|
鍙嬫儏鎻愮ず锛氭湰绔欐彁渚涘叏鍦�400澶氭墍楂樼瓑闄㈡牎鎷涙敹纰╁＋銆佸崥澹爺绌剁敓鍏ュ(xu茅)鑰冭│姝峰勾鑰冪爺鐪熼銆佽€冨崥鐪熼銆佺瓟妗�锛岄儴鍒嗗(xu茅)鏍℃洿鏂拌嚦2012骞达紝2013骞达紱鍧囨彁渚涙敹璨讳笅杓夈€� 涓嬭級娴佺▼锛� 鑰冪爺鐪熼 榛炴搳鈥�鑰冪爺瑭﹀嵎鈥濃€濅笅杓�; 鑰冨崥鐪熼 榛炴搳鈥�鑰冨崥瑭﹀嵎搴�鈥� 涓嬭級
澶ч€ｆ捣浜嬪ぇ瀛�(xu茅)纰╁＋鐮旂┒鐢熷叆瀛�(xu茅)鑰冪爺澶х侗
鑰冭│绉戠洰锛氬叕鍙哥悊璨�
瑭﹀嵎婊垮垎鍙婅€冭│鏅傞枔锛氳│鍗锋豢鍒嗙偤 100 鍒�锛岃€冭│鏅傞枔鐐� 120 鍒嗛悩銆�
涓€銆佸叕鍙哥悊璨″皫(d菐o)璜�
鑰冭│鍏�(n猫i)瀹�
璩囨湰闋�(y霉)绠�銆佽硣鏈祼(ji茅)妲�(g貌u)銆侀亱鐕熻硣鏈�銆佸柈涓€妤�(y猫)涓诲埗銆佸悎浼欏埗銆佽偂浠藉埗銆佸叕鍙歌病鍕�(w霉)銆佽病
鍕�(w霉)甯傚牬
鑰冭│瑕佹眰
1.鎺屾彙鍏徃鐞嗚病鍖呮嫭 3 鍊嬩富瑕侀牁(l菒ng)鍩燂細
A.璩囨湰闋�(y霉)绠椼€備紒妤�(y猫)鎳�(y墨ng)瑭查噰鍙栦綍绋暦鏈熸姇璩�锛�
B.璩囨湰绲�(ji茅)妲�(g貌u)銆備紒妤�(y猫)寰炰綍铏曠嵅鍙栨姇璩囨墍闇€鐨勯暦鏈熻硣閲戯紵鎻涘彞瑭辫锛屾垜鍊戞噳(y墨ng)鐣堕噰鍙栧偟
鍕�(w霉)鍜岃铂(z茅)浠荤殑浣曠ó绲勫悎渚嗙偤缍�(j墨ng)鐕熺稉(j墨ng)鐕熸彁渚涜硣閲�銆�
C.閬嬬嚐璩囨湰绠＄悊銆備紒妤�(y猫)鎳�(y墨ng)鐣跺浣曠鐞嗗叾鏃ュ父璨″嫏(w霉)娲诲嫊锛�
2.浜嗚В鐕熷埄鎬т紒妤�(y猫)璨″嫏(w霉)绠＄悊鐨勭洰妯欐槸鍋氬嚭鎻愰珮鑲＄エ鍍瑰€肩殑姹虹瓥锛屾垨鑰呰窡涓€鑸殑
璎�锛屾彁楂樻瑠(qu谩n)鐩婄殑甯傚牬鍍瑰€肩殑姹虹瓥銆�
3. 鐞嗚В鍏徃绲勭箶褰㈡厠(t脿i)鍦ㄧ睂闆嗚硣閲戝拰杞�(zhu菐n)鍚屾墍鏈夋瑠(qu谩n)鏂归潰鍎�(y艒u)浜庡叾浠栫殑褰㈠紡锛屼絾浠栨湁闆�
閲嶈绋呯殑閲嶅ぇ鐨勭己闄枫€�
4.浜嗚В澶у叕鍙哥殑鑲℃澅鍜岀鐞嗗堡涔嬮枔瀛樺湪娌栫獊鐨勫彲鑳�銆傛垜鍊戞妸閫欑ó娌栫獊绋辩偤浠ｇ悊鍟�
椤�锛屽苟瑷庤珫浜嗕粬鍊戝彲鑳藉浣曡娓涜紩鍜屾帶鍒躲€�
5.浜嗚В鍏徃褰㈡厠(t脿i)鐨勬湁榛炶兘澶犵偤閲戣瀺甯傚牬鐨勫瓨鍦ㄨ€屽寮蜂簡銆侀噾铻嶅競鍫村悓鏅備綔鐐轰竴绱�
甯傚牬鍜屼簩绱氬競鍫撮亱浣滐紝骞朵笖鑳藉琚祫鎴愪氦鏄撳晢甯傚牬鎴栨媿璩ｅ競鍫�銆�
浜�銆佽病鍕�(w霉)鍫辫〃銆佺▍鍜岀従(xi脿n)閲戞祦閲�
鑰冭│鍏�(n猫i)瀹�
璩囩敘(ch菐n)璨犲偟琛�銆佸噲鐕熼亱璩囨湰銆佹祦鍕曟€с€佸競鍫村児鍊艰垏璩潰鍍瑰€�銆佸埄娼よ〃銆佷締鑷硣鐢�(ch菐n)鐨�
鐝�(xi脿n)閲戞祦閲忋€佺稉(j墨ng)鐕熺従(xi脿n)閲戞祦閲�銆佹祦鍚戝偟娆�(qu谩n)浜哄拰鑲℃澅鐨勭従(xi脿n)閲戞祦閲�銆佺稉(j墨ng)鐕熸垚鏈拰璨″嫏(w霉)鎴�
鏈�銆佹渻瑷堣垏鐝�(xi脿n)閲戞祦閲忋€佺稉(j墨ng)鐕熺従(xi脿n)閲戠殑娴侀噺銆佽矤鍌靛拰鎵€鏈夎€呮瑠(qu谩n)鐩�銆佽矤鍌佃垏娆�(qu谩n)鐩娿€佸叕鍙�
绋呯巼銆佸钩鍧囩▍鐜囧拰閭婇殯绋呯巼銆佸噲鐕熼亱璩囨湰銆佽硣鏈敮鍑�
鑰冭│瑕佹眰
1.鐞嗚В鏈冭▓璩囩敘(ch菐n)璨犲偟琛ㄧ殑璩潰鍍瑰€煎彲鑳借垏鍏跺競鍫村児鍊肩浉宸緢澶�锛岃病鍕�(w霉)绠＄悊鐨勭洰妯�
鏄渶澶у寲鑲＄エ鐨勫競鍫村児鍊�锛岃€屼笉鏄超闈㈠児鍊�銆�
2.鎺屾彙鍒╂饯琛ㄤ腑鎵€瑷堢畻鐨勫噲鍒╂饯骞朵笉鏄従(xi脿n)閲戞祦閲忥細涓昏鍘熷洜鏄▓绠楀噲鍒╂饯鏅傛墸娓�
浜嗘姌鎵ｅ拰闈炵従(xi脿n)閲戞祦璨荤敤銆�
3.浜嗚В閭婇殯绋呯巼鍜屽钩鍧囩▍鐜囧彲鑳戒笉鍚�锛岃垏澶у鏁�(sh霉)璨″嫏(w霉)姹虹瓥鐩搁棞(gu膩n)鐨勬槸閭婇殯绋呯巼銆�
4.鎺屾彙鐝�(xi脿n)閲戞祦鎭掔瓑寮�锛屽氨鍍忚硣鐢�(ch菐n)璨犲偟琛ㄦ亽绛夊紡涓€妯ｏ紝瀹冩寚鍑轰締鑷硣鐢�(ch菐n)鐨勭従(xi脿n)閲戞祦閲�
鑸囨祦鍚戝偟娆�(qu谩n)浜哄拰鑲℃澅鐨勭従(xi脿n)閲戞祦銆�
涓�銆佸埄鐢ㄨ病鍕�(w霉)鍫辫〃
鑰冭│鍏�(n猫i)瀹�
鐝�(xi脿n)閲戠殑渚嗘簮鍜岄亱鐢�銆佺従(xi脿n)閲戞祦閲忓牨琛�銆佹婧栬病鍕�(w霉)鍫辫〃銆佸悓姣斿牨琛�銆佸悓姣旇硣鐢�(ch菐n)璨犲偟
琛ㄣ€佸悓姣斿埄娼よ〃銆佸悓姣旂従(xi脿n)閲戞祦閲忚〃銆佽病鍕�(w霉)姣旂巼銆佹潨閭︽亽绛夊紡銆佸悓妤�(y猫)鍒嗘瀽銆佸皥闁€鎬�
琛屾キ(y猫)鐨勬瘮鐜囥€佸叾浠栨祦鍕曟瘮鐜�銆佺附璨犲偟鐜�銆佸埄鎭繚闅滃€嶆暩(sh霉)銆佺従(xi脿n)閲戞兜钃嬬巼銆佽硣鐢�(ch菐n)鍫遍叕
鐜�銆佽病鍕�(w霉)鍫辫〃鍒嗘瀽鐨勫晱椤�銆佹檪闁撹定鍕㈠垎鏋�
鑰冭│瑕佹眰
1.鎺屾彙鐝�(xi脿n)閲戜締婧愬拰閬嬬敤锛屾垜鍊戣◣璜栦簡濡備綍鍗€(q奴)鍒嗕紒妤�(y猫)鐛插彇鍜屼娇鐢ㄧ従(xi脿n)閲戠殑鏂规硶锛屾垜鍊�
璎涜堪浜嗗浣曡拷绱竴骞寸暥涓紒妤�(y猫)鐝�(xi脿n)閲戞祦鍕曠殑杌岃贰銆傛垜鍊戦倓绨¤鐨勮€冨療浜嗙従(xi脿n)閲戞祦閲�
琛�銆�
2.鎺屾彙妯欐簴璨″嫏(w霉)鍫辫〃銆傛垜鍊戣В閲嬩簡鐢变簬瑕�(gu墨)妯＄殑宸垾鑰屼娇璨″嫏(w霉)鍫辫〃闆ｄ互姣旇純锛岄倓瑷�
璜栦簡濡備綍绶ㄥ埗鍚屾瘮鍜屽悓鍩哄牨琛紝浠ュ埄浜庢瘮杓�銆�
3.鎺屾彙姣旂巼鍒嗘瀽銆傚皪鏈冭▓鏁�(sh霉)鎿�(j霉)鐨勬瘮鐜囬€茶瑭曞児鏄瘮杓冭病鍕�(w霉)鍫辫〃淇℃伅鐨勫彟涓€绋柟
娉�锛屽洜姝�锛� 鎴戝€戠晫瀹氬苟瑷庤珫浜嗗緢澶氭渶缍�(j墨ng)甯稿垪寮忓拰鍒╃敤鐨勮病鍕�(w霉)姣旂巼銆傛垜鍊戦倓瑷庤珫
浜嗕綔鐐轰竴绋垎鏋愯病鍕�(w霉)妤�(y猫)绺剧殑鏂规硶鐨勮憲鍚嶆潨閭︽亽绛夊紡銆�
4.閲屾瓙闃垮鍒╃敤璨″嫏(w霉)鍫辫〃銆傛垜鍊戣瑳杩颁簡濡備綍纰哄畾鐢ㄤ簬姣旇純鐨勫熀婧�锛屽苟瑷庤珫浜嗗绋�
鍙彇寰楃殑淇℃伅銆傛帴涓嬩締鎴戝€戞瑕栦簡鍙兘鐢�(ch菐n)鐢熺殑涓€浜涙經鍦ㄧ殑鍟忛銆�
鍥�銆侀暦鏈熻病鍕�(w霉)瑷堝妰鑸囧闀�
鑰冭│鍏�(n猫i)瀹�
閵峰敭闋�(y霉)娓�銆佸閮ㄨ瀺璩囬銆佸収(n猫i)閮ㄥ闀风巼銆佸彲鎸佺簩(x霉)澧為暦鐜�銆佺敓鐢�(ch菐n)鍍规牸銆佺従(xi脿n)閲戞祦閲�銆佸叕
鍙哥睂璩�銆佸閮ㄧ睂璩囬渶姹傘€佽硣鐢�(ch菐n)闇€姹�銆佺睂璩囬渶姹�
鑰冭│瑕佹眰
1.鎺屾彙鍏徃璨″嫏(w霉)瑷堝妰鐨勭疆闋備笉鎳�(y墨ng)瑭茬法绋嬩竴鍊嬬磾姗熸鍖栫殑娲诲嫊锛屽鏋滈€欐ǎ鐨勮┍锛屼粬
鍙兘鏈冮棞(gu膩n)娉ㄩ尟瑾ゅ皪浜嬫儏锛屽挨鍏舵槸瑷堝妰涓€鑸兘閲囩敤澧為暦鐩鐨勮(sh霉)瑾炶〃杩板嚭渚�锛岃€岃垏
鍍瑰€煎壍(chu脿ng)閫犵己涔忔槑纰虹殑鑱�(li谩n)绯�锛屼粬鍊戦€氬父閬庡鐨勯棞(gu膩n)娉ㄦ渻瑷堝牨琛�銆傚嵆浣块€欐ǎ锛岃病鍕�(w霉)瑷堝妰
涔熷湪璺岃穼鎾炴挒鐨勮蛋鍚戞湭渚�锛屾垨瑷变笉鏈界殑闆呮牸璨濇媺瑾殑绮惧僵锛屸€滃鏋滀綘涓嶇煡鍒板幓
鍝�锛屽氨寰楀崄鍒嗗皬蹇�銆備綘涔熻ū鏍规湰灏卞埌涓嶄簡閭�?锛�?br/>2.鐞嗚В璨″嫏(w霉)瑷堝妰妯″瀷鎳�(y墨ng)鐢�锛岄姺鍞櫨鍒嗘瘮瑷堢畻鏂规硶銆�
3.鎺屾彙鍏�(n猫i)閮ㄥ闀风巼鐨勮▓绠楁柟娉�銆�
4.鎺屾彙鍙寔绾�(x霉)澧為暦鐜囩殑瑷堢畻鏂规硶銆�
浜�銆佽波骞ｆ檪闁撳児鍊�
鑰冭│鍏�(n猫i)瀹�
鐝�(xi脿n)鍊�銆侀噸寰�(f霉)鐢熸伅銆佸京(f霉)鍒╃巼銆侀亾寰疯€冩叜銆佽波骞ｆ檪闁撳児鍊�銆佸洖鏀舵娆�銆佺⒑瀹氭姇璩囨瘮
鐜囥€佹眰鏈熸暩(sh霉)銆佺祩鍊艰垏鐝�(xi脿n)鍊�銆佹姇璩囨瘮杓�銆佸柈鏈熺従(xi脿n)鍊�銆佸鏈熺従(xi脿n)鍊�銆佽矤澧為暦
鑰冭│瑕佹眰
1锛庢帉鎻¤波骞ｆ檪闁撳児鍊肩殑姒傚康銆�
2锛庢帉鎻″柈鍒╄垏寰�(f霉)鍒╃殑姒傚康鑸囪▓绠�銆�
3锛庢帉鎻＄従(xi脿n)鍊艰垏绲傚€肩殑姒傚康鑸囪▓绠�銆�
4锛庢帉鎻℃姌鐝�(xi脿n)鐜囨蹇佃垏瑷堢畻銆�
5锛庢帉鎻″柈涓€鐝�(xi脿n)閲戞祦鐨勮波骞ｆ檪闁撳児鍊肩殑瑷堢畻銆�
鍏�銆佽布鐝�(xi脿n)鐝�(xi脿n)閲戞祦閲忎及鍍�
鑰冭│鍏�(n猫i)瀹�
澶氭湡鐝�(xi脿n)閲戞祦閲忕殑绲傚€笺€佸鏈熺従(xi脿n)閲戞祦閲忕殑鐝�(xi脿n)鍊�銆佸勾閲戠殑绲傚€�銆佸勾閲戠殑鐝�(xi脿n)鍊笺€侀爯(y霉)浠樺勾
閲�銆佹案涔呭勾閲�銆佸闅涘勾鍒╃巼銆佸京(f霉)鍒╃巼銆侀€ｇ簩(x霉)寰�(f霉)鍒�銆佺磾鎶樺児璨告銆佺磾鍒╂伅璨告銆佸垎
鏈熷劅閭勮哺娆�
鑰冭│瑕佹眰
1.鎺屾彙瑷堢畻澶氭湡鐝�(xi脿n)閲戞祦閲忕殑鐝�(xi脿n)鍊煎拰绲傚€肩殑鍏╃ó鏂规硶銆傞€欏叐绋柟娉曢兘鏄洿鎺ュ緸鍏堝墠
鎴戝€戝皪鍠竴鐝�(xi脿n)閲戞祦閲忕殑鍒嗘瀽涓嫇灞曞嚭渚嗙殑銆�
2.鎺屾彙涓€绯诲垪鐨勬瘡鏈熸湡鏈敮浠樼殑鍥哄畾鐝�(xi脿n)閲戞祦閲忓彨鍋氭櫘閫氬勾閲�銆傛垜鍊戣瑳杩颁簡瑷堢畻鐝�(xi脿n)
閲戠祩鍊煎拰鐝�(xi脿n)鍊肩殑涓€浜涚啊鍠柟娉曘€�
3.鐞嗚В鍒╃巼鍙互浠ヨū澶氫笉鍚岀殑鏂瑰紡鍫卞児銆傚湪璨″嫏(w霉)姹虹瓥涓�锛屽緢閲嶈鐨勬槸鎶婃墍鏈夌敤渚�
姣旇純鐨勫埄鐜�锛屽厛杞�(zhu菐n)鎻涙垚瀵﹂殯鍒╃巼锛屽牨鍍瑰埄鐜囧拰瀵﹂殯鍒╃巼鐨勯棞(gu膩n)绯荤偤 EAR=(1+鍫卞児鍒�
鐜�/m)m-1;
4.閲屾瓙闃垮瑷卞璨告閮藉爆浜庡勾閲�銆傞€愭鍎熼倓涓€绛嗚哺娆剧殑閬庣▼鍙垎鏈熷劅閭勮哺娆�銆傚湪
鏈珷涓垜鍊戜簡瑙ｅ浣曠法鍒跺拰鐞嗚В鍒嗘湡鍎熼倓璨告鏅傞枔琛�銆�
涓�銆佸埄鐜囪垏鍌靛埜浼板児
鑰冭│鍏�(n猫i)瀹�
鍌靛埜銆佸埄鐜囬ⅷ(f膿ng)闅€佽瓑鍒稿児鏍�銆佸埌鏈熸敹鐩婄巼銆侀仌绱勯ⅷ(f膿ng)闅孩閰€佺▍璨犳孩閰�銆佹祦鍕曟€ф孩
閰�銆佹诞鍕曞埄鐜囧偟鍒搞€佽瓑鍒稿埄鐜�銆佽礀鍥炴孩鍍�銆佸闅涘拰姝ｅ父鍥炲牨銆佺祫绻旂祼(ji茅)妲�(g貌u)銆佸偟鍒稿競
鍫�銆佸偟鍒稿悎绱�銆佸偟鍒哥殑闈㈠€�銆佸潎琛″付鎭偟鍒�銆佸闅涘埄鐜�
鑰冭│瑕佹眰
1.鐞嗚В姹哄畾鍌靛埜鍍规牸鍜屾敹鐩婄巼鏄熀鏈布鐝�(xi脿n)鐝�(xi脿n)閲戞祦閲忕殑鎳�(y墨ng)鐢ㄣ€�
2.鎺屾彙鍌靛埜鐨勫児鏍煎拰鍒╃巼鍛堢浉鍙嶇殑鏂瑰悜璁婂嫊锛屽皫(d菐o)鑷村偟鍒告姇璩囪€呯敘(ch菐n)鐢熸經鍦ㄧ殑鍒╁緱鎴�
鎼嶅け銆�
3.鎺屾彙鍌靛埜鍏锋湁鍚勭ó涓嶅悓鐗归粸锛岄€欎簺鐗归粸鍒楃ず鍦ㄥ悕鐐衡€滃偟鍒稿悎绱勨€濈殑鏂囦欢涓�銆�
4.鐞嗚В鍌靛埜鏄牴鎿�(j霉)浠栧€戠殑閬曠磩棰�(f膿ng)闅締瑭曠礆鐨�锛屾湁榛炲偟鍒�锛屽儚璨℃斂鍌靛埜锛屽苟娌掓湁閬�
绱勯ⅷ(f膿ng)闅�锛岃€屾墍璎傜殑鍨冨溇鍌靛埜鍓囨湁寰堥珮鐨勯ⅷ(f膿ng)闅�銆�
5.閲屾瓙闃垮鍌靛埜鐨勭ó椤為潪甯稿锛屽叾涓湁瑷卞鍖呮嫭濂囨€殑锛屼笉鍚屽皨甯哥殑鐗归粸銆�
6.浜嗚В闆嗗悎鎵€鏈夌殑鍌靛埜閮藉湪 OTC 浜ゆ槗锛岄€忔槑搴﹂潪甯镐綆锛岀敋鑷虫矑鏈夐€忔槑搴�銆傚洜姝�锛�
寰堥洠鎵惧埌鍌靛埜鍍规牸鍜屼氦鏄撳偟鍒哥殑淇℃伅銆�
7.鎺屾彙瀵﹂殯鍒╃巼鍜� 5 绋孩閰�锛屽垎鍒ヤ唬琛ㄦ姇璩囪€呭拰閫氳波鑶ㄨ劰锛屽埄鐜囬ⅷ(f膿ng)闅�锛岄仌绱勯ⅷ(f膿ng)
闅�锛岀▍璨犲拰缂轰箯娴佸嫊鎬ф墍瑕佹眰鐨勮鍎�銆�
鍏�銆佽偂绁ㄤ及鍍�
鑰冭│鍏�(n猫i)瀹�
鑲″埄澧為暦妯″瀷銆侀潪绌�(w臎n)瀹氬闀�銆佽偂鍒╂敹鐩婄巼銆佽硣鏈敹鐩婄巼銆佹櫘閫氳偂銆佺疮瑷堣偂绁ㄣ€佺洿
鎺ラ伕鑸夋硶銆佷竴绱氬競鍫�銆佷簩绱氬競鍫�
鑰冭│瑕佹眰
1.鎺屾彙鎸佹湁鑲＄エ鐨勭従(xi脿n)閲戞祦閲忎締鑷湭渚嗙殑鑲″埄銆傚湪鏌愪簺鐗瑰畾鐨勬儏褰笅锛屾垜鍊戝彲浠ラ€�
閬庤▓绠楁湭渚嗙殑鑲″埄鐨勭従(xi脿n)鍊煎緱鍑鸿偂鍍�銆�
2.鎺屾彙韬偤鍏徃鏅€氳偂鐨勬寔鏈夎€�锛屼綘鎿佹湁瑷卞娆�(qu谩n)鍒�锛屽寘鎷伕鑸夎懀浜嬬殑鎶曠エ娆�(qu谩n)銆傚叕
鍙哥殑閬歌垑鐨勬姇绁ㄥ彲鑳芥槸绱▓鐨�锛屼篃鍙兘鏄洿鎺ョ殑锛屽ぇ閮ㄥ垎瀵﹂殯涓婃槸浠ュ鎵樼殑鏂瑰紡
瀹屾垚鐨�銆傜暥涓€鏂规兂瑕佸彇寰楄冻澶犵殑鎶曠エ娆�(qu谩n)锛岃浠栧€戣嚜宸辩殑鍊欓伕浜洪€插叆钁ｄ簨鏈冿紝灏辨渻
灞曢枊濮旀墭鏇哥埈濂埌(zh脿n)銆�
3.鐞嗚В闄や簡鏅€氳偂涔嬪锛屾湁浜涘叕鍙搁倓鏈冪櫦(f膩)琛屽劒(y艒u)鍏堣偂銆傞€欐ǎ鍛藉悕鐨勪富瑕佸師鍥犲湪浜�锛�
鍏徃鍦ㄦ淳鐧�(f膩)浠讳綍鑲″埄绲︽櫘閫氳偂鑲℃澅涔嬪墠锛屽繀闋堝厛娲剧櫦(f膩)绲﹀劒(y艒u)鍏堣偂鑲℃澅锛屽劒(y艒u)鍏堣偂鑲″埄
鏄浐瀹氱殑銆�
4.浜嗚В缇庡湅鏈€澶х殑鑲＄エ甯傚牬鏄� NYSE 鍜岀磵鏂仈鍏�銆傛垜鍊戣◣璜栦簡閫欏叐鍊嬪競鍫寸殑绲勭箶
鍜岄亱浣�锛屾垜鍊戜篃浜嗚В璨＄稉(j墨ng)鍫辩珷濡備綍鍫遍亾鑲″児鍜岀浉闂�(gu膩n)淇℃伅銆�
涔�銆佸噲鐝�(xi脿n)鍊煎拰鍏朵粬鎶曡硣婧栫供
鑰冭│鍏�(n猫i)瀹�
鍑堢従(xi脿n)鍊�銆佸洖鏀舵湡銆佽布鐝�(xi脿n)鍥炴敹鏈�銆佸钩鍧囨渻瑷堝牨閰巼銆侀棞(gu膩n)浜� NPV 鐨勭従(xi脿n)鍊煎晱椤�銆侀棞(gu膩n)浜�
IRR 鐨勫収(n猫i)閮ㄥ牨閰晱椤屻€佺嵅鍒╄兘鍔涙寚鏁�(sh霉)銆佸牨閰拰鍏�(n猫i)閮ㄦ敹鐩婄巼銆佸湅闅涙姇璩囪▓鍔�銆佽硣鏈�
闋�(y霉)绠椼€侀潪鐕熷埄鍊嬮珨鐨勮硣鏈爯(y霉)绠�
鑰冭│瑕佹眰
1锛庢帉鎻″噲鐝�(xi脿n)鍊肩殑姒傚康鍜岃▓绠�銆�
2锛庢帉鎻″洖鏀舵湡鐨勬蹇靛拰瑷堢畻銆�
3锛庢帉鎻¤布鐝�(xi脿n)鍥炴敹鏈熺殑姒傚康鍜岃▓绠�銆�
4锛庢帉鎻″収(n猫i)閮ㄦ敹鐩婄巼鐨勬蹇靛拰瑷堢畻銆�
5. 鎺屾彙鐛插埄鑳藉姏鎸囨暩(sh霉)鐨勬蹇靛拰瑷堢畻銆�
鍗�銆佽硣鏈€ф姇璩囨焙绛�
鑰冭│鍏�(n猫i)瀹�
娌夋矑鎴愭湰銆佹鏈冩垚鏈�銆佸崁(q奴)鍒嗗師鍓�銆佸噲鐕熼亱璩囨湰銆佽瀺璩囨垚鏈�銆佺従(xi脿n)閲戞祦閲忓拰鎶樿垔銆佺磩
鐣跺勾鎴愭湰銆佹垚鏈爯(y霉)绠�銆佷镜铦曘€侀爡鐩従(xi脿n)閲戞祦閲�銆佸姞閫熸垚鏈洖鏀跺埗搴�
鑰冭│瑕佹眰
1.鎺屾彙濡備綍杈ㄨ獚鐩搁棞(gu膩n)鐨勯爡鐩爡鐩従(xi脿n)閲戞祦閲�銆傛垜鍊戣◣璜栦簡闋呯洰鐨勭従(xi脿n)閲戞祦閲忥紝骞惰瑳杩�
浜嗗浣曡檿鐞嗕竴浜涚稉(j墨ng)甯搁亣鍒扮殑鍟忛锛屽寘鎷矇娌掓垚鏈€佹鏈冩垚鏈�銆佽瀺璩囨垚鏈€佸噲鐕熼亱
璩囨湰鍜屼镜铦�銆�
2.鐞嗚В绶ㄨ集骞跺埄鐢ㄩ爯(y霉)瑷堣病鍕�(w霉)鍫辫〃銆傛垜鍊戣鏄庝簡閫欑ó璨″嫏(w霉)鍫辫〃濡備綍骞姪姹傚嚭闋�(y霉)瑷堢殑
鐝�(xi脿n)閲戞祦閲�锛岃€屼笖锛屾垜鍊戜篃瀹氱京浜嗕竴浜涚稉(j墨ng)鐕熺従(xi脿n)閲戞祦鐨勫叾浠栧畾缇�銆�
3.鎺屾彙鍑堢嚐閬嬭硣鏈拰鎶樿垔鍦ㄧ⒑瀹氶爡鐩従(xi脿n)閲戞祦閲忕殑浣滅敤銆傛垜鍊戠櫦(f膩)鐝�(xi脿n)锛屽湪鍒嗘瀽涓寘鍚�
鍑堢嚐閬嬭硣鏈畩鍕曟槸寰堥噸瑕佺殑銆傚洜鐐轰粬瑾�(di脿o)鏁翠簡鏈冭▓鏀跺叆鍜屾渻瑷堟垚鏈垏瀵﹂殯鐝�(xi脿n)閲戞敹鍏�
鍜岀従(xi脿n)閲戞祦鍑轰箣闁撶殑宸窛銆傛垜鍊戜篃浠嬬垂浜嗙編鍦嬬従(xi脿n)琛岀▍娉曚笅鎶樿垔璨荤敤鐨勮▓绠�銆�
鍗佷竴銆侀爡鐩垎鏋愯垏瑭曚及
鑰冭│鍏�(n猫i)瀹�
闋�(y霉)娓ⅷ(f膿ng)闅€侀倞闅涚従(xi脿n)閲戞祦閲�銆佹晱鎰熸€у垎鏋愬拰妯℃摤鍒嗘瀽銆佷繚鏈粸鍒嗘瀽銆佹渻瑷堜繚鏈粸銆�
璨″嫏(w霉)淇濇湰榛�銆佺稉(j墨ng)鐕熸潬妗裤€佸浐瀹氳硣鏈拰璁婂嫊璩囨湰銆佺稉(j墨ng)鐕熸潬妗跨▼搴�銆佽硣鏈檺椤�銆佽粺鎬�
闄愰銆佺‖鎬ч檺椤�
鑰冭│瑕佹眰
1.浜嗚В鍑堢従(xi脿n)鍊肩殑浼拌▓鍊煎彇姹轰簬闋�(y霉)娓殑鏈締鐝�(xi脿n)閲戞祦閲�銆傚鏋滄湭渚嗙従(xi脿n)閲戞祦閲忕殑闋�(y霉)娓湁
閷锛岄偅涔�锛孨PV 鐨勪及瑷堝€煎氨鍙兘鐢�(ch菐n)鐢熻灏�(d菐o)銆傛垜鍊戞妸瀹冪ū鐐洪爯(y霉)娓ⅷ(f膿ng)闅�銆�
2.鎺屾彙鎯呮櫙鍒嗘瀽鍜屾晱鎰熸€у垎鏋愭槸璀樺垾閭ｄ簺璁婇噺闂�(gu膩n)绯昏憲闋呯洰鐨勬垚鏁椾互鍙婇爯(y霉)娓晱椤屾渻
鍦ㄤ粈涔堝湴鏂归€犳垚鏈€澶х殑鍗遍毆鐨勬湁鐢ㄧ殑宸ュ叿
3.鎺屾彙涓嶅悓褰㈠紡鐨勪繚鏈粸鍒嗘瀽鏄儏澧冨垎鏋愪腑鐗瑰垾鏅亶鐨勪竴绋鍨�锛屽畠鏈夊姪浜庤瓨鍒�
閵峰敭鏀跺叆鐨勯棞(gu膩n)閸电殑姘村钩銆�
4.鎺屾彙缍�(j墨ng)鐕熷牨琛ㄧ殑淇濇湰榛炵殑涓昏姹哄畾鍥犵礌锛屼粬鍙嶆槧浜嗕竴鍊嬮爡鐩垨鍏徃鍙楀浐瀹氭垚鏈�
鍒剁磩鐨勭▼搴︺€傜稉(j墨ng)鐕熸潬妗垮害鍛婅ù鎴戝€戠稉(j墨ng)鐕熺従(xi脿n)閲戞祦閲忓皪閵峰敭閲忚畩鍕曠殑鏁忔劅搴�銆�
5.浜嗚В闋呯洰閫氬父浼撮毃钁椾竴浜涙湭渚嗙殑绠＄悊鏈熸瑠(qu谩n)銆傞€欎簺鏈熸瑠(qu谩n)鍙兘闈炲父閲嶈锛屼絾鏄�锛屾
婧栫殑璨肩従(xi脿n)鐝�(xi脿n)閲戞祦閲忓垎鏋愬嵒鍌惧悜浜庡拷鐣ヤ粬鍊�銆�
6.浜嗚В璩囨湰闄愰鐧�(f膩)鐢熷湪鐣舵槑椤殑鏈夊埄闋呯洰娌掕睛娉曞彇寰楄硣閲戞檪銆�
鍗佷簩銆佽硣鏈競鍫存鍙茬殑涓€浜涘暉绀�
鑰冭│鍏�(n猫i)瀹�
鎶曡硣鐨勯伕鎿�銆侀ⅷ(f膿ng)闅垏鍫遍叕銆佸競鍫存晥鐜�銆佹湁鏁堝競鍫淬€佹湁鏁堝競鍫寸殑鍋囪
鑰冭│瑕佹眰
1.鐞嗚В棰�(f膿ng)闅€ц硣鐢�(ch菐n)鍙互璩哄彇棰�(f膿ng)闅孩閰�锛屽嵆鎵挎摂(d膩n)棰�(f膿ng)闅渻寰楀埌鍥炲牨銆�
2.鐞嗚В棰�(f膿ng)闅€ц硣鐢�(ch菐n)鐨勬經鍦ㄥ洖鍫辫秺澶�锛岄ⅷ(f膿ng)闅秺澶с€�
3.鎺屾彙骞句綍骞冲潎鍫遍叕鐜囩殑瑷堢畻鏂规硶锛涘彲璁婃€у牨閰巼鐨勮▓绠楁柟娉�锛涘闅涘牨閰巼鍜岄ⅷ(f膿ng)
闅樊椤嶇殑瑷堢畻鏂规硶銆�
4.鎺屾彙鎶曡硣鍥炲牨鐜囩殑瑷堢畻鏂规硶銆�
鍗佷笁銆佸牨閰�銆侀ⅷ(f膿ng)闅垏璀夊埜甯傚牬绶�
鑰冭│鍏�(n猫i)瀹�
鎶曡硣绲勫悎鍥炲牨鐜囩殑鏈熸湜銆佹湡鏈涘牨閰巼鍜岄潪鏈熸湜鍫遍叕鐜囥€佹湡鏈涘牨閰巼鍜岄潪鏈熸湜鍫遍叕
鐜囩殑棰�(f膿ng)闅�銆佹暎鍜岄泦涓殑棰�(f膿ng)闅�銆佸競鍫存秷鎭洖鍫辩巼銆佸垎鏁ｆ€с€佹姇璩囩祫鍚堥ⅷ(f膿ng)闅�銆佽瓑鍒稿競
鍫寸窔銆侀ⅷ(f膿ng)闅洖鍫辩巼銆佸競鍫存姇璩囩祫鍚堛€佽硣鏈硣鐢�(ch菐n)瀹氬児妯″瀷銆佸牨閰巼鐨勭郴绲�(t菕ng)閮ㄥ垎鍜岄潪
绯荤当(t菕ng)閮ㄥ垎銆侀ⅷ(f膿ng)闅孩閰�銆佹湡鏈涘洖鍫辩巼銆佹姇璩囩祫鍚堟瑠(qu谩n)鏁�(sh霉)銆佹姇璩囩祫鍚堢殑鏂瑰樊銆佹姇璩囩祫鍚�
棰�(f膿ng)闅郴鏁�(sh霉)
鑰冭│瑕佹眰
1.鎺屾彙涓€闋呰硣鐢�(ch菐n)鐨勬暣楂旈ⅷ(f膿ng)闅寘鎷叐閮ㄥ垎锛氱郴绲�(t菕ng)棰�(f膿ng)闅拰闈炵郴绲�(t菕ng)棰�(f膿ng)闅�銆傞潪绯荤当(t菕ng)棰�(f膿ng)闅彲
浠ユ矑鏈夋垚鏈殑閫氶亷鍒嗘暎渚嗗寲瑙�銆傛墍浠�锛屽彧鏈夌郴绲�(t菕ng)棰�(f膿ng)闅墠鑳藉緱鍒板洖鍫�銆傚洜姝�锛屼竴闋�
璩囩敘(ch菐n)鐨勭郴绲�(t菕ng)棰�(f膿ng)闅焙瀹氫簡瀹冪殑绯荤当(t菕ng)婧㈤叕銆傞€欏氨鏄郴绲�(t菕ng)棰�(f膿ng)闅師鍓�銆�
2.鎺屾彙鏈熸湜鐨勮▓绠楁柟娉�锛涜硣鏈硣鐢�(ch菐n)瀹氬児妯″瀷鎳�(y墨ng)鐢紱SML 鐨勬噳(y墨ng)鐢�锛涙柟宸殑瑷堢畻鏂�
娉曪紱棰�(f膿ng)闅洖鍫辩巼鐨勮▓绠楁柟娉�锛涙姇璩囩祫鍚堢殑鏈熸湜鍫遍叕鐜囩殑瑷堢畻鏂规硶锛涙姇璩囩祫鍚堟柟宸�
鐨勮▓绠楁柟娉�锛涙湡鏈涘牨閰巼鍜岄潪鏈熸湜鍫遍叕鐜囩殑瑷堢畻鏂规硶銆�
3.鎺屾彙鍒嗘暎鍖栨婧栧拰鍥炲牨鐜囩殑瑷堢畻鏂规硶锛涙姇璩囩祫鍚堢殑璨濆绯绘暩(sh霉)鐨勮▓绠�銆�
鍗佸洓銆佽硣鏈垚鏈�
鑰冭│鍏�(n猫i)瀹�
DFC 娆�(qu谩n)鐩婁及瑷堟垚鏈�銆丼ML 娆�(qu谩n)鐩婁及瑷堟垚鏈�銆佽矤鍌典及瑷堟垚鏈�銆佸叕鍙搁ⅷ(f膿ng)闅拰闋呯洰棰�(f膿ng)闅�銆�
娆�(qu谩n)鐩婃垚鏈�銆佽偂鍒╁闀锋ā鍨�銆丼ML 娉曘€佸偟鍕�(w霉)鎴愭湰鍜屽劒(y艒u)鍏堟瑠(qu谩n)鎴愭湰銆佸姞娆�(qu谩n)骞冲潎璩囨湰鎴�
鏈�銆侀爡鐩硣鏈垚鏈�銆侀儴闁€璩囨湰鎴愭湰銆侀爡鐩ⅷ(f膿ng)闅�
鑰冭│瑕佹眰
1.鎺屾彙鍔犳瑠(qu谩n)骞冲潎璩囨湰鎴愭湰鐨勮▓绠楁柟娉�銆�
2.鎺屾彙鏅€氳偂鍜屽劒(y艒u)鍏堣偂鎴愭湰鐨勮▓绠楁柟娉�銆�
3.鎺屾彙璨犲偟鎴愭湰鐨勮▓绠楁柟娉曘€�
鍗佷簲銆佽病鍕�(w霉)鏉犳】鑸囪硣鏈祼(ji茅)妲�(g貌u)鏀跨瓥
鑰冭│鍏�(n猫i)瀹�
缍�(j墨ng)鐕熼ⅷ(f膿ng)闅拰璨″嫏(w霉)棰�(f膿ng)闅�銆佹渶鍎�(y艒u)璩囨湰绲�(ji茅)妲�(g貌u)銆併€佽硣鏈祼(ji茅)妲�(g貌u)鍜屾瑠(qu谩n)鐩婅硣鏈祼(ji茅)妲�(g貌u)銆�銆丮M 绗竴瀹�
鐞�銆佹瑠(qu谩n)鐩婃垚鏈拰璨″嫏(w霉)鏉犳】銆丮M 绗簩瀹氱悊銆佸埄鎭▍鐩�銆侀潨鎱�(t脿i)璩囨湰绲�(ji茅)妲�(g貌u)鐞嗚珫銆佹祦閫氱储
鍙栨瑠(qu谩n)鍜岄潪娴侀€氱储鍙栨瑠(qu谩n)銆佹竻绠楀拰閲嶇祫銆佽病鍕�(w霉)鏉犳】銆佽嚜鍒惰病鍕�(w霉)鏉犳】銆佸叕鍙哥牬鐢�(ch菐n)鐞嗚珫銆�
鐩存帴鐮寸敘(ch菐n)銆侀枔鎺ョ牬鐢�(ch菐n)銆佽病鍕�(w霉)鍥板
鑰冭│瑕佹眰
1.鐞嗚В涓€瀹跺叕鍙稿偟鍕�(w霉)鍜屾瑠(qu谩n)鐩婄殑鐞嗘兂绲勫悎锛屽嵆鏈€鏈夎硣鏈祫鍚堚€斿氨鏄娇鍏徃鍍瑰€兼渶澶�
鍖栧拰绺介珨璩囨湰鎴愭湰鏈€灏忓寲鐨勭祫鍚�銆傚鏋滃拷鐣ョ▍銆佽病鍕�(w霉)鍥板鎴愭湰鍜屼换浣曞叾浠栦笉瀹岀編
鍥犵礌锛屾垜鍊戠櫦(f膩)鐝�(xi脿n)骞舵矑鏈夌悊鎯崇殑鍌靛嫏(w霉)鍜屾瑠(qu谩n)鐩婄祫鍚�銆傚湪閫欑ó鎯呮硜涓嬶紝鍏徃鐨勮硣鏈祼(ji茅)妲�(g貌u)
鏄劇闂�(gu膩n)鐨�銆�
2.鐞嗚В濡傛灉鑰冩叜鍏徃绋呯殑褰遍熆锛屾垜鍊戠櫦(f膩)鐝�(xi脿n)璩囨湰绲�(ji茅)妲�(g貌u)璧蜂簡寰堝ぇ鐨勪綔鐢� 銆傞€欏€嬬祼(ji茅)璜�
鍩轰簬閫欐ǎ涓€鍊嬩簨瀵︼細鍒╂伅鍙互绋呭墠鎵ｉ櫎锛屽緸鑰岀敘(ch菐n)鐢熸湁鍍瑰€肩殑绋呯浘銆備笉骞哥殑鏄紝鎴�
鍊戦倓鐧�(f膩)鐝�(xi脿n)鏈€鏈夎硣鏈祼(ji茅)妲�(g貌u)鏄� 100%鐨勫偟鍕�(w霉)銆傞€欏苟涓嶅儚鎴戝€戝緸姝ｅ父鐨勫叕鍙镐腑鎵€瑙€瀵熷埌鐨�
閭ｆǎ銆�
3.浜嗚В鐮寸敘(ch菐n)鐩搁棞(gu膩n)鐨勬垚鏈�锛屼篃灏辨槸璨″嫏(w霉)鍥板鎴愭湰銆傞€欎簺鎴愭湰闄嶄綆鍌靛嫏(w霉)绫岃硣鐨勫惛寮�
鍔涖€傛垜鍊戠殑绲�(ji茅)璜栨槸锛氭渶鏈夎硣鏈祼(ji茅)妲�(g貌u)瀛樺湪浜庣暥椤嶅涓€缇庡厓鐨勫埄鎭墍鐢�(ch菐n)鐢熺殑鍑堢▍椤嶇瘈(ji茅)
鐪�锛屾濂界瓑浜庤矤鍌垫墍澧炲姞鐨勯爯(y霉)鏈熻病鍕�(w霉)鍥板鎴愭湰銆傞€欏氨鏄潨鎱�(t脿i)璩囨湰绲�(ji茅)妲�(g貌u)鐞嗚珫鐨勭簿
绮广€�
4.浜嗚В鐣舵垜鍊戣€冨療瀵﹂殯璩囨湰绲�(ji茅)妲�(g貌u)鏅�锛屾垜鍊戠櫦(f膩)鐝�(xi脿n)鍏╁€嬪畾寰�銆傜涓€锛岀編鍦嬪叕鍙搁€氬父骞�
涓嶅埄鐢ㄥぇ閲忕殑鍌靛嫏(w霉)锛屼絾鏄粬鍊戝嵒绻崇磵楂橀鐨勭▍銆傞€欒鏄庡皪浜庡埄鐢ㄥ偟鍕�(w霉)绫岃硣渚嗗舰鎴�
绋呯浘鏄竴鍊嬮檺鍒�銆傜浜岋紝鐩镐技鐢�(ch菐n)妤�(y猫)涓殑鍏徃鍌惧悜鑸囧叿鏈夌浉浼肩殑璩囨湰锛岄€欐剰鍛宠憲锛�
璩囩敘(ch菐n)鍜岀稉(j墨ng)鐕熺殑鎬ц唱(zh矛)鏄硣鐢�(ch菐n)绲�(ji茅)妲�(g貌u)鐨勪竴鍊嬮噸瑕佹焙瀹氬洜绱�銆�
5.鎺屾彙 璨″嫏(w霉)鏉犳】鏁堟噳(y墨ng)銆�
6.鎺屾彙鑷ㄧ晫 EBIT 鐨勮▓绠�銆�
7.鎺屾彙 EPS 鐨勮▓绠� 銆�
8.浜嗚В椁呭湒妯″瀷鐨勬噳(y墨ng)鐢ㄣ€�
9.鎺屾彙璨″嫏(w霉)鏉犳】鐨勬蹇靛拰鎳�(y墨ng)鐢�銆�
鍗佸叚銆佽偂鍒╁拰鑲″埄鏀跨瓥
鑰冭│鍏�(n猫i)瀹�
鑲″埄鏀跨瓥銆佽偂绁ㄥ洖璩笺€�銆佽偂绁ㄥ拰鑲″埄鍍规牸銆佺従(xi脿n)閲戣偂鍒�銆佹淳鐧�(f膩)鐝�(xi脿n)閲戣偂鍒╃殑妯欐簴銆侀爯(y霉)
鏈熷牨閰巼銆佺櫦(f膩)琛屾垚鏈�銆佽偂鍒╅檺鍒躲€佺兢钀芥晥鎳�(y墨ng)銆佸墿浣欒偂鍒╂硶銆佽偂鍒╁啀鎶曡硣瑷堝妰銆佹姇
璩囪垏鑲″埄 銆佽嚜鍒惰偂鍒┿€佽偂绁ㄨ偂鍒╁拰鑲＄エ鍒嗘媶銆佽偂鍒╁洖璩�
鑰冭│瑕佹眰
1锛庝簡瑙ｈ偂鍒╃劇闂�(gu膩n)璜栫殑鍩烘湰鍋囪ō(sh猫)銆�
2锛庝簡瑙ｈ偂鍒╃浉闂�(gu膩n)璜栫殑鍩烘湰鍋囪ō(sh猫)銆�
3锛庣悊瑙ｈ偂鍒╂敮浠樼殑鍥涚ó褰㈠紡銆�
4锛庣悊瑙ｈ偂鍒╂斂绛栫殑褰遍熆鍥犵礌銆�
5. 鎺屾彙涓嶅悓鑲″埄鏀跨瓥鐨勮▓绠楁柟娉曘€�
6. 鎺屾彙鑲＄エ鍒嗗壊鐨勫惈缇╁拰浣滅敤銆�
7. 鎺屾彙鑲＄エ鍥炶臣鐨勫惈缇╁拰浣滅敤銆�
鍗佷竷銆佺煭鏈熻▓鍔冭垏璨″嫏(w霉)
鑰冭│鍏�(n猫i)瀹�
淇＄敤妯欐簴銆佷俊鐢ㄦ斂绛�銆佷俊鐢ㄥ緱鍒�銆佹噳(y墨ng)鏀惰超娆剧殑绠＄悊銆佺稉(j墨ng)婵熻▊璨ㄦ壒閲�銆佸啀瑷傝波榛�
鑰冭│瑕佹眰
1锛庢帉鎻″奖闊夸俊鐢ㄦ斂绛栫殑鍥犵礌銆�
2锛庝簡瑙ｄ俊鐢ㄦ婧栫殑娑电京銆�
3锛庣悊瑙ｄ俊鐢ㄥ緱鍒嗙殑娑电京銆�
4锛庝簡瑙ｆ噳(y墨ng)鏀惰超娆剧殑绠＄悊鏂规硶銆�
5. 鐞嗚В鎳�(y墨ng)鏀惰超娆剧殑绠＄悊鐩銆�
6. 鎺屾彙缍�(j墨ng)婵熻▊璨ㄦ壒閲忕殑娑电京鍜岃▓绠�銆�
7. 鎺屾彙鍐嶈▊璨ㄩ粸鐨勫惈缇╁拰瑷堢畻銆�
鍗佸叓銆佺従(xi脿n)閲戝拰鏈夊児璀夊埜
鑰冭│鍏�(n猫i)瀹�
鐝�(xi脿n)閲�銆佺洰妯欐寔鏈夐噺銆佺従(xi脿n)閲戞棩甯哥鐞嗘ā鍨�銆佹诞娓搁噺
鑰冭│瑕佹眰
1锛庢帉鎻＄従(xi脿n)閲戠殑瀹氱京鍜岀敤閫�
2锛庢帉鎻＄洰妯欐寔鏈夐噺鐨勭⒑瀹氭柟娉�銆�
3锛庝簡瑙ｇ従(xi脿n)閲戠殑鏃ュ父绠＄悊銆�
4锛庢帉鎻＄従(xi脿n)閲戠鐞嗘ā鍨�銆�
5. 鐞嗚В娴父閲忕殑瀹氱京銆�
6. 鐞嗚В娴父閲忕殑鎴愭湰瑷堢畻鍜岀鐞嗘柟娉曘€�
? 鍙冮柋锛�
銆婂叕鍙哥悊璨★紙绮捐鐗堬級锛堝師鏇哥 9 鐗堬級銆� 锛堢編锛夌緟鏂�锛岋紙缇庯級濞佹柉鐗硅彶鐖惧痉锛�
锛堢編锛夊柆涓硅憲锛屾柟绱呮槦锛屽緪鍦嬪挤锛岃稒閵€寰疯 姗熸宸ユキ(y猫)鍑虹増绀� 2011 骞� 1 鏈�
鍏嶈铂(z茅)鑱叉槑锛氭湰鏂囩郴杞�(zhu菐n)杓夎嚜缍�(w菐ng)绲�(lu貌)锛屽鏈変镜鐘�锛岃珛鑱�(li谩n)绯绘垜鍊戠珛鍗冲埅闄�锛屽彟锛氭湰鏂囧儏浠ｈ〃浣滆€呭€嬩汉瑙€榛�锛岃垏鏈恫(w菐ng)绔欑劇闂�(gu膩n)銆傚叾鍘熷壍(chu脿ng)鎬т互鍙婃枃涓櫝杩版枃瀛楀拰鍏�(n猫i)瀹规湭缍�(j墨ng)鏈珯璀夊锛屽皪鏈枃浠ュ強鍏朵腑鍏ㄩ儴鎴栬€呴儴鍒嗗収(n猫i)瀹广€佹枃瀛楃殑鐪熷鎬�銆佸畬鏁存€с€佸強鏅傛€ф湰绔欎笉浣滀换浣曚繚璀夋垨鎵胯锛岃珛璁€鑰呭儏浣滃弮鑰�锛屽苟璜嬭嚜琛屾牳瀵︾浉闂�(gu膩n)鍏�(n猫i)瀹广€�
|
鏂囩珷鎼滅储
鎮ㄧ従(xi脿n)鍦ㄧ殑浣嶇疆锛� 
