E9行投资价值分析》二稿(0060677胡毓嵘)100510.doc

1 蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅 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蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇 荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄 莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂 芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿 薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇 蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄 蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节 蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿 莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆 芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄 蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿 薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆 蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃 蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁 莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈 莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇肈芇蚇羃肇荿袃衿肆蒁蚅袅肅蚄蒈膃肄莃螄聿肃蒆薆羅肃薈螂袁肂芈薅螇膁莀螀肆膀蒂薃羂腿薄蝿羈膈莄薁袄膈蒆袇螀膇蕿蚀肈膆 芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇芈袅羄膅莁蚈袀芄蒃袃螆芃薅蚆肅节芅葿肁节蒇螅羇芁薀薇袃芀艿螃蝿艿莂薆肇芈蒄螁羃莇薆薄衿莆芆蝿螅莆莈薂膄莅薀袈肀莄蚃蚁羆莃莂袆袂罿蒅虿螈罿薇袄肇 摘 要 当国际社会慢慢从美国次贷危机的影响下走向复苏 中国经济的回 暖和银行业政策的不断开放 使我国银行业面临着机遇同时也接受着挑 战 在此背景下 本文对中国工商银行这个银行业中的上市公司的投资 价值进行了分析 为投资者的投资决策提供参考 文章首先简要介绍了中国工商银行的基本情况 经营范围 业绩成 果 分析了公司竞争地位和股价的近期市场表现 其次 对中国工商银 行经营的外部情况进行分析 包括宏观经济现状和行业发展环境 再次 通过对中国工商银行2005年 2009年财务报告进行了重点分析 得出中 国工商银行财务风险小 资产效率高以及盈利能力强等财务分析结果 然后 利用MACD等技术分析指标对该公司股票的目前市场表现进行了技 术分析 最后 本文对中国工商银行的长期投资和短期投资提出建议 并得出该公司适合长期投资 短期进入需观望的结论 关键词 中国工商银行 财务分析 技术分析 投资价值 2 Abstract 需要