私募股权投资基金学堂.doc_第1页
私募股权投资基金学堂.doc_第2页
私募股权投资基金学堂.doc_第3页
私募股权投资基金学堂.doc_第4页
私募股权投资基金学堂.doc_第5页
已阅读5页,还剩16页未读 继续免费阅读

下载本文档

版权说明:本文档由用户提供并上传,收益归属内容提供方,若内容存在侵权,请进行举报或认领

文档简介

肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿螃芅蒆蚂罿膁薅螄螂肇薄蒄羇羃薃薆螀莂薂螈肅芈薂袀袈膄薁薀肄肀薀蚂袆莈虿螅肂芄蚈袇袅膀蚇薇肀肆芄蝿袃肂芃袁腿莁节薁羁芇芁蚃膇膃芀螆羀聿艿袈螂莇荿薈羈芃莈蚀螁腿莇袂羆膅莆薂衿肁莅蚄肅莀莄螆袇芆莃衿肃膂莃薈袆肈蒂蚁肁羄蒁螃袄芃蒀蒃聿艿葿蚅羂膅蒈螇膈肁蒇袀羀荿蒇蕿 莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁袅膄薄蒇羄芆莇螆羃羆薃蚂羃肈莆蚈羂芁蚁薄羁莃蒄袃羀肃芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆肇聿芃螅肆膁葿螁肅莄节蚇肄肃薇薃肃膆莀袂肂芈薅螈肁莀莈蚄膁肀薄薀螇膂莆蒆螆芅薂袄螅肄莅螀螅膇蚀蚆螄艿蒃薂螃莁芆袁螂肁蒁螇袁膃芄蚃袀芅蒀蕿衿羅节薅衿膇薈袃袈芀莁蝿袇莂薆蚅袆肂荿薁 第一部分 PE学堂上篇私募股权投资基金的十大问题1. 改革私募股权投资基金是什么?股权投资是非常古老的一个行业,但是私募股权(private equity,简称PE)投资则是近30年来才获得高速发展的新兴事物。所谓私募股权投资,是指向具有高成长性的非上市企业进行股权投资,并提供相应的管理和其他增值服务,以期通过IPO或者其他方式退出,实现资本增值的资本运作的过程。私募投资者的兴趣不在于拥有分红和经营被投资企业,而在于最后从企业退出并实现投资收益。为了分散投资风险,私募股权投资通过私募股权投资基金(本站简称为PE基金、私募基金或者基金)进行,私募股权投资基金从大型机构投资者和资金充裕的个人手中以非公开方式募集资金,然后寻求投资于未上市企业股权的机会,最后通过积极

温馨提示

  • 1. 本站所有资源如无特殊说明,都需要本地电脑安装OFFICE2007和PDF阅读器。图纸软件为CAD,CAXA,PROE,UG,SolidWorks等.压缩文件请下载最新的WinRAR软件解压。
  • 2. 本站的文档不包含任何第三方提供的附件图纸等,如果需要附件,请联系上传者。文件的所有权益归上传用户所有。
  • 3. 本站RAR压缩包中若带图纸,网页内容里面会有图纸预览,若没有图纸预览就没有图纸。
  • 4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
  • 5. 人人文库网仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对用户上传分享的文档内容本身不做任何修改或编辑,并不能对任何下载内容负责。
  • 6. 下载文件中如有侵权或不适当内容,请与我们联系,我们立即纠正。
  • 7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。

评论

0/150

提交评论