĺăŚăăŚăçé羜寞訹ăăŞăăăłăŞăŽă§ăăăăăăă°čްă§ăçéă§ćĺă§ăăžăďźăăżăăăŞăă¨ăŻä˝ăć¸ăăŚăŞăă§ăă芳ăăăŻćŹćăŽĺĺăŤăŚăďźč¨äşĺ ¨ä˝ăŽ3.5ä¸ĺăŽăăĄă2.0ä¸ĺăžă§ăçĄćă§čŞăăžăăăžăăăĄăłăăźăˇăăăŽăšăżăłăăźăăăŠăłäťĽä¸ăŤăĺ ĺ ĽăŽćšă§ăăă°ăćŹč¨äşăŽăăšăŚăăăŽăžăžčŞăăă¨ăă§ăăžăďź
1. ăăăžă
1-1. ăăźăżăĺşăăă¨ä˝ăčŚăăăŽă
ĺ°ăĺăŽăă¨ăăˇăă¤ăŽnoteăŻéč¨2ĺ¨ĺš´ăčżăăžăăăăăŽč¨äşăŽĺ Źéăă2026ĺš´1ććçšă§ăŻăă˘ăŤăŚăłăăŽéč¨ďź2023ĺš´11ćďźăă815ćĽăťăŠçľăĄăžăă
ĺ ă ăç§ăŻč¨é˛éďźĺćéăŞă¨ăăăăăŁăŚăăă¨ăă°ćŻćăŽç°ĄćçăŞĺŽśč¨ç°żăŞăăăŻăă10嚴䝼ä¸ăçśăăŚăăžăăăăăŤăITă¨ăłă¸ăă˘ĺşčşŤă§ăăă°ăŠăăłă°ăŽćčĄăćăŁăŚăăăă¨ăăăčŞĺăŽéč¨ăăźăŤă使ç¨ăăănoteăŽčŞăžăćšăăŤă¤ăăŚăŽĺćč¨äşăć¸ăăŚăăžăăďźĺťĺš´ăŽ6ćăŽč¨äşă¨9ćăŽč¨äşďźă蜣ĺłçăŞăľă¤ăéĺśă¨ăăŚănoteäşşć°ăŠăłăăłă°ăăănotelogăănote analyzerăă¨ăăŁăăľăźăăšăéĺśăăŚăăăăăăžăă
ăăăăăžă§ăăˇăă¤ăŽnoteăŻäťăŽă¨ăăäşşć°ăŠăłăăłă°ăŽTop100ĺĺ ďźă ăăă60ä˝ĺĺžďźă§ĺŽĺŽăăŚăăžăăăăŽăŠăłăăłă°ăŻç§čŞčşŤăč¨č¨ăăăšăłă˘çŽĺşćšćłă§ĺăăŚăăăŽă§ă厢茳çăŞäşşć°ă ă¨č¨ăĺźľăă¤ăăăŻĺ ¨çśăŞăăŽă§ăăă䝎ăŤăăŁă¨ĺ ŹĺšłăŤäťăŽäşşăć źäťăăčĄăŁăă¨ăăŚăănoteă¨ăăăăŠăăăăŠăźă ăŽä¸ă§ăä¸ä˝1%ăŽć¸ăćăăăăăŤăŻĺ ĽăăŚăăăăăăŞăăăŞăă¨ĺäşşçăŤăŻćăŁăŚăăžăă
ăăŚăăăźăżĺćăă§ăăă¨ä˝ăé˘ç˝ăăŚăăżăŞăăăŤä˝ăăäźăă§ăăăăăŤăŞăăă¨ăăă¨âŚćĺăŤä¸ă¤ăăăăăăăĺŽäžăćăăžăăăă
䝼ä¸ăŽă°ăŠăăŻăăˇăă¤ăŽç´čż10č¨äşďź2025ĺš´12ććŤćçšďźăŤĺŻžăăŚăč¤ć°ĺăšăăăŚăăăäşşăŻăšăĺć°ăă¨ăŤä˝ĺăăăŽăăă示ăăăăŽă§ăăč¨ăćăăă¨ăă10č¨äşä¸ăŤ10ăšăăăŚăăăäşşăä˝ĺă9ăšăăăŚăăăäşşăä˝ĺâŚăă¨ăăć°ĺăĺłăă塌ăŤĺăăŁăŚä¸Śăă§ăăžăă

ăăăŻĺĺĽăŽč¨äşăŤčĄ¨ç¤şăăăŚăăăšăć°ăăăŻăăăăŞăăŚăăăăçšĺŽăŽăăŠăăŻăźăăăčŞĺăŽăŠăŽč¨äşăŤăšăăă¤ăăŚăăŚăăŠăŽč¨äşăŤăšăăă¤ăăŚăăŞăăŽăăăăăšăŚéč¨ăăŞăă¨čŚăăă¨ăŽă§ăăŞăć°ĺă§ăă
ä¸ă¤ă˛ă¨ă¤ăŽĺ¤ăŽĺ¤§ăăăŤçŽăĺăăŚăżăă¨ăăăĄă°ă塌ăŽç´şč˛ăŽé¨ĺăŻă3ăšăăă§ăĺ¤ăŻă129ăă§ăăăăăăŻăăˇăă¤ăŽç´čż10č¨äşăŤĺŻžăăŚ3ĺăšăăăŚăăăäşşă129ĺăăăă¨ăăăă¨ă§ăăďź1ăšăă¨2ăšăăŻĺ¤ă大ăăăăăŽă§ă°ăŠăăăççĽăăžăăăă ä¸ĺżć¸ă桝ăăŚăăă¨1ăšă=877ĺă2ăšă=268ĺă§ăďź
ĺłçŤŻăŽçˇč˛ăŽé¨ĺăŻă10ăšăăăŞăŽă§ăăăˇăă¤ăŽç´čż10č¨äşăŤćŽăăĺ ¨é¨ăšăăăŚăăăäşşă45ĺăăăă¨ăăăă¨ăŤăŞăăžăăăăŽćçšă§ăăé˘ç˝ăă¨ăăăăĺăăĄăˇăă¤ăăăăăŻăŠăăăđĽ°ă¨ăăćăă§ĺŹăăăŞăŁăŚăăžăăŽă§ăăăăăćšă ăŽnoteăŻç§ăćčŹăŽć°ćăĄăčžźăăŚĺŽćçăŤăă§ăăŻăăăăăŤăăŚăăžăăďźă¨ăŻăăăćéçăŤć°çč¨äşăčż˝ăĺăăŚăăŞăăă¨ăĺ¤ăăŚçłă訳ăŞăă§ăâŚďźďź
ăăăťăŠăŽă°ăŠăăŻ3ăšă䝼ä¸ă§ĺşăăŚăăŚăăăšăŚăŽć°ĺăĺč¨ăăă¨430ĺă¨ăŞăăžăăăăăăăăăŻăéŠĺ˝ăŤăăŠăăźăăă ăă§ăŻăŞăăăĄăăă¨čŞăă¤ăăă§çśçśçăŤăăŠăăźăăŚăăăŚăăćšăăŽć¨ĺŽĺ¤ă¨ăăŚä˝żăăăăŞć°ăăăžăăăćšăăŚć°ĺăĺşăăăă¨ăăăăŞăŤăďźďźăă¨ăăćăăăăŚăăăăăăŻăăăźăżăŽé˘ç˝ăżăŽä¸ă¤ă§ăă
ăžăă8ăšă䝼ä¸ăĺč¨ăăă¨96ĺă§ăăăăăăăŤăŞăă¨ćŽéăŽăăŠăăŻăźăăă¨ăăăăăăăŁăăĺşĺŽăăĄăłăŤăŞăŁăŚăăăćšă ăă¨čăăŚăăăăă§ăăç§čŞčşŤăăăăŽäşşăŽnoteăŻćŹ ăăăĺ ¨é¨čŞăăă¨ăănoterăăăä¸ĺŽć°ăăŚăăăśăčŞĺăăăăăăé ťçšăŤăšăăă¤ăăŚăă¨ćăăŽă§ă誰ăăŤă¨ăŁăŚăŽăăăăĺĺ¨ăŤăŞăă¨ăăăŽăŻć¸ăćă¨ăăŚăŽçŽć¨ăŽä¸ă¤ăŤăăŞăăžăăĺ˝çśăă˘ăăăźăˇă§ăłăŤăăŞăăžăăăăŞăă˘ăă˘ăăŤăŞăăžăă
ăăăŤăăăźăżă¨ăăăŽăŻçžçśăćăăăŤăăă ăă§ăŞăăéĺťăăăŽĺ¤ĺăćšăăŚćŻăčżăă¨ăă使ăćšăă§ăăžăăăă¨ăă°ăăăăťăŠă10č¨äşăŤ8ăšă䝼ä¸ăŽăăĄăłă96ĺăă¨ć¸ăăžăăăăăăźăżăăă˘ăŤăŚăłăéč¨ăăç´ĺĺš´ĺžăďź24ĺš´6ććŤďźăžă§ĺˇťăćťăăŚăżăă°ăĺ˝ćăŽç§ăŽnoteăŤă10č¨äşăŤ8ăšă䝼ä¸ăă¤ăăŚăăăăăĄăłăŽćšăŻ0ĺă§ăăăăăăŞčŞč ăŻă˛ă¨ăăăăŞăăŁăăăă§ăă
çľľé˘ăăăŞăé˘ç˝ăăŽă§ăăăŁăăŽă°ăŠăă¨ĺŽĺ ¨ăŤĺăăšăąăźăŤă§čĄ¨ç¤şăăŚăżăžăăăăăăăŞćăă§ăăďźć°ĺăć˝°ăăŚăăžăăă3ăšă6ĺă4ăšăăť6ăšăăĺ1ĺăŽĺč¨8ĺă§ăďź

ăżăŞăăăăćĽĺ¸¸çăŤă¤ăăšăć°ăŻăăŠăăŻăźć°ăăăăăŁă¨ĺ°ăŞăăăă¤ăžăăăăŠăăŻăźăŽĺ¤§ĺ¤ć°ăŻăĄăăă¨čŞăă¤ăăă§ăăŠăăźăăŚăăăăă§ăŻăŞăăă¨ăăäşĺŽăăĺçĽăă¨ćăăžăă100ăăŠăăŻăźăăŚăăšăć°ăŻ10ă¨ăă§ăăăăăăŽç¤žäźă§ăŻčްăăĺżăăăăäşşăäťäşşăŤćšăăăăŞăăŚăă¨ăŻĺĽčˇĄăżăăăŞăăŽă§ăăăăăăăäťćšăăŞăăă¨ăŞăŽă§ăăăăăăăŞä¸ă§ăăăĄăă¨čŞăă§ăăăčŞč ăăăĺ˘ăăă¨ăăăŽăŻćŹĺ˝ăŤăăăăăăă¨ăŞăă§ăăă
ä¸ĺżănoteăć¸ăăŚăăäşşăŞă誰ăăčŚć ŁăăăăăˇăĽăăźăăăăăă˘ăŻăťăšč§ŁćçăŞăăźăżăčż˝ăăă¨ăŻă§ăăžăăă¨ăŻăăăăăăžă§ăŤčźăăăăăŞă°ăŠăăŤćŻăšăă¨ă ăăśéăăăć ĺ ąăŤăŞăăă¨ă§ăăăăăăăŞćăă§ăă

誰ă ăŁăŚćĺăăăăăăčŞăă§ăăăăăăă§ăŻăŞăăŽă§ăç§čŞčşŤăăăăăă¨ĺˇĽĺ¤ŤăăŞăăďźă¨ăăŠăăšăăăŞăăďźăăăžă§çśăăŚăăŚăăžăăăăă§ăăăăŽććăžă§ăŤăăăăăă¨ăăăŚăăŚăăăŽĺžăŽăăźăżăŻăăă ăŁăăă¨ăăäşĺŽăăăăă°ănoteă䟸ă°ăă¨ăăăă¨ăŤĺŻžăăŚăä˝ăĺšćçăŞăŽăăăŤă¤ăăŚăăăăç¨ĺşŚăžă§ćăăăŤă§ăăĺŻč˝ć§ăčŚăăŚăăžăă
ăăĄăăăç§ăŽč§Łéă¨čĺŻăĺ˝ăăŁăŚăăă¨ăŻéăăžăăăăăăŻăăă§ăăăăăă¸ăăšă§ăăšăăźăă§ăäşşéé˘äżă§ăăćĺćšćłăŽăăăăăăĺŽĺźĺăŞăăŚăăăăä¸ĺŻč˝ăŞăă§ăăăă
ăăăăĺ°ăŞăă¨ăä˝ăŽć šć ăăŞăăŤăăăăăă°noteăŻäź¸ăłăďź ăăŞăăŤăĺż ăĺçĺă§ăăďźăăżăăăŞčŠąăçš°ăčżăăŚăăďźĺ¤§ćľăŻćŁä˝ä¸ćăŽć ĺ ąçşäżĄč ăŤăăďźč¨äşă¨ćŻăšăă°ăăăźăżăŤĺşăĽăăčĺŻă¨ăăăŽăŻăăăăăăŁă¨äżĄé źăŤĺ¤ăăĺ 厚ăŤăŞăăŽă§ăŻăŞăăă¨ćăăžăă
䝼ä¸ăŽăăăŤăç§ăŻăăžăăžčŞĺčŞčşŤăćçŤ ăŽć¸ăćďźćčĄçłťĺ°éăŽăŠă¤ăżăźă§ăŻăŞăăäşşăŽĺżăçăćšă¨ăăŁă芹éĄăăĄă¤ăłăŤć¸ăäşşďźă§ăăăŞăăăĺćăŤăăăăăăźăżĺćăŽćčĄăćăŁăŚăăă¨ăăăĺ°ăçăăçŤăĄä˝ç˝ŽăŤăăžăă
ăăă§ăăăŽĺ¤ăăŁăçľăżĺăăăć´ťç¨ăăă°ăäťăŽĺ ´ćă§ăŻăăžăčŚăăăŞăăăăŞĺ˝˘ă§čŞč ăŽăżăŞăăăŽă彚ăŤçŤăŚăć ĺ ąăĺşăăăŽă§ăŻăŞăăă¨čăăăăă§ăăăăăäťĺăŽč¨äşăć¸ăĺ§ăăăăŁăăăŤăŞăăžăă
1-2. ă§ăăŠăăăč¨äşăŞăŽăăŞďź
ăăŽč¨äşă§ăäźăăăăă¨ăăŚăăăŽăŻă厢茳çăŞăăźăżă¨ăăăăĺźăĺşăăăăă丝茳çăŞčĺŻă¨ă˘ăăă¤ăšăŽ2çšăŤăŞăăžăăăăăăç§čŞčşŤăŽ2ĺš´éăŽnoteéĺśăŽčŠŚčĄéŻčޤăŤăăŁăŚĺžăăăăăŽă§ăă
ĺ ˇä˝çăŤăŻăăăŽč¨äşăŽćŹçˇ¨ăŻäťĽä¸ăŽăăăŞ2é¨ć§ćă¨ăăžăăă
ăăźăżçˇ¨ ⌠ăăŠăăŻăźć°ăăšăć°ă¨ăăŁă厢茳çăŞć°ĺăŽć¨ç§ťăä¸ă¤ă˛ă¨ă¤ăŤĺäşşçăŞčĺŻă桝ăă¤ă¤ăăăăăžă§äşĺŽăŽč¨é˛ăăĄă¤ăłă¨ăă
ă˘ăăă¤ăšçˇ¨Â ⌠ä¸č¨ăŽăăźăżă¨çľé¨ăŤĺşăĽăăăżăŞăăăŽnoteăăŞăăšăăăăăăŽäşşăŤčŞăžăăăăăŤăăŚăăăăăŽćšćłčŤăĺ ąć
ĺç §ăăăăźăżă¨ăăŚăŻăç§ănoteă˘ăŤăŚăłăăéč¨ăă2023ĺš´11ć12ćĽăăăăăŽč¨äşăŽĺ ŹéćĽăŽç´1ăśćĺă§ăă2025ĺš´12ććŤăžă§ăŽç´2ĺš´éă¨ăăžăă
ăĄăŞăżăŤă§ăăăç§ăŽĺäşşçăŞćčŚă¨ăăŚăčŞĺăŽä¸çďźčśŁĺłă§ăăäťäşă§ăăďźăĺ ĺŽăăăŚăăăăăŽăŞăăçľĺąăŽă¨ăăăčŞĺă§čăăŚăčŞĺă§ćăĺăăăŚăčŞĺă§ĺ¤ąćă¨ĺçăçš°ăčżăăăăŞăăă¨ăăăŽăççă ă¨ćăŁăŚăăžăăă¨ăŻăăăäşşăŽč¨ăăă¨ăéľĺăżăŤăăăăăăăăźăšăŤăăăăŽăćąşăăăŽăçľĺąăŻčŞĺčŞčşŤă ăă¨ăăčŞčŚăăăăŁăăăăăŞăăäťäşşăŽçľé¨ăčăćšăăĺŚăśă¨ăăăŽăŻĺ¤§ăăŤăăăťăăăăăă¨ă§ăăăă
ĺ˝ăăĺăŽčŠąă§ăăă2ĺš´ĺăŽăăźăżă2ĺš´ĺăŽçľé¨ă¨ăăăŽăŻăĺŽéăŤ2ĺš´éăăăăăçśăăäşşăŤăăä¸ăăăăžăăă
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1-3. ăăŽč¨äşăŤć¸ăăŞăăă¨
ăăăăč¨äşăéăăă¨ăăä¸čŹăŤćĺž ăăăăŽăŻăăŠăăăăčŞĺăŽnoteăăăŁă¨čŞăžăăăăăŤăŞăăŽăăă¨ăă質ĺă¸ăŽĺçăŞăăăăłăă ă¨ćăăžăăăăăŤĺŻžăăŚăŻăç§ă¨ăăŚăăŞăăšăčŞ ĺŽăŤçăăŚăăăăă¨ćăŁăŚăăžăăăăăŽĺăŤç§ăăä˝ăçăăŞăăŽăăăŤă¤ăăŚćăăăŤăăŚăăĺż čŚăăăăžăă
ĺé ă§çăŁĺ ăŤăćăăăă¨ăăăăăŽč¨äşă§ăŻć šć ăŽăŞăćĺăăŚăăŚăŽčŠąăŻăăžăăăăĺŻćĽĺĺżč ă§ăă§ăănoteĺçĺăăăăă ăă§ćĺââä¸ĺďź ăăŞăăćçŤ ă ăă§ćŽăăăăăăŤăŞăďźăďźâăŚă˝ă¤ă ďźďźďźăżăăăŞéŠĺ˝ăŞăă¨ăŻč¨ăăŞăă§ăă
蜣ĺłçăŤnoteă漽ăăă§äź¸ă°ăăŚăăă¨ăăăă¨ăăé˘ăăŚăăććč¨äşăăĄăłăăźăˇăăăćŻćć°ĺä¸ĺ売ăä¸ăăć¸ăćăŤăŞăăă¨ăăŁăçŽć¨ăçŤăŚăĺ ´ĺăăăŽäťäşă厚ćă§ăŞăă¨ăăçšăŻćăăă§ăăăăăăăćŹĺ˝ăŤç°ĄĺăŞăă°ăănoteăŞăăăăăäźç¤žăŽăäťäşăŽăťăă大大大弽ăďźăă¨ăă人䝼ĺ¤ăŻĺ ¨ĺĄăăŁăĄăé¸ăă§ăăăŻăă§ăăă
ăăŽćăŽčŠąăŤĺŻžăăç§ăŽăšăżăłăšăŻăéĺťăŤäťĽä¸ăŽč¨äşăŤăžă¨ăăŚăăžăăç°ĄĺăŤč¨ăă°ăăăéă稟ă芹ă§ăç°ĄĺăŤă§ăăžăăăŻĺ¸¸ăŤĺăă ă¨ăăăă¨ă§ăă
ăăŁă¨ć šćŹçăŞčŠąă¨ăăŚăăăŽç¤žäźă§ĺ˛ăăăă¨ăŤç°ĄĺăŞăăćšăăăăŞăăäźç¤žă§ăŽäťäşă ăŁăŚăăăŞăŤčŚçăŞăăŽăŤăŻăŞăŁăŚăŞăăŻăăŞăă§ăăăăăăăăăă§ăăăăŁăŚčŠąăŤăŞăăžăăçľĺśč ăä¸ĺ¸ă ăŁăŚă礞ĺĄăŤĺŤăăăăŤć¸ăăŞăĺăă§ăăăăŚăžăăă
ăăŽçšăŻçŹçŤčľˇćĽăăçľé¨ăŞăŠăăŞăă¨ăăčĽćăŽćĺ°ĺ˝šă玥çčˇăŤăŞăŁăçľé¨ăä¸ĺşŚă§ăăăäşşăŞă誰ăăăăŁăăĺćă§ăăăă¨ă ă¨ćăăžăăďźéăŤăăăăăć ĺ ąçşäżĄăăŚăäşşăŁăŚĺăăăă¨ăăŞăăă§ăăďź ä¸ĺşŚăďź ĺčŤă§ăăăďźďźďź
ăŞăŽă§ăăăăăăäşĺŽă¨ăăŚăŽéŁăăăăćźăăăä¸ă§ăäťĺăŽč¨äşă§ăŻăčŞĺă¨ăăŚăŻnoteă§ăăă ăăŽăă¨ăăăŁăŚăăăăăçľćăĺşăŚăçšăŤéčŚăŞăă¤ăłăăŻăăă ă¨č§Łéăăăă¨ăă芹ăăäźăăăăă¨ćăăžăăăăăžă§ăä¸ĺäşşăŽçľé¨ăăăźăšăŤăä¸ĺäşşăŽčĺŻă¨ăăŚć¸ăăă¨ăăăă¨ă§ăă
注ćçšă¨ăăŚăăAăăăăžăăăă¨ăăăŽĺžăŤBă¨ăăçľćăĺşăžăăăăŻăŠăĄăăäşĺŽăŽč¨čż°ă§ăăăăBăĺşăăăŽăŻAăăăŁăăăăăă§ăăă¨ăăăŽăŻĺăŞăćść¸Źă§ăăŁăŚăĺ ćé˘äżăŽč¨źćă§ăŻăŞăă§ăăăăăăŞăăAăăăăă°BăŤăŞăăžăďźăăŤăŞăă¨ăăăăŻăăčŠćŹşçăŞć ĺ ąĺćăŽĺ¸¸ĺĽĺĽă¨č¨ăŁăŚăăăăŽă§ăă
äťäşä¸ăŽčŞ˛éĄă§ăăĺżăŽĺĽĽćˇąăăŤăăćŠăżă§ăăçžĺŽăăŠăăŤăă§ăăă¨ăă¨ăăăŽăŻăăăŽçžĺŽăŤăăĄăă¨ĺăĺăăă¨ăăă¨ăăăŽăżă§ăăäťĺăŽč¨äşăăżăŞăăăŽĺŠçăĺŠăăŤăŞăă¨ăăăăăă¤ăłăăŻăžăăŤăăŽăäşĺŽă確čŞăăăăă¨ĺăĺăăă¨ăăçšăŤăăăžăăäşĺŽäťĽĺ¤ăŻä˝ă俥ăăŞăăăăŤďź ç§ăŽčŚč§ŁăŻç§ăŽčŚč§ŁăŞăŽă§ă誰ăăăăéľĺăżăŤăăšăă§ăŻăăăžăăă
ăžăăäťĺăŽč¨äşăŽčŞč ă¨ăăŚăŻăčŞĺăŽč¨čă§ć¸ăăăďźäźăăăďźăă¨ăćăŁăŚăăäşşăĺˇçăăăŽäťăŽĺéă§ć˘ăŤĺľä˝ć´ťĺăčĄăŁăŚăăäşşăćłĺŽăăŚăăžăăăéă ăăçŽçă§ănoteăŻăăŽéĺ ˇă§ăăăŞăă¨ăăäşşăŤăŻăăžăéżăăŞăĺ 厚ăŤăŞăŁăŚăăă¨ćăăžăăĺ寞ăŤă襨çžăăăă¨čŞä˝ăçŽçă§ăăăăăŽăăăŽăĺŽĺŽăăç°ĺ˘ä˝ăăăŽä¸é¨ă¨ăăŚäşşć°ăĺĺ Ľă¨ăăŁăĺéĄăčăăŚăăăăäşşă§ăăă°ăäťĺć¸ăăĺ 厚ăŻăăŞăčŞčşŤăŽć´ťĺăŽçşĺąăŤĺŻžăăŚăăăăă彚ăŤçŤăŚăăŻăă§ăă
çśăăŚăäťĺăŽčŠąăŽĺććĄäťśăŤă¤ăăŚčŚăŚăăăžăă
2. ĺććĄäťśăăĄ
ăăăăăăŞćĺăăŚăăŚăĺšč´ăăă¤ăăăŻăŞăă¨ć¸ăăŚăăžăŁăăŽă§ăăăŽčžşăŻăĄăăă¨ăăŚăăĺż čŚăăăăžăăă
ăă ăă˛ă¨ăžăăăŁă¨ĺ ¨ä˝ĺă ăă確čŞăăăă¨ăăčŞč ăŤă¤ăăŚăŻăăăăŻĺĺă ăčŞăżéŁă°ăć¨ĺĽ¨ă§ăăćŹéĄă§ăă揥ăŽă3. ăăźăżçˇ¨ăăžă§ăăŽăžăžăšăŻăăźăŤăăŚăăă ăăŚć§ăăžăăăăăă§ă°ăŠăăŞăŠăčŚăä¸ă§ăăăŁăăčŞă䞥ĺ¤ăăăăăă ăŞăă¨ćăŁăŚăăă ăăăăăžăăăŽé¨ĺăžă§ćťăŁăŚăăă ăăă°ă¨ćăăžăă
ăăăŤć¸ăăŽăŻăăăŽč¨äşăŽĺ 厚ă俥ç¨ă§ăăăăŽăŞăŽăăčŞč čŞčşŤăŤç˘şăăăŚăăăăăăŽčŁčśłăŽć ĺ ąăăĄă§ăăďźćăăăŽăˇăă¤ăŽăăŠăăŻăźăăăŽĺ ´ĺăć˘ăŤăĺçĽăŽĺ 厚ăĺ¤ăă¨ćăăŽă§ăăăŽĺ ´ĺăćľăčŞăżă§OKă§ăďź
2-1. äťäşăŽäşć ă蜣ĺłăŽäşć
ăžăăäťäşă¨çć´ťăŽäşć ăŤă¤ăăŚă
ç§ăŻăĄăăăŠnoteăéč¨ăăććăăăăăăččż°ă¨ĺşçăŽäťäşďźăˇăă¤ăăăŻăšďźăĺäşşă§ăăŚăăžăăăăŽč¨äşăŽĺ Źéćçšă§ăç´ăŤăŞăŁăŚăć¸çąăĺăăăŚ4ĺĺşăăŚăăžăăăăăŻăć¸ăăă¨ăŤćŻćĽĺ ¨ĺă§ćăĄčžźăăă¨ăă§ăăăăăăŤčŚăăăŽă§ănoteă䟸ă°ăăŚăăä¸ă§ăŻćĺŠăŞçŤĺ ´ăŤăăăăăŤčŚăăăăăăăžăăă
ăăăăĺšłćĽăŽćźéăŻć¸çąăŽăăăŽĺ稿ăćĽăćĽăćĽăćĽăć¸ăăŚăăăăă§ăéććĽăŽĺ¤ăăćĽććĽăŤăăăŚăŽăäťäşăçľăăŁăăă蜣ĺłăŽnoteă§ĺĽ˝ăăŞăă¨ă弽ăăŞă ăć¸ăăăăďźďźăă¨ăăŁăć°ĺ蝢ćçăŞă˘ăăăźăˇă§ăłăŽçăä¸ăăăŻç§ăŤăŻăăăžăăăć¸ăăăăŽć°ĺă¨ä˝ĺă¨ăăçšă§ăŻăć¸çąăŽĺˇçă ăă§ăćŻćĽăăă¨ăăŁăąăăŁăąăă§ăăăŽçšă§ăŻčśŁĺłçăŞnoterăăăăăä¸ĺŠăŞçśćłăŤç˝ŽăăăŚăăă¨č¨ăăžăăăžăăç§ăŻĺ ă ăć ˘ć§çăŞä˝čŞżä¸čŻăăäźç¤žĺĄăčžăăăăĺžăŞăăŞăŁăäşşéăŞăŽă§ăăăŁă¸ăŤăŤăŽç´ 質ăŤă¤ăăŚăŻéŠăăťăŠĺźąă ă§ăăďźăŻăźăŤăăăŞăŹăźă弽ăăŞćšăŻä¸é˛ăăăă¤ăĄăźă¸ăăŚăă ăăďź
ä¸ćšă§ănoteăć¸ăăă¨ăčŞĺăŽć¸çąăŽĺŽŁäźăŤçšăăŁăŚăăé˘ăăăăŽă§ăĺšłćĽćźéăŤĺĺäťäşă¨ăăŚć¸çąé˘éŁăŽnoteăć¸ăăăăăăă¨ăăăăŞăăŤăăăžăăăžăăć¸çąăŽĺ 厚ăăćç˛ăăă芌ăčŞăżçăăăăă¤ăć˛čźăăŚăăăŽă§ăăăăŤé˘ăăŚăäťäşăŽĺťśéˇä¸ă¨ăăĺ´é˘ăăăăžăă䝼ä¸ăŽçšă§ăŻăĺ´ĺćéăŽä¸é¨ăă¨ăăŠănoteăŤĺ˛ăăŚăăăă¨ăŤăŞăăŽă§ăćŽéăŤä˝ćăŽćéăŽăżă§noteăăăŁăŚăăäşşăăăćĺŠăŞçŤĺ ´ă ă¨č¨ăăă§ăăăă
ăăăăŽäşć ăčśłăĺźăăăă°ăĺ ¨ä˝ă¨ăăŚăŻçšĺĽăŤćĺŠă¨ăä¸ĺŠă¨ăč¨ăăŞăăăăăŽçŤăĄä˝ç˝ŽăŤăăăăăŞć°ăăăŚăăžăăăăăăăăă§ăăˇăă¤ă¨ăăäşşçŠăŽĺŽäžăŤă¤ăăŚăŻăĺ¨ĺŽ ăĄă¤ăłă§ăăćéăŽčéăĺŠăăăăăăŞăźăŠăłăšăŽäşşăăăŁăŚănoteăăżăăăŞă¤ăĄăźă¸ă§ĺăĺăŁăŚăăă ăăŽă匼ĺ˝ăŞăŽăăŞă¨ćăăžăă
ăžăăç§ăŻĺŽĺ ¨ăŤçĄĺăŽć¸ăćăăččż°ćĽăăšăżăźăăăŚăăăäťăŽĺéă§çŠăżéăăăăçĽĺ庌ăŽćľç¨ďźäžďźăĄă¸ăŁăźăŞăçŹăč¸äşşăăăĺ§ăăćĽč¨çăŞnoteďźăăăăžăăăç§ăŻăˇăă¤ă¨ăăĺĺă§noteăĺ§ăă2ăśćăťăŠĺăŤăăăăä¸ă§10嚴䝼ä¸ä˝żăŁăŚăăĺăŽĺĺăć¨ăŚăŚăăăŽă§ăčŞĺăŽä¸ăŽăšăăŤă¨çľé¨äťĽĺ¤ăŻĺ ¨é¨ăŞăťăăăăăŚăăžăă
ăŞăŽă§ăç§ăŽĺĺăčŚăăŚăăăŚăăäşşăĺ¤ĺ°ăŞăă¨ăăăă¨ăăăăăăăŻç´ç˛ăŤç§ăăă2ĺš´ĺ°ă ă§ć¸ăăŚăăćçŤ ăŤăăŁăŚĺžăăăçľćă§ăă
2-2. ä˝ăć¸ăăŚăăă
ĺşćŹçăŤăŻăç§ăć¸ăăŚăăăŽăŻăäşşçăăăăăăăŚăăăăčŞĺˇąăäťč ăŽĺżăćŁăăçč§ŁăăŚăăăă¨ăăŁăăăźăăŽč¨äşă§ăă
äťĺăŽč¨äşăŻćăăăˇăă¤ăčż˝ăŁăăăŚăă ăăŁăŚăăăăŠăăŻăźăăă§ăŻăŞăăć°čŚăŽćšăčŞăă§ăă ăăŁăŚăăă¨ćăăŽă§ăéĺťăŽĺ ¸ĺçăŞăăˇăă¤ăŁă˝ăč¨äşăăŽăżă¤ăăŤă¨ăŞăłăŻăăăŁă¨ä¸ŚăšăŚăăăžăă
äşşăŻăŠăăăŚă大人ăŤăŞăă¨çľľăćăăŞăăŞăăŽă ăă (2023.12.9)
äşĺŽăăăă俥ăăăă丝埾ăăăăĺŞĺ ăăäşşă ăŤă¤ă㌠(2024.8.31)
ăć°ćăĄă˘ăłăšăżăźăŻăŞăć´ăçśăăăŽă - ĺ˘ççˇă¨ă˘ăľăźăˇă§ăł (2025.11.20)
ăžăă2024ĺš´4ćăăăŻďźă¤ăžăäťĺăŽĺŻžčąĄćéăŽ3ĺăŽ4ăăăăŻďźéąĺă§ă3čĄćĽč¨ăă¨ăăčť˝ăăŞč¨äşăć¸ăăŚăăžăăăăăĺčăŤăăă¤ăăŞăłăŻă丌ăšăŚăăăžăă
äşşéăă˘ăă¤ăŤăăăăŞăźă§ćĽéĺ éťă§ăăăăăŤăăŚăă - 3čĄćĽč¨ Vol.61 (2025.6.14)
ăľăłăżăŻăăźăšăŁăŚç˝Žăé ăˇăšăă ăŽĺ é§č ă ăŁăăŽă§ăŻâŚďź - 3čĄćĽč¨ Vol.88 (2025.12.20)
ç§ăŽnoteăŽć稿ăăźăšăŻ1ĺš´ăŤ100č¨äşăăăă§ă1ĺš´ă52éąă§ăăăă¨ăčăăă¨ăĺ˛ĺçăŤăŻ3čĄćĽč¨ă¨ăă䝼ĺ¤ăŽč¨äşăĺă ăăăăŤăŞăŁăŚăăăŻăă§ăă
ăăăŤăăä¸ă¤ăć¸çąăŽă芌ăčŞăżçăă¨ăăăŽăăăŁăŚăăăăŻç§ăŽĺşăăćŹăŽä¸é¨ăăăŽăžăžčŞăăăăăŤăăăăŽă§ăăĺčăŞăłăŻăŻäťĽä¸ăŽă¨ăăă§ăă
äťäşăçĄćĺłăŤćăăăăççą (2025.4.29ăć¸çąăäşşçăŽćĺłăŽă¤ăăćšăăă)
çč§Łă§ăăŞăçžĺŽăçč§ŁăăăŞăă¨ăăčŚăăż (2025.11.28ăć¸çąăäşşéé˘äżăčŚćă§ăăŞăă¨ăăăŁăŚăăăăăŽćŹăăăďź
äťĺăŽĺćăŽĺŻžčąĄćéă¨ăăŚăŻăç§ăŽnoteăŽçˇč¨äşć°ăŻ216ă芌ăčŞăżçăŽč¨äşć°ăŻ15ăŞăŽă§ăĺ˛ĺçăŤăŻĺ ¨ä˝ăŽ7%ăťăŠăŽč¨äşăŻăäťäşă§ć¸ăăĺ稿ăćľç¨ăănoteăă¨ăă形ăŤăŞăăžăăăăăĺ čż°ăŽă蜣ĺłnoterăăăăćĺŠăŞçšăăŤăŞăăăă§ăăăăă ăăăźăťăłăăźă¸ăŤăăŚ1ćĄĺ°ăŞăŽă§ăăăăŞăŤĺ˝ąéżăŽĺ¤§ăăŞăăŽă§ăŻăŞăăŻăă§ăă
2-3. ăăŠăăźćăŽăšăżăłăš
揥ăŤăăăŠăăźé˘äżăŤă¤ăăŚăŽčŁčśłć ĺ ąăăăăŠăăŻăźć°ăŁăŚăăăŠăăçŽçă§ćĺ˝ăă揥珏ăŤăăŠăăźăăžăăăă¨ăăćšćłă§ĺ˘ăăăă¨č¨ăă°ĺ˘ăăăăŽă§ăăăă§ăçćéă§ăăăŞăŤăăŠăăŻăźăćĽĺ˘ăăžăăăăŞăŠă¨č¨ăŁăŚăżăŚăăăžăćĺłăăŞăâŚă¨ăăăă¨ăŻăžăăĺçĽă ă¨ćăăžăă
ĺŽăŻäťĺăăăžăŁăăŞăă¨ćăŁăçšă¨ăăŚăăăŠăăŻăźć°ăŽăťăăŻă˘ăŤăŚăłăéč¨ĺćăăč¨é˛ăăŚăăăŽă§ăăăăăŠăăźć°ăŽăťăăŻĺăăăăŞč¨é˛ăčĄăŁăŚăăŞăăŁăăă§ăăăŞăŽă§ă揥ăŽăăăźăżçˇ¨ăăŤĺşăŚăăăŽăŻăăŠăăŻăźć°ĺä˝ăŽć¨ç§ťăŤăŞăăžăăé˘çŽăŞăďź
ăăŠăăźé˘äżăŤă¤ăăŚăŽéčŚăŞčŚçšă¨ăăŚăçć´ťĺż éĺ䝼ĺ¤ăŽĺĺăć ĺ ąă¨ăăăŽăŻăĺşćŹçăŤăĺşăăăĺşăăăŞăăăăăăŞăăŻăŁăăă¨ĺăăăăăŽă ă¨ćăăžăăă¨ăăťă¤çăŞćçŤ ă§ăăă°ćć§ăăăăŚăăŚçłťăŽčŠąă§ăăă°č§ŁćąşăăšăćĽă ăŽĺ°ăăă¨ăăăăăăŤéăŁăŚăăăŽă§ăăăăŻăăŁăăăăăăăŚăăĺż čŚăăăăžăă
ăăŽçšă§ăčŞçśĺ˘ăŽăăŠăăŻăźć°ăă¤ăžăä˝ăśćăä˝ĺš´ăć¸ăçśăăŚăăéăŤăăŁăăă¨ĺ˘ĺ ăăŚăăăăŠăăŻăźă¨ăăăŽăŻăăăăăăĺşăăŁăŚăăăĺ˛ĺăăăăŞăăŤăăăăŽă¨ć¨ć¸Źă§ăăžăăç¸ćăăč¨äşăčŚă¤ăăŚăăăŚăç¸ćăăăăăăăăŠăăźăăăă¨ăăŚăăăăăă§ăăăă
ĺ寞ăŤăăă¨ăăăăăăŠăăăă¨ăăăă¨ăăćľăăŽĺ ´ĺăăăăç¸ćăŤĺşăăŁăŚăăĺ˛ĺăŻăăŞăä˝ăăăŽăŤăŞăŁăŚăăžăăăăăŞăăăŞă¨ăăć°ăăăžăăçšăŤăććč¨äşăăĄăłăăźăˇăăăčŚéăŤĺ ĽăăŚăănoterăăăŽĺ ´ĺăä¸éăŽäşşă ăŤăŻăă¨ăăăăăăŠăăăă¨ăăă¨ăăăŽăŻăăŁăŚăăă¨ăăăă1000ĺĺşăăŚčłźĺ Ľăă¨ăăă¨ăăăă¨ăŻăťă¨ăăŠăŞăă¨ćăăŽă§ăăăăă形ăŽăăŠăăŻăźć°ĺ˘ĺ ă§ăăăžăăăăŻăă ăă¨čăăŚăăžăăŽăŻăăŞăĺąéşăăă ă¨ăăăă¨ăŤăŞăăžăă
ă¨ăăăăă§ăăăŠăăŻăźć°ăŻĺşćŹçăŤăŻčŞçśĺ˘ăćăžăăăŽă§ăăăčŞĺăăăŽăăŠăăźăăĺĺ¨ăçĽăŁăŚăăăăă¨ăăçšă§ĺźˇăĺšćăćăŁăŚăăăă¨ăăžăäşĺŽă ă¨ćăăžăăăŞăŽă§ăç§ĺäşşăŽnoteăŽéç¨ăăŞăˇăźă¨ăăŚăŻăčŞĺăăăŽăăŠăăźăć°čť˝ăŤĺşăăŚăăăă¨ăă形ăŤăăŚăăžăăă¤ăžăăç¸ćăŽčăćšăŤăăĄăăăĄă埡ăĺ ąćăăă¨ăă§ăŞăăŚăăăăă¨ăăŁăăăăăăŞă§ăăŠăăźăăżăłăćźăăăŚăăăă¨ăăăă¨ă§ăăă
ăAIĂĺŻćĽăăżăăăŞăăăŤăăŞă˘ăŤăŚăłăăŻăžăăăŠăăźăăžăăăăăăŽäşşčŞčşŤăŽăčŞĺăŽč¨čăăćăăăăćçŤ ăć¸ăćšăă蜣ĺłăäťäşă§çšĺŽăŽă¸ăŁăłăŤăŤćˇąăčŚčăăăăăăŞćšăŽnoteăăăŠăăźăăăă¨ăĺ¤ăć°ăăăžăă
ăăŠăăźć°ăŤă¤ăăŚăŻăăăŽććăŤéä¸çăŤĺşăăăăżăăăŞćéăŻăŞăăćŻćĽăă¤ăăźăšăŤĺşăăăăŚăăăŁăŚăăăŽă§ăăăŠăăŻăźć°ăťăšăć°ăŽĺ˘ĺ ăŽĺžĺăŤĺŻžăăŚçšĺĽăŞĺ˝ąéżăŻăŞăăŁăăăŽă¨čăăŚăăžăă
ă¨ăăăăă§ăĺ ¨ćéăŽăăźăżăăăŠăăźć°ďźăăŠăăŻăźć°ă§ăŻăŞăăăŠăăŻăźć°ăŽăżăŤăŞăŁăŚăăçšăŻă厚辌ăăă ăăă°ĺš¸ăă§ăă
2-4. noteĺ ŹĺźăăăŽĺăä¸ă
ăăŽ2ĺš´éă§ănote硨éé¨ăăăŽăäťćĽăŽćł¨çŽč¨äşăăŤĺăä¸ăăăăăă¨ă2ĺăăăžăăă䝼ä¸ăŽ2ă¤ăŽč¨äşă§ăă
ăMacă¨ć¨ćşă˝ăăă ăăă§ç´ć¸çąăĺşçăăŚăăčĺ°čŁăç´šäťăăăďź (2025.3.5)
çťĺŽśăťć˛łćŹçľ˘éŚăăăŽćăă埡ăăŚăăăăăăŽä¸ç - NEW WAVE GALLERY ĺąç¤şăŹă (2025.6.21)
ăăăŻĺććĄäťśă¨ăăăăăć¸ăçśăăçľćă¨ăăŚăăăŞă䟸ăłăŽă¨ăŁăăăăĺžăăăă¨ăă芹ăŤăŞăăŽă§ăăă2ĺš´çŽăŽäź¸ăłćšă誏ćăăä¸ă§ăăăŞăăŤĺ˝ąéżă大ăăăŁăć°ăăăăŽă§ăä¸ĺżăăźăżçˇ¨ăŤĺ ĽăĺăŤčŞŹćăăŚăăăă¨ăŤăăžăăă
ĺ Źĺźăăĺăä¸ăăăăăă¨ăŽĺ˝ąéżăŤă¤ăăŚăŽčŠłç´°ăŻăćŻăčżăč¨äşănote硨éé¨ăäťćĽăŽćł¨çŽč¨äşăăŤé¸ă°ăăă¨ăŠăŽç¨ĺşŚăŽă¤ăłăăŻăăăăăŽă (2025.4.20)ăăŤć¸ăăŚăăžăăŽă§ăčĺłăŽăăćšăŻăăĄăăăŠăăă
ăăŁăĄăéˇăăŞăŁăŚăăžăăžăăăăĺ罎ăăŻăăăžă§ă§ăăďźăĄăăă¨čŞăă§ăăăŚăăăă¨ăďźďźďź
3. ăăźăżçˇ¨
ăăăăăćŹçˇ¨ă§ăăžăăŻăăźăżçˇ¨ăăă§ăă
ćĺăŤăć¸ăăă¨ăăăäťĺăŽč¨äşăŤčźăăăăźăżăŻă2023ĺš´11ćä¸ćŹă2025ĺš´12ććŤăăŽç´25ăśćĺă§ăăćĺĽă ă¨ç´°ăăăăăŽă§ă3ăśćăă¨ďźĺĺćăă¨ďźăŽć°ĺăčźăăŚăăăă¨ăŤăăžăă1ă3ćă4ă6ćă7ă9ćă10ă12ćă¨ăă形ă§ăăă
3-1. ăăŠăăŻăźć°ăŽć¨ç§ť
ăžăăŻă°ăŠăăăăĺ čż°ăŽ3ăśćĺ¨ćă§ăĺćéăŽăćçľćăŽććŤăăŤč¨é˛ăăć°ĺăŤăŞăăžăă

ăąăŁă¨čŚă§ăăăăăăŤăä¸ĺŽăăźăšă§ĺžŽĺ˘ăăăăŽçść ă1ĺš´ă¨3ăśćăăăçśăăăă¨ă25ĺš´3ćâ6ćăŽăżă¤ăăłă°ă§ćĽćżăŤäź¸ăłăŚăăăăăŤčŚăăžăăăăŽ3ăśćă ăă§+1,500ăăŠăăŻăźăăăă§ăăăŠăăŻăźć°ăŽć°ĺăŻăťăź3ĺăŤăŞăŁăŚăăžăă
6ć䝼éăŻĺ°ăéĺăăŚăăăŽă§ăăćć°é˘ć°çăŤĺ˘ĺ ăăăăżăăăŞĺ˝˘ă§ăŻăŞăă¨ăŻăăăéăŤćŻćĺŽć°ăă¤ĺ˘ăăŚăăăăăŞă¤ăĄăźă¸ă§ăăŞăă¨ăăăă¨ă§ăăăăăŽ25ĺš´6ććăŤăćĽăŤĺ¤§ăăçľćăĺşĺ§ăăăăăŽăăăŤčŚăă掾塎ă確čŞăăăă¨ăă§ăăžăă
ă°ăŠăăŽć°ĺ¤ăŤă¤ăăŚă䟸ăłçăăŤăăłĺ ăŤä˝ľč¨ăă形ă§ćšăăŚĺćăăžăă䝎ăŤăăćéă§ăăŠăăŻăźć°ă100ăă150ăŤĺ˘ăăăŞăăăŤăăłĺ ăŽč¨čźăŻă+50.0%ăăŤăŞăăžăă
2023ĺš´12ć ⌠134
2024ĺš´3ć ⌠269ďź+100.7%ďźâ A
2024ĺš´6ć ⌠295ďź+9.7%ďź
2024ĺš´9ć ⌠433ďź+46.8%ďź
2024ĺš´12ć ⌠494ďź+14.1%ďź
2025ĺš´3ć ⌠716ďź+44.9%ďź
2025ĺš´6ć ⌠2,203ďź+207.7%ďźâ B
2025ĺš´9ć ⌠3,287ďź+49.2%ďź
2025ĺš´12ć ⌠4,239ďź+29.0%ďź
čŁčśłă¨ăăŚă䟸ăłçăŽĺ¤§ăăAçšă¨BçšăŤă¤ăăŚč§ŚăăŚăăăžăă
ćĺăŽAă§ăăăăăăŻă˘ăŤăŚăłăéč¨ĺćăŤć°ăśćăăăŚćĺăŽăăŠăăźä¸čڧăă˝ăĄă˝ăĄă¨ä˝ăŁăŚăăŁăăżă¤ăăłă°ă§ăăăč¨äşăăŽăăŽăăăşăŁăăă¨ăăŻçšăŤăŞăăăăăăŤĺşĺŽčŞč ăă¤ăăťăŠĺ ĺŽăăĺ 厚ăŻć¸ăăŚăăŞăăŁăă¨ćăăŽă§ăç´ç˛ăŤăăŠăăăăŚăăă ăă役éżă ă¨čăăăŽăčŞçśă§ăă
ĺ罎ăăŤć¸ăăă¨ăăăăăŠăăźć°ć¨ç§ťăŽćŁç˘şăŞč¨é˛ăăŞăăŚçłă訳ăŞăăŽă§ăăăăăŽé ăŽăăŠăăźć°ăŻ200ă300ăŽçŻĺ˛ă ăŁăăă¨ćăăžăăă¤ăžăăăăŠăăźć°ďźăăŠăăŻăźć°ăŽćŻăŻăžă 1.0ăŤčżăçść ă§ăăăďźăĺ˝ćăăčŞăă§ăăäťăčŞăă§ăăďźăă¨ăăčŞč ăăăăăăćŹĺ˝ăŤđŠđ°đŽ đłđśđ˝đŹă§ăăćčŹďźďź
ăăŽĺžăăŠăăŻăźć°ăćĽćżăŤäź¸ăłăăŽăăăăăťăŠćŽľĺˇŽă¨čĄ¨çžăăBăŽé¨ĺă§ăăäťăăĺĺš´ăĄăăŁă¨ĺăŞăŽă§ăćĺ¤ă¨ćčżă§ăăăĺ罎ăăŤć¸ăănote硨éé¨ăäťćĽăŽćł¨çŽč¨äşăă¸ăŽé¸ĺşăçşçăăăŽăăĄăăăŠăăŽé ăŤĺ˝ăăăžăă3ăśćă§+1,500ăăŠăăŻăźă200%čś ăŽäź¸ăłă§ăă
SNSăŞăŠă§ăăăă§ăăăăăŻăăćĄćŁăăăăă¨ăăăŽăŻĺ˝ąéżă¨ăăŚăăă大ăăă§ăă䝎ăŤćçŤ č˝ĺăçşäżĄĺ 厚ăŽćçăăć°ĺ¤ĺă§ăăă¨ăăŚăć¨ćĽăžă§ăŻ100ă ăŁăĺŽĺăćĽăŤ150ăŤăŞăă¨ăăăă¨ăŻćąşăăŚăŞăăŽă§ăăăŠăć¨ćĽăŻ100ă ăŁăăăĽăźć°ăäťćĽăŻ5000ăŤăŞăă¨ăăăă¨ăŻćŽéăŤčľˇăăăžăăĺ˝çśăăăăŻăăŠăăŻăźć°ăŽć¨ç§ťăŤăçžăăŚăăžăă
ăă ăäşşć°ăăăşă¨ăăăŽăŻć°´ăăŽă§ăĺŽĺăăăăžă§äź´ăŁăŚăăŞăăŚăăăăžăăžĺ˝ăăăă¨ăăăă¨ăŻĺŽéăăă¨ćăăă§ăăăăćŁç´ăăăăăĺçşăŽäşäťśăŤăŻăăžăćŻăĺăăăŞăăťăăăăăŽă§ăŻâŚďź ă¨ăăć°ăăăžăăĺ čż°ăŽnote硨éé¨ăăăŽč¨äşé¸ĺşăŤă¤ăăŚăăčĺŻč¨äşăŤć¸ăăă¨ăăăç§ăŻăăăžăăžĺ 厚ăćčżăŽZINEçăŽćľčĄďźnoteă¨ăăăĄăăŁă˘ăŽăăŞăˇăźăŤä¸č´ăăă ăăă¨ăăăŽăççąă ă¨ćăŁăŚăăžăăăăĄăăăă˘ăăăźăˇă§ăłăă˘ăă˘ăăŤăŻăŞăăŽă§ăăâŚă
ĺäşşçăŞĺăĺăă¨ăăŚăŻăăăăćŽéăŽčŞč ăăăă¨ăăŠăSNSăŞăŠă§ĺźç¨ăăŚăăăăă¨ăăçść ăŻăă˛ă¨ăçŽćăăăťăăăăä¸ćšă§ăăăŤăăŽăăşăćĄćŁăŤă¤ăăŚăŻăĺśçśăă蝢ăă ăă¨ăăç¨ĺşŚăŤčăăŚăăăăťăăăăă¨ćăăžăă大äşăŞăŽăŻĺšłĺçăŞć°´ćşă§ăăŁăŚăçŹéć大風éăŻăăžăăżăăăŞăăŽă§ăă
ăăŠăăŻăźć°ăŽĺ˘ĺ ăăźăšăŤă¤ăăŚč¨ăă°ăăăăŤăăăăăççąă§äź¸ăłăžăăăă¨ăăĺç´ăŞčŞŹćăŻăŞăăĺ˝ăăĺăŤč¤ĺçăŞççąă ă¨ćăăŽă§ăăăă˛ă¨ăžăäşĺŽă¨ăăŚç˘şčŞă§ăăăŽăŻă䟸ăłăŽăăźăšăŻăăŁăăăŹăżă¤ăăă¨ăăăă¨ă ă¨ćăăžăăăăăŚăăăŽççąăŤăŻäťć¸ăăăăăŞĺśçśăŽă°ăă¤ăă ăă§ăŞăăŚăăĺŻăăč ăŻăžăăžăĺŻăżăăŽăăăŞć§é çăŞççąďźăăăăăăżă¤ĺšćďźăĺŤăžăăŚăăă¨ćăăžăăăšăć°ăăăŠăăŻăźć°ăĺ¤ăă¨ăăăŁăąăçŽăçăăŚăăăăăăă§ăăăăăçšĺĽăŞăă¨ăăăŚăăŞăăŚăć Łć§ăŽĺă§é˛ăă§ăăăăżăăăŞćčŚăăăăăçžăăŚăăžăă
ăăŽçšăŤă¤ăăŚăŻăăăĺ°ăăă¨ăŤć˛čźăăă3-4. ăšăć°ăŽć¨ç§ťăăŽăăźăżăŤăăŁă¨ĺźˇçăŞĺžĺăĺşăŚăăăŽă§ăăăă§ćšăăŚčĺŻăăăă¨ăŤăăžăă
3-2. ć稿č¨äşć°ăŽć¨ç§ť
ă1ăśćăăăăŽĺšłĺć稿č¨äşć°ăă§ăăăăŽăăźăżăŻăăăŁă¨čŞăă ăă§OKă§ăă
ăăĄăă3ăśćĺä˝ă§č¨äşć°ăéč¨ăăŚăăžăăăă¨ăă°ăă2024ĺš´7ćă9ćăăŤăŻĺč¨24č¨äşăć¸ăăŚăăŚăĺ˛ăçŽăăăă¨1ăśćăŽĺšłĺăŻ8č¨äşăŤăŞăăŽă§ăă°ăŠăăŽă24ĺš´9ćăăŽă¨ăăăă8.0ăăŤăŞăŁăŚăăăăăŞĺ˝˘ă§ăă

ă°ăă¤ăăŻăăăžăăăăăŹăłăăŠă¤ăłăĺźăăăăăŞçšĺŽăŽĺžĺăŻčŚĺşăăŞăćăă§ăăă2025ĺš´3ćă¨6ćăŽéăŤĺ°ăăŽăŁăăăăăă¨ăŻăăăăăăăăăăžă§ăŽĺšłĺăăźăšăŽ1.Xĺă¨ăăŁăăšăąăźăŤćă§ăă
ăăăťăŠç˘şčŞăăăăŠăăŻăźć°ăŽćĽćżăŞäź¸ăłăŻăăĄăăăŠăăŽăŽăŁăăăŽăă6ćăŤä¸č´ăăŚăăžăăăăŽé ăŁăŚă3ćăŤ3ĺçŽăŽć¸çąăĺŽćăăăŚnoteăć¸ăä˝čŁăćťăŁăé ă ăŁăăă§ăăăăă¨ăŻăăăăăŽç¨ĺşŚăŽä¸ćçăŞĺ¤ĺăă˘ăŤăŚăłăăŽäź¸ăłăć°¸çśçăŤĺˇŚĺłăăăŻăăăăăžăăăăŞăŽă§ăăăŽă°ăŠăă§ç˘şčŞă§ăăăŽăŻăă˘ăŤăŚăłăăŽäź¸ăłăăăăććăăćç¨żé ťĺşŚăăăŁăĄăä¸ăăăăăă¨ăăççąă§ăŻăŞăăŁăă¨ăăçšăŤăŞăăžăă
ăăŽăăźăżăŤă¤ăăŚăŻăäťăŤçšĺĽĺćăĺ ăăăăăŞăă¨ăăŞăă§ăăăăă¨ăŤăăçśăăăă¨ă大ĺă ăă¨ăăăŽăŻăăč¨ăăăăă¨ă§ăăăăćĺłă§ăŻăć稿ăăźăšăă2ĺš´éă§çšăŤä˝ăĺ¤ăăŚăăŞăăă¨ăăäşĺŽăăŽăăŽăăăă大äşăăăăăŞăă¨č¨ăăă¨ăă§ăăžăăć樚ăč˛ăŚăăŞăăĺ犍ăŻä¸ĺşŚăŤăăŁăăă§ăăŁăŚăăăăăžă§ăŽćéăŻćŻćĽćŻćĽăăăă§ăăăăä¸čşŤăŽăăäťäşďźčˇćĽăŤéăăďźăŁăŚăăăŽăŻă ăăăăăăăăăŽă§ăă
芳ăăăŻĺžĺăŽă˘ăăă¤ăšçˇ¨ă§ç§čŚăčż°ăšăăă¨ăŤăăžăă
3-3. ăăĽăźć°ăŽć¨ç§ť
ăăăŻăăăˇăĽăăźăă§ăă錴ćăżăŽć°ĺă§ă1ăśćăŽăăĽăźć°ăŽĺšłĺăŽć¨ç§ťă§ăă
ă°ăŠăă¨ăăŚăŻă3ăśćĺĺä˝ă§ćăăăăŽĺšłĺĺ¤ă丌ăšăŚăăăă¨ăŤăăžăăăă¨ăă°ăă°ăŠăä¸ă§ă25ĺš´9ćăă¨ăŞăŁăŚăăăăźăżăŻăă25ĺš´7ćă9ćăŽ3ăśćĺăŽĺč¨ăăĽăźć°ă3ă§ĺ˛ăŁăŚćĺšłĺăŤăăĺ¤ăă示ăăŚăăžăă

ăăŁă¨ăćĺžăŽ2025ĺš´12ććăăăžăăĄäź¸ăłăŚăŞăăŞâŚă¨ćăŁăăăŠăééăŞă䟸ăłăćąăăŚăăžăăŽă§ăŻăăŤăťčłćŹä¸ťçžŠăžăŁăăăăŞăŽă§ăăăžăć°ăŤăăŞăăă¨ăŤăăžăăăăďźĺ°çăŻćă ăŽĺżăŽä¸ăŤăăăŽă§ăďź
äşćłăŠăăă¨ăăăăăăŠăăŻăźć°ăŽćĽĺ˘ăăăŁă2025ĺš´6ćăŤăăĽăźć°ă3ĺ䝼ä¸ăŽäź¸ăłăčŚăăŚăăžăă1ăśćăă ăăă30ćĽă¨ăăă¨ăăăŽć°ĺă30,000ăăă°ă1ćĽăăă1,000ăăĽăźăăŤăŞăă¨ăăăă¨ă§ăăăăŻăă§ăă9ćăŤéćăăăă¨ăă§ăă形ăŤăŞăăžăă
ăăĄăă䟸ăłçă佾č¨ăăć°ĺă丌ăšăăă¨ăŤăăžăăćć°ă§ĺ˛ăĺăŽĺč¨ăăĽăźć°ăŻççĽăăžăăăžăăăăăťăŠă掾塎ăă¨čĄ¨çžăăé¨ĺăŤă ăăBăă¨ĺ°ăćŻăŁăŚăăžăă
2023ĺš´12ć ⌠1,580
2024ĺš´3ć ⌠1,656ďź+4.8%ďź
2024ĺš´6ć ⌠2,449ďź+47.9%ďź
2024ĺš´9ć ⌠3,970ďź+62.1%ďź
2024ĺš´12ć âŚÂ 4,150ďź+4.5%ďź
2025ĺš´3ć ⌠8,490ďź+104.6%ďź
2025ĺš´6ć ⌠26,457ďź+211.6%ďźâ B
2025ĺš´9ć âŚÂ 34,185ďź+29.2%ďź
2025ĺš´12ć âŚÂ 36,044ďź+5.4%ďź
注ćçšă¨ăăŚănoteăŽăăăˇăĽăăźăă§čĄ¨ç¤şăăăăăăĽăźăăŻăăăăăPVďźăăźă¸ăăĽăźďźăă¨ăŻç°ăŞăăč¨äşăŽĺĺĽăăźă¸ăéăăŞăă¨ăăŤăŚăłăăăăĺ ´ĺăăăäťć§ăŽăăă§ăă芳ăăăŻănote ăăĽăź PV éăăăŞăŠă§ć¤ç´˘ăăŚăżăŚăă ăăăă
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3-4. ăšăć°ăŽć¨ç§ť
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2024ĺš´3ć âŚÂ 187ďź-31.5%ďź
2024ĺš´6ć âŚÂ 175ďź-6.4%ďź
2024ĺš´9ć âŚÂ 285ďź62.4%ďź
2024ĺš´12ć âŚÂ 224ďź-21.4%ďźâ A
2025ĺš´3ć âŚÂ 513ďź+129.5%ďź
2025ĺš´6ć âŚÂ 2,515ďź+390.0%ďźâ B
2025ĺš´9ć âŚÂ 3,310ďź+31.6%ďź
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2024ĺš´3ć âŚÂ 35ďź-20.9%ďź
2024ĺš´6ć âŚÂ 19ďź-46.5%ďź
2024ĺš´9ć âŚÂ 36ďź91.4%ďź
2024ĺš´12ć âŚÂ 30ďź-17.4%ďź
2025ĺš´3ć ⌠74ďź+147.5%ďź
2025ĺš´6ć âŚÂ 199ďź+170.3%ďźâ B
2025ĺš´9ć âŚÂ 343ďź+72.5%ďź
2025ĺš´12ć ⌠433ďź+26.1%ďź
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4 ăăźăżçˇ¨ďźďźăăăĄăăŁă¨ĺăŁăĺćďź
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2023ĺš´12ć ⌠3ăšă䝼ä¸15ĺă5ăšă䝼ä¸4ĺă8ăšă䝼ä¸0ĺďźč¨19ĺďź
2024ĺš´3ć âŚÂ 3ăšă䝼ä¸3ĺă5ăšă䝼ä¸2ĺă8ăšă䝼ä¸0ĺďźč¨5ĺă-73.7%ďź
2024ĺš´6ć ⌠3ăšă䝼ä¸7ĺă5ăšă䝼ä¸1ĺă8ăšă䝼ä¸0ĺďźč¨8ĺă+60.0%ďź
2024ĺš´9ć ⌠3ăšă䝼ä¸8ĺă5ăšă䝼ä¸7ĺă8ăšă䝼ä¸6ĺďźč¨21ĺă+162.5%ďź
2024ĺš´12ć ⌠3ăšă䝼ä¸7ĺă5ăšă䝼ä¸5ĺă8ăšă䝼ä¸6ĺďźč¨18ĺă-14.3%ďź
2025ĺš´3ć ⌠3ăšă䝼ä¸26ĺă5ăšă䝼ä¸20ĺă8ăšă䝼ä¸6ĺďźč¨52ĺă+188.9%ďź
2025ĺš´6ć ⌠3ăšă䝼ä¸79ĺă5ăšă䝼ä¸54ĺă8ăšă䝼ä¸33ĺďźč¨166ĺă+219.2%ďź
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