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se11se net2019:小心包括中信在内的地方国有企业的非标准债务和私人债务违约!新浪财经

妖精的尾巴之弑神

    资料来源:禹岩债券市场2018年债券违约情况摘要:(1)2018年,违约金额达到新高,民营企业和上市公司违约事件增加。从2018年1月至11月,违约债券余额达到1038.8亿美元,是17年的3.88倍。其中,民营企业违约债券余额是17年的3.93倍,有14家上市公司违约。(2)地方国有企业的私人债务违约占60%以上。(3)违约类型多样化,转售违约和特殊条款违约数量明显增加。2018年国债违约的主要原因和共性:紧缩再融资是2018年国债违约的主要原因。2018,债券到期年即将来临。企业面临沉重的偿债压力。随着非标准资产急剧萎缩、债券、股权融资难和信贷融资额度的限制,再融资的紧缩已成为压倒企业的最后一根稻草。债券违约事件的共同特征是:(1)弱质主体难以继续进行债券融资。在2018年1月至11月的39名新违约者中,有18家公司仅在17年上半年之前发行了债券,其中大多数是由私募股权公司发行的,整体而言利率很高。(2)过度扩张和激进投资导致资本链断裂。(3)利润下降是由于工业景气度下降或政策冲击造成的。(4)股权质押问题及负面事件的影响。2019年信贷风险扣除:2019年,再融资结构将更加两极化,弱势主体的违约风险可能进一步暴露。展望2019年,宏观经济下行压力更大,企业利润和现金流不太可能显著改善。然而,企业整体的杠杆率仍然很高,特别是对于民营企业。过去18年,资产负债率大幅上升。2019年仍然是债券到期日,主要发行商面临着更大的偿债压力。对弱势民营企业再融资的风险敞口要警惕:(1)弱势主体只能在债券牛市的15年或16年内发行债券,没有新债券发行;近年来,企业收入和利润表现不佳,甚至大幅下滑。现金流量和利润偏离。(2)作为激进扩张的主体,其财务指标有总负债资本化率、短期负债/利息负债、14年来高息负债增长率、低现金资产/短期债务证券化指数。(3)负面事件纠缠着主体。警惕包括中信在内的地方国有企业的非标准债务和私人债务违约。城市投资债券仍然存在“信念”,但在一些省份,当隐性债务规模大、2019年本息偿还压力大时,城市非竞价投资和私募股权债券违约的风险就暴露出来。风险提示:信用风险超出预期。首先,债券违约的总体情况为2018。1。违约金额达到新高,民营企业和上市公司的违约事件有所上升。为了计算债券的违约,我们使用Wind数据库默认债券语句和默认数据来消除相同或不同年份相同债券的重复项(选择最早的违约事件)。股票交易中心的发生日期、跨市场债券复制和违约债券。我们把私营企业、中外合资企业、外商投资企业、外商独资企业、集体企业、其他企业和公营企业归类为私营企业。债券违约金额在2018大幅上升。从2018年1月至11月,违约债券的总余额为1038.8亿美元,是2017年违约债券余额的3.88倍。有108个违约债券,其中包括43个发行人,其中包括39个新违约者。民营企业和上市公司违约数量激增。2018年,企业面临再融资困境,如非标准融资的急剧收缩、债券融资资格的差别化、信贷融资行业和配额的限制等。突发事件急剧增加。随着股权融资门槛的提高和股权质押的发行,上市公司的风险逐渐暴露出来。2018年1月至11月,民营企业违约债券总余额为90.858亿元,是17年的3.93倍,占违约债券总余额的88.2%。私营企业有35个违约主体。上市公司违约金余额为304亿8600万,占29.6%。在14-17年间,上市公司的违约债券数量每年不超过2家,而在2018年1-11月,上市公司的违约债券数量达到38家,涉及14家上市公司。2。地方国有企业的私募股权债务违约率高于国有企业和私营企业债券,地方国有企业的私募股权债务违约率高于国有企业。2018年1月至11月违约期间,地方国有企业的违约债券余额为61.05%,中央企业仅为14.19%,民营企业为20.26%。与2014-2017年相比,国有企业、地方国有企业和民营企业的违约债券余额分别占24.69%、63.7%和23.61%。2018年,地方国有企业私人债务违约状况没有明显改善。三。违约主体为AA、AA等级,违约主体为AA、AA等级。从2018年1月至11月,发行的AA和AA违约债券的余额分别占51.43%和22.37%。从2014到2017,主要违约者是AA和AA评级。2018年AA评级所占比例低于前几年,首次出现AAA违约。4。2018,转售违约和特殊条款违约的数量显著增加。2018年,转售违约和特殊条款违约类型呈现多元化,转售违约和特殊条款违约数量显著增加。我们将债券违约分为四种类型:到期或付息违约、收回违约、特殊条款违约和技术违约。其中,特殊条款违约包括触发加速清算、触发交叉违约等。从2018年1月至11月,53.72%、20.36%、23.66%和2.27%的违约分别是到期或付息、转售、特殊条款和技术违约。其中,特别条款和转售违约的比例明显高于前几年。2018年,永泰能源和华阳经贸债券违约引发了一系列“交叉保护条款”债券。5。2018的违约事件急剧增加,导致信贷利差扩大。2015.2018的违约事件急剧增加,导致信贷利差扩大。2008的违约事件导致信贷利差急剧增加。市场避险情绪更为明显。信贷利差的总体趋势正在扩大。其中,四个阶段更为明显:(1)2018年1月中旬信贷利差扩大程度低于2018年1月中旬。10月份,四川煤炭集团、丹东港和益阳集团违约,市场厌恶风险的情绪导致所有评级的信用价差从下跌中上升。(2)2018年3月中旬,神武环保公司因股权质押的发行而违约,引发了对上市公司股权质押风险的恐慌,引发了一波信贷利差较快的浪潮。(3)从2018年5月至7月中旬,违约事件开始增加,民营企业和上市公司面临风险,主要评级为AA,市场对冲情绪迅速升温,AA信用利差继续扩大,与AAA、AA信用利差的差距也逐渐扩大。2018年7月下旬,政策宽松和信贷的意图很明显,加上相应的窗口指导,导致信贷利差下降。(4)从2018年10月中旬至11月初,违约人数和违约金额达到新高,均为私营企业债务违约。所有评级的信用利差都在扩大,而且扩大的程度相对一致。其次,分析了2018年度债券违约的主要原因及其共性。1。再融资紧缩是2018债券违约的主要因素。2018年是债券到期年,再融资的紧缩是导致债券违约的主要原因。2015年,交易所发行公司债券的新规定大大放宽了公司债券的发行门槛,叠加债券牛市;2015-2016年,公司债券的发行井喷,杠杆率上升,对债券融资的依赖性增强。2018,债券到期年即将来临。企业面临沉重的偿债压力。在基本上不完善、内部现金流量不足、不规范收缩、债券、股权融资难度加大、信贷融资配额限制等情况下,再融资紧缩已成为压倒企业的最后一根稻草。这也是第二根稻草。2018导致债券违约金额上升的一个重要因素。2018年,非标准贷款急剧萎缩,信用债务融资资格分化,委托贷款和信托贷款急剧萎缩。自2018年以来,新委托贷款和新信托贷款的累计价值继续为负,在2018年6月达到最低-326.549亿美元,而9月和10月的累计价值低于-2000亿美元,与前几年相比急剧萎缩。信用债券的净融资额具有显著的资格差异。随着非标准资产的急剧收缩和投资者风险偏好的降低,低素质主体的再融资压力不断加大。一月至2018年11月的净融资总额为1兆3855亿5400万。其中,AAA主体的净融资呈上升趋势,一个月内最高达280.589亿元;1-11月份AA主体的净融资总额为2577.38亿元,略高于2017年同期的2415.26亿元;4月和11月,AA-主体其他月份的净融资为负,1-11月的净融资总额为-306.082亿元。1亿,急速收缩2017。2018年,民营企业债务到期压力急剧上升,再融资困难导致违约率急剧上升。2018年,民营企业债务到期规模扩大,多数月净融资为负。2018年1月至11月,民营企业债务到期日共计782.649亿元,比2017年同期增加2106亿元。同时,民营企业债券的发行并不顺利,2018年1月至11月的累计发行量与2017年同期相比略有收缩,为3.36%。从5月到十月,私营企业债务的净融资仍然是负的。债券到期偿还的压力与融资渠道重叠,2018年民营企业的违约风险暴露得非常广泛。2。2018的债券违约事件的共同特征是什么?弱合格主体债券融资难持续。2015和2016,债券融资环境宽松。一方面,企业债券发行门槛降低了。另一方面,银行佣金以外的资金扩张也增加了对中低级信用债券和一些资质较弱的企业的需求。它能够在15年或16年内发行债券。然而,随着债券发行门槛的提高和投资者风险偏好的降低,这些公司连续17年未能成功发行债券,18年到期未能偿还债券,导致违约。在2018年1月至11月的39名新违约者中,有18家公司仅在17年上半年之前发行了债券,其中大多数是由私募股权公司发行的,整体而言利率很高。过度扩张和激进投资导致资本链断裂,企业依靠外部融资快速扩张,采取过度的短期和长期投资。由于一端投资周期长,另一端信用额度消耗过多,融资渠道紧缩,还本付息债务集中,资金回收较为容易。资金链断裂,流动性危机出现。2018年以来,非标准、债券、信贷、股权等融资渠道萎缩,许多企业因前期急剧扩张而违约。2018年1月至11月的39位新违约者中,大多数企业都存在有息债务增长迅速、短期债务比例高的问题。以永泰能源为例,该公司的资产在2015年增长了68%,而有息债务增长了60%。自2013年以来,短期债务/有息债务在今年余下时间已超过50%,15年中除14.85%外。利润恶化是由工业景气度下降或政策冲击造成的。利润恶化可分为两类:一类是公司业绩的突然恶化,这往往发生在经营稳定性差、政策影响强的行业;另一类是公司业绩的缓慢恶化,这通常发生在产业领域。尝试着不断衰退的繁荣。以*ST凯迪公司为例,公司主要从事生物质发电,在应用规模、发电调度、电价和税收政策等方面得到政府的扶持。它的利润依赖于政府补贴,其生产经营受到地方政府政策的很大影响。由于环境保护的压力,公司在17年内累计增加了21.17亿资产减值损失,导致净利润突然大幅亏损,阻碍了再融资。以富人鸟为例,该公司的纺织服装行业处于低迷时期,鞋类服装零售销售放缓,行业竞争激烈,网上销售扩张对离线实体店的销售影响较大。自2014年以来,公司的营业收入和净利润一直在稳步下降,2016年的净利润仅为2014年的36%,2017年上半年亏损。公司盈利能力减弱导致经营现金流量急剧恶化,15年内减少了75.66%。股权质押比例过高和股权质押比例过高往往存在两个潜在的问题:一是反映了集团内部的流动性紧张;二是容易出现流动性风险。当母公司对子公司进行大规模股权质押时,一旦二级市场股价急剧下跌,一方面母公司容易出现流动性充足危机,另一方面清算风险也会影响发行资格和融资。上市公司的并购能力。此外,当股权质押的高比例进入发行期时,大规模的现金流需求将影响母公司的流动性,甚至违约风险。典型的例子是神武环保,其子公司未能重组资产,股价暴跌,母公司盈利能力差,但债务沉重,持有神武环保股权质押的99.78%。他们中的一些人触及了清算线,导致回购延迟违约,并冻结了质押股。结果,母子公司评级不断下调,恶性循环,最终导致债务违约。负面事件冲击:一方面,负面事件反映了公司治理或盈利能力可能存在的问题,另一方面,它们影响公司再融资。其他负面事件,如逾期未还的债务、资产冻结、发表非标准且毫无保留意见的审计报告、公司高层的犯罪嫌疑、证监会提交的调查等,可能是压垮它的最后一根稻草。从2018年1月至11月,共发布了六份新的违规审计报告。以ST中安为例。公司连续两年出具不能表达意见的审计报告和重点章节无保留意见的审计报告。即使实际问题没有披露,市场对公司的态度也会发生重大变化,这将影响公司的信用资格和融资能力。三。信用风险扣除2019 1。2019年,再融资结构日益分化,弱势主体的违约风险可能进一步暴露。2019年仍然是债券到期日,发行人面临着更大的偿债压力。展望2019年,宏观经济下行压力更大,企业利润和现金流不太可能显著改善。然而,企业整体的杠杆率相对较高,尤其是民营企业。资产负债率在过去18年显著增加(见图13)。到2019年,高素质主体可能受益于良好的政策,改善融资环境,而低素质主体的违约风险可能进一步暴露。货币政策坚持避免像“洪水”这样的强激励,这意味着所有企业很难从好的政策中受益。今年十月以来,扶持民营企业的政策得到了广泛的扶持。然而,从民营企业债券的表现来看,11月份民营企业债券的发行和净融资状况显著改善,但资质分化加剧,中、高层民营企业债券的发行和交易比率上升。新股发行量增加,中高档民营企业债券与低档民营企业债券的信用利差差距扩大。弱势群体的基本素质没有显著提高,融资环境难以改善。2。为了比较债券的到期压力,我们分别使用2016年12月31日、2017年12月31日和2018年11月30日的库存信用细节来计算2017、2018年和2019年的债券的到期日。2019年,民营企业、房地产和城市投资债券的到期压力都很大。2019年,民营企业债券到期日为5596.7亿元,与2018年相比增长了2.58%,进入转售期的规模为666.4亿元,增长了12.24%。房地产债券到期日为2588.7亿元,比2018年增长114.54%,进入转售期的规模为4177.2亿元,增长5%。城市投资债券的到期日为1287.8亿元,比2018年增长26.85%,进入转售期的规模为5969亿元,大幅增长128.43%。三。信用债券风险点2019。2019,民营企业最大的风险仍然是再融资风险。弱资格、激进扩张和负纠缠的主体具有最大的再融资压力,并可能进一步暴露风险。除了考察企业的基本面之外,地方国有企业还需要将政府支持因素纳入分析框架。与公共债务相比,私人债务具有更大的违约风险。中信国际的信念仍然存在,但我们需要警惕非标准违约的负面影响,以及在2019年偿债压力较大的地区,私人股本债务违约的风险。警惕脆弱的民营企业再融资风险暴露。到2019年,企业基本面将大大改善,到期压力高,重叠投资者的风险偏好低,再融资分化加剧。脆弱企业再融资的风险可能进一步暴露。此外,与中央和地方国有企业相比,政府救助弱势民营企业的意愿较低,而弱势民营企业的再融资风险较大。具体而言,我们要警惕以下类型的再融资弱势企业:(1)资格主体薄弱。这种主体根据企业债务的发行情况和企业的基本情况来判断。在再融资方面,在15-16年期债券牛市中,弱势债权人能够发行债券(发行门槛已经降低),并且在后续发行中没有发行新的债券,这在一定程度上反映了发行人自身的信用弱点。当债券融资收紧,发行门槛提高时,发行债券不可能“借新还旧”,用银行信贷填补债券到期缺口压力更大。就企业利润和现金流量而言,近年来,我国企业收入和利润的表现一直不佳,甚至大幅下降,现金流量与利润之间存在偏差。(2)激进扩张主体。在最后一轮宽松的融资环境中,这些主体大量借贷,以分散投资或扩大主营业务,并采用短期贷款和长期投资来增加流动性。在融资紧缩的情况下,由于资金链断裂,很容易违约。在财务指标方面,反映在总债务资本化率、短期债务/有息债务、14年来高增长率的负息债务、以及低指数的现金资产/短期债务证券。同时,限制性资产比例高,银行信贷额度低,意味着再融资空间非常有限。(3)负面事件纠缠着主体。当投资者的总体风险偏好较低时,市场往往会放大发行人负面事件的影响。不良事件,如逾期债务、资产冻结、非标准无保留意见的审计报告、公司高层的犯罪嫌疑、证监会的调查和股权质押关闭风险等,往往不是公司债券违约的根本原因,但它们具有灰色关联性。影响企业再融资的因素,成为企业的重中之重。最后一根稻草。注意包括城市投资在内的地方国有企业的非标准违约和私人债务违约。分析地方国有企业的违约风险,除了考虑企业的基本因素外,还应将政府支持因素纳入分析框架。一方面,重要的地方国有企业为地方基础设施、产业发展和政府税收做出了巨大的贡献;另一方面,如果地方重要的地方国有企业违约,尤其是公共债务违约,将对地方基础设施建设、产业发展和政府税收产生较大的影响。地方企业甚至地方政府再融资。因此,17年和18年间,虽然地方国有企业的债务余额和违约债券的比例显著下降,但从历史数据看,地方国有企业的私募股权债券在违约债券余额中所占比例超过60%,也就是说,地方国有企业私募股权债券的违约风险不容忽视。就工业债券而言,2019年到期、进入收回期的公债中,民营企业发行的工业债券中,建筑装饰类占96.12%,房地产类占76.14%,休闲类占68.89%,农林类占68.89%。畜牧业与渔业(52.91%)。其次,纺织服装、通信、非银行金融等地方国有企业的私人债务比例也超过40%。此外,2019年矿业、综合、房地产、交通、钢铁等地方国有企业的工业债券总到期日和回报期规模均超过1000亿元,其中私募股权比例分别为22.63%、36.01%、76.14%、21.22%。Nd 35.46%。人们对城市投资债券仍抱有“信念”,但在一些省份,当隐性债务规模大、2019年本息偿还压力大时,非竞标城市投资债券和私募股权债券违约的风险将进一步暴露。贵州(79.45%)、湖南(71.51%)、辽宁(70.96%)、河南(67.23%)和黑龙江(67.11%)分别占2019年到期和收回的债券的60%以上,四川、江苏、重庆和浙江分别占到期债券投资的50%以上。民营发行城市:天津、湖南(71.51%)、辽宁(70.96%)、河南(67.23%)和黑龙江(67.11%)。山东、广西、甘肃和陕西占总数的40%以上。其中,江苏、浙江、天津和重庆的总到期日均超过900亿元,湖南超过800亿元,河南、陕西和四川超过600亿元。从偿债压力来看,湖南省2019年的偿债压力最大。19年来,偿债总额/(综合财政资源-广义刚性支出)超过90%,其次是天津、云南,超过70%,陕西、江苏、辽宁均超过60%,四川、贵州、重庆均超过50%。风险提示:信用风险超过预期:如果信用风险超过预期,违约和重大负面事件将显著增加。免责声明:由媒体合成的内容来自媒体,版权属于原作者。请与原作者联系,取得复制许可。文章的观点只代表作者本人,而不是Sina的立场。如果内容涉及投资建议,仅供参考,不作为投资的依据。投资是有风险的,所以我们在进入市场时需要谨慎。责任编辑:牛鹏飞

zi liao lai yuan: yu yan zhai quan shi chang 2018 nian zhai quan wei yue qing kuang zhai yao: 1 2018 nian, wei yue jin e da dao xin gao, min ying qi ye he shang shi gong si wei yue shi jian zeng jia. cong 2018 nian 1 yue zhi 11 yue, wei yue zhai quan yu e da dao 1038. 8 yi mei yuan, shi 17 nian de 3. 88 bei. qi zhong, min ying qi ye wei yue zhai quan yu e shi 17 nian de 3. 93 bei, you 14 jia shang shi gong si wei yue. 2 di fang guo you qi ye de si ren zhai wu wei yue zhan 60 yi shang. 3 wei yue lei xing duo yang hua, zhuan shou wei yue he te shu tiao kuan wei yue shu liang ming xian zeng jia. 2018 nian guo zhai wei yue de zhu yao yuan yin he gong xing: jin suo zai rong zi shi 2018 nian guo zhai wei yue de zhu yao yuan yin. 2018, zhai quan dao qi nian ji jiang lai lin. qi ye mian lin chen zhong de chang zhai ya li. sui zhe fei biao zhun zi chan ji ju wei suo zhai quan gu quan rong zi nan he xin dai rong zi e du de xian zhi, zai rong zi de jin suo yi cheng wei ya dao qi ye de zui hou yi gen dao cao. zhai quan wei yue shi jian de gong tong te zheng shi: 1 ruo zhi zhu ti nan yi ji xu jin xing zhai quan rong zi. zai 2018 nian 1 yue zhi 11 yue de 39 ming xin wei yue zhe zhong, you 18 jia gong si jin zai 17 nian shang ban nian zhi qian fa xing le zhai quan, qi zhong da duo shu shi you si mu gu quan gong si fa xing de, zheng ti er yan li lv hen gao. 2 guo du kuo zhang he ji jin tou zi dao zhi zi ben lian duan lie. 3 li run xia jiang shi you yu gong ye jing qi du xia jiang huo zheng ce chong ji zao cheng de. 4 gu quan zhi ya wen ti ji fu mian shi jian de ying xiang. 2019 nian xin dai feng xian kou chu: 2019 nian, zai rong zi jie gou jiang geng jia liang ji hua, ruo shi zhu ti de wei yue feng xian ke neng jin yi bu bao lu. zhan wang 2019 nian, hong guan jing ji xia xing ya li geng da, qi ye li run he xian jin liu bu tai ke neng xian zhu gai shan. ran er, qi ye zheng ti de gang gan lv reng ran hen gao, te bie shi dui yu min ying qi ye. guo qu 18 nian, zi chan fu zhai lv da fu shang sheng. 2019 nian reng ran shi zhai quan dao qi ri, zhu yao fa hang shang mian lin zhe geng da de chang zhai ya li. dui ruo shi min ying qi ye zai rong zi de feng xian chang kou yao jing ti: 1 ruo shi zhu ti zhi neng zai zhai quan niu shi de 15 nian huo 16 nian nei fa xing zhai quan, mei you xin zhai quan fa xing jin nian lai, qi ye shou ru he li run biao xian bu jia, shen zhi da fu xia hua. xian jin liu liang he li run pian li. 2 zuo wei ji jin kuo zhang de zhu ti, qi cai wu zhi biao you zong fu zhai zi ben hua lv duan qi fu zhai li xi fu zhai 14 nian lai gao xi fu zhai zeng zhang lv di xian jin zi chan duan qi zhai wu zheng quan hua zhi shu. 3 fu mian shi jian jiu chan zhe zhu ti. jing ti bao kuo zhong xin zai nei de di fang guo you qi ye de fei biao zhun zhai wu he si ren zhai wu wei yue. cheng shi tou zi zhai quan reng ran cun zai" xin nian", dan zai yi xie sheng fen, dang yin xing zhai wu gui mo da 2019 nian ben xi chang huan ya li da shi, cheng shi fei jing jia tou zi he si mu gu quan zhai quan wei yue de feng xian jiu bao lou chu lai. feng xian ti shi: xin yong feng xian chao chu yu qi. shou xian, zhai quan wei yue de zong ti qing kuang wei 2018. 1. wei yue jin e da dao xin gao, min ying qi ye he shang shi gong si de wei yue shi jian you suo shang sheng. wei le ji suan zhai quan de wei yue, wo men shi yong Wind shu ju ku mo ren zhai quan yu ju he mo ren shu ju lai xiao chu xiang tong huo bu tong nian fen xiang tong zhai quan de chong fu xiang xuan ze zui zao de wei yue shi jian. gu piao jiao yi zhong xin de fa sheng ri qi kua shi chang zhai quan fu zhi he wei yue zhai quan. wo men ba si ying qi ye zhong wai he zi qi ye wai shang tou zi qi ye wai shang du zi qi ye ji ti qi ye qi ta qi ye he gong ying qi ye gui lei wei si ying qi ye. zhai quan wei yue jin e zai 2018 da fu shang sheng. cong 2018 nian 1 yue zhi 11 yue, wei yue zhai quan de zong yu e wei 1038. 8 yi mei yuan, shi 2017 nian wei yue zhai quan yu e de 3. 88 bei. you 108 ge wei yue zhai quan, qi zhong bao kuo 43 ge fa xing ren, qi zhong bao kuo 39 ge xin wei yue zhe. min ying qi ye he shang shi gong si wei yue shu liang ji zeng. 2018 nian, qi ye mian lin zai rong zi kun jing, ru fei biao zhun rong zi de ji ju shou suo zhai quan rong zi zi ge de cha bie hua xin dai rong zi hang ye he pei e de xian zhi deng. tu fa shi jian ji ju zeng jia. sui zhe gu quan rong zi men kan de ti gao he gu quan zhi ya de fa xing, shang shi gong si de feng xian zhu jian bao lou chu lai. 2018 nian 1 yue zhi 11 yue, min ying qi ye wei yue zhai quan zong yu e wei 90. 858 yi yuan, shi 17 nian de 3. 93 bei, zhan wei yue zhai quan zong yu e de 88. 2. si ying qi ye you 35 ge wei yue zhu ti. shang shi gong si wei yue jin yu e wei 304 yi 8600 wan, zhan 29. 6. zai 1417 nian jian, shang shi gong si de wei yue zhai quan shu liang mei nian bu chao guo 2 jia, er zai 2018 nian 111 yue, shang shi gong si de wei yue zhai quan shu liang da dao 38 jia, she ji 14 jia shang shi gong si. 2. di fang guo you qi ye de si mu gu quan zhai wu wei yue lv gao yu guo you qi ye he si ying qi ye zhai quan, di fang guo you qi ye de si mu gu quan zhai wu wei yue lv gao yu guo you qi ye. 2018 nian 1 yue zhi 11 yue wei yue qi jian, di fang guo you qi ye de wei yue zhai quan yu e wei 61. 05, zhong yang qi ye jin wei 14. 19, min ying qi ye wei 20. 26. yu 20142017 nian xiang bi, guo you qi ye di fang guo you qi ye he min ying qi ye de wei yue zhai quan yu e fen bie zhan 24. 69 63. 7 he 23. 61. 2018 nian, di fang guo you qi ye si ren zhai wu wei yue zhuang kuang mei you ming xian gai shan. san. wei yue zhu ti wei AA AA deng ji, wei yue zhu ti wei AA AA deng ji. cong 2018 nian 1 yue zhi 11 yue, fa xing de AA he AA wei yue zhai quan de yu e fen bie zhan 51. 43 he 22. 37. cong 2014 dao 2017, zhu yao wei yue zhe shi AA he AA ping ji. 2018 nian AA ping ji suo zhan bi li di yu qian ji nian, shou ci chu xian AAA wei yue. 4. 2018, zhuan shou wei yue he te shu tiao kuan wei yue de shu liang xian zhu zeng jia. 2018 nian, zhuan shou wei yue he te shu tiao kuan wei yue lei xing cheng xian duo yuan hua, zhuan shou wei yue he te shu tiao kuan wei yue shu liang xian zhu zeng jia. wo men jiang zhai quan wei yue fen wei si zhong lei xing: dao qi huo fu xi wei yue shou hui wei yue te shu tiao kuan wei yue he ji shu wei yue. qi zhong, te shu tiao kuan wei yue bao kuo chu fa jia su qing suan chu fa jiao cha wei yue deng. cong 2018 nian 1 yue zhi 11 yue, 53. 72 20. 36 23. 66 he 2. 27 de wei yue fen bie shi dao qi huo fu xi zhuan shou te shu tiao kuan he ji shu wei yue. qi zhong, te bie tiao kuan he zhuan shou wei yue de bi li ming xian gao yu qian ji nian. 2018 nian, yong tai neng yuan he hua yang jing mao zhai quan wei yue yin fa le yi xi lie" jiao cha bao hu tiao kuan" zhai quan. 5. 2018 de wei yue shi jian ji ju zeng jia, dao zhi xin dai li cha kuo da. 2015. 2018 de wei yue shi jian ji ju zeng jia, dao zhi xin dai li cha kuo da. 2008 de wei yue shi jian dao zhi xin dai li cha ji ju zeng jia. shi chang bi xian qing xu geng wei ming xian. xin dai li cha de zong ti qu shi zheng zai kuo da. qi zhong, si ge jie duan geng wei ming xian: 1 2018 nian 1 yue zhong xun xin dai li cha kuo da cheng du di yu 2018 nian 1 yue zhong xun. 10 yue fen, si chuan mei tan ji tuan dan dong gang he yi yang ji tuan wei yue, shi chang yan wu feng xian de qing xu dao zhi suo you ping ji de xin yong jia cha cong xia die zhong shang sheng. 2 2018 nian 3 yue zhong xun, shen wu huan bao gong si yin gu quan zhi ya de fa xing er wei yue, yin fa le dui shang shi gong si gu quan zhi ya feng xian de kong huang, yin fa le yi bo xin dai li cha jiao kuai de lang chao. 3 cong 2018 nian 5 yue zhi 7 yue zhong xun, wei yue shi jian kai shi zeng jia, min ying qi ye he shang shi gong si mian lin feng xian, zhu yao ping ji wei AA, shi chang dui chong qing xu xun su sheng wen, AA xin yong li cha ji xu kuo da, yu AAA AA xin yong li cha de cha ju ye zhu jian kuo da. 2018 nian 7 yue xia xun, zheng ce kuan song he xin dai de yi tu hen ming xian, jia shang xiang ying de chuang kou zhi dao, dao zhi xin dai li cha xia jiang. 4 cong 2018 nian 10 yue zhong xun zhi 11 yue chu, wei yue ren shu he wei yue jin e da dao xin gao, jun wei si ying qi ye zhai wu wei yue. suo you ping ji de xin yong li cha dou zai kuo da, er qie kuo da de cheng du xiang dui yi zhi. qi ci, fen xi le 2018 nian du zhai quan wei yue de zhu yao yuan yin ji qi gong xing. 1. zai rong zi jin suo shi 2018 zhai quan wei yue de zhu yao yin su. 2018 nian shi zhai quan dao qi nian, zai rong zi de jin suo shi dao zhi zhai quan wei yue de zhu yao yuan yin. 2015 nian, jiao yi suo fa xing gong si zhai quan de xin gui ding da da fang kuan le gong si zhai quan de fa xing men kan, die jia zhai quan niu shi 20152016 nian, gong si zhai quan de fa xing jing pen, gang gan lv shang sheng, dui zhai quan rong zi de yi lai xing zeng qiang. 2018, zhai quan dao qi nian ji jiang lai lin. qi ye mian lin chen zhong de chang zhai ya li. zai ji ben shang bu wan shan nei bu xian jin liu liang bu zu bu gui fan shou suo zhai quan gu quan rong zi nan du jia da xin dai rong zi pei e xian zhi deng qing kuang xia, zai rong zi jin suo yi cheng wei ya dao qi ye de zui hou yi gen dao cao. zhe ye shi di er gen dao cao. 2018 dao zhi zhai quan wei yue jin e shang sheng de yi ge zhong yao yin su. 2018 nian, fei biao zhun dai kuan ji ju wei suo, xin yong zhai wu rong zi zi ge fen hua, wei tuo dai kuan he xin tuo dai kuan ji ju wei suo. zi 2018 nian yi lai, xin wei tuo dai kuan he xin xin tuo dai kuan de lei ji jia zhi ji xu wei fu, zai 2018 nian 6 yue da dao zui di 326. 549 yi mei yuan, er 9 yue he 10 yue de lei ji jia zhi di yu 2000 yi mei yuan, yu qian ji nian xiang bi ji ju wei suo. xin yong zhai quan de jing rong zi e ju you xian zhu de zi ge cha yi. sui zhe fei biao zhun zi chan de ji ju shou suo he tou zi zhe feng xian pian hao de jiang di, di su zhi zhu ti de zai rong zi ya li bu duan jia da. yi yue zhi 2018 nian 11 yue de jing rong zi zong e wei 1 zhao 3855 yi 5400 wan. qi zhong, AAA zhu ti de jing rong zi cheng shang sheng qu shi, yi ge yue nei zui gao da 280. 589 yi yuan 111 yue fen AA zhu ti de jing rong zi zong e wei 2577. 38 yi yuan, lue gao yu 2017 nian tong qi de 2415. 26 yi yuan 4 yue he 11 yue, AA zhu ti qi ta yue fen de jing rong zi wei fu, 111 yue de jing rong zi zong e wei 306. 082 yi yuan. 1 yi, ji su shou suo 2017. 2018 nian, min ying qi ye zhai wu dao qi ya li ji ju shang sheng, zai rong zi kun nan dao zhi wei yue lv ji ju shang sheng. 2018 nian, min ying qi ye zhai wu dao qi gui mo kuo da, duo shu yue jing rong zi wei fu. 2018 nian 1 yue zhi 11 yue, min ying qi ye zhai wu dao qi ri gong ji 782. 649 yi yuan, bi 2017 nian tong qi zeng jia 2106 yi yuan. tong shi, min ying qi ye zhai quan de fa xing bing bu shun li, 2018 nian 1 yue zhi 11 yue de lei ji fa xing liang yu 2017 nian tong qi xiang bi lue you shou suo, wei 3. 36. cong 5 yue dao shi yue, si ying qi ye zhai wu de jing rong zi reng ran shi fu de. zhai quan dao qi chang huan de ya li yu rong zi qu dao chong die, 2018 nian min ying qi ye de wei yue feng xian bao lu de fei chang guang fan. 2. 2018 de zhai quan wei yue shi jian de gong tong te zheng shi shen me? ruo he ge zhu ti zhai quan rong zi nan chi xu. 2015 he 2016, zhai quan rong zi huan jing kuan song. yi fang mian, qi ye zhai quan fa xing men kan jiang di le. ling yi fang mian, yin hang yong jin yi wai de zi jin kuo zhang ye zeng jia le dui zhong di ji xin yong zhai quan he yi xie zi zhi jiao ruo de qi ye de xu qiu. ta neng gou zai 15 nian huo 16 nian nei fa xing zhai quan. ran er, sui zhe zhai quan fa xing men kan de ti gao he tou zi zhe feng xian pian hao de jiang di, zhei xie gong si lian xu 17 nian wei neng cheng gong fa xing zhai quan, 18 nian dao qi wei neng chang huan zhai quan, dao zhi wei yue. zai 2018 nian 1 yue zhi 11 yue de 39 ming xin wei yue zhe zhong, you 18 jia gong si jin zai 17 nian shang ban nian zhi qian fa xing le zhai quan, qi zhong da duo shu shi you si mu gu quan gong si fa xing de, zheng ti er yan li lv hen gao. guo du kuo zhang he ji jin tou zi dao zhi zi ben lian duan lie, qi ye yi kao wai bu rong zi kuai su kuo zhang, cai qu guo du de duan qi he chang qi tou zi. you yu yi duan tou zi zhou qi zhang, ling yi duan xin yong e du xiao hao guo duo, rong zi qu dao jin suo, huan ben fu xi zhai wu ji zhong, zi jin hui shou jiao wei rong yi. zi jin lian duan lie, liu dong xing wei ji chu xian. 2018 nian yi lai, fei biao zhun zhai quan xin dai gu quan deng rong zi qu dao wei suo, xu duo qi ye yin qian qi ji ju kuo zhang er wei yue. 2018 nian 1 yue zhi 11 yue de 39 wei xin wei yue zhe zhong, da duo shu qi ye dou cun zai you xi zhai wu zeng zhang xun su duan qi zhai wu bi li gao de wen ti. yi yong tai neng yuan wei li, gai gong si de zi chan zai 2015 nian zeng zhang le 68, er you xi zhai wu zeng zhang le 60. zi 2013 nian yi lai, duan qi zhai wu you xi zhai wu zai jin nian yu xia shi jian yi chao guo 50, 15 nian zhong chu 14. 85 wai. li run e hua shi you gong ye jing qi du xia jiang huo zheng ce chong ji zao cheng de. li run e hua ke fen wei liang lei: yi lei shi gong si ye ji de tu ran e hua, zhe wang wang fa sheng zai jing ying wen ding xing cha zheng ce ying xiang qiang de hang ye ling yi lei shi gong si ye ji de huan man e hua, zhe tong chang fa sheng zai chan ye ling yu. chang shi zhe bu duan shuai tui de fan rong. yi ST kai di gong si wei li, gong si zhu yao cong shi sheng wu zhi fa dian, zai ying yong gui mo fa dian diao du dian jia he shui shou zheng ce deng fang mian de dao zheng fu de fu chi. ta de li run yi lai yu zheng fu bu tie, qi sheng chan jing ying shou dao di fang zheng fu zheng ce de hen da ying xiang. you yu huan jing bao hu de ya li, gong si zai 17 nian nei lei ji zeng jia le 21. 17 yi zi chan jian zhi sun shi, dao zhi jing li run tu ran da fu kui sun, zu ai le zai rong zi. yi fu ren niao wei li, gai gong si de fang zhi fu zhuang hang ye chu yu di mi shi qi, xie lei fu zhuang ling shou xiao shou fang huan, hang ye jing zheng ji lie, wang shang xiao shou kuo zhang dui li xian shi ti dian de xiao shou ying xiang jiao da. zi 2014 nian yi lai, gong si de ying ye shou ru he jing li run yi zhi zai wen bu xia jiang, 2016 nian de jing li run jin wei 2014 nian de 36, 2017 nian shang ban nian kui sun. gong si ying li neng li jian ruo dao zhi jing ying xian jin liu liang ji ju e hua, 15 nian nei jian shao le 75. 66. gu quan zhi ya bi li guo gao he gu quan zhi ya bi li guo gao wang wang cun zai liang ge qian zai de wen ti: yi shi fan ying le ji tuan nei bu de liu dong xing jin zhang er shi rong yi chu xian liu dong xing feng xian. dang mu gong si dui zi gong si jin xing da gui mo gu quan zhi ya shi, yi dan er ji shi chang gu jia ji ju xia die, yi fang mian mu gong si rong yi chu xian liu dong xing chong zu wei ji, ling yi fang mian qing suan feng xian ye hui ying xiang fa xing zi ge he rong zi. shang shi gong si de bing gou neng li. ci wai, dang gu quan zhi ya de gao bi li jin ru fa xing qi shi, da gui mo de xian jin liu xu qiu jiang ying xiang mu gong si de liu dong xing, shen zhi wei yue feng xian. dian xing de li zi shi shen wu huan bao, qi zi gong si wei neng chong zu zi chan, gu jia bao die, mu gong si ying li neng li cha, dan zhai wu chen zhong, chi you shen wu huan bao gu quan zhi ya de 99. 78. ta men zhong de yi xie ren chu ji le qing suan xian, dao zhi hui gou yan chi wei yue, bing dong jie le zhi ya gu. jie guo, mu zi gong si ping ji bu duan xia diao, e xing xun huan, zui zhong dao zhi zhai wu wei yue. fu mian shi jian chong ji: yi fang mian, fu mian shi jian fan ying le gong si zhi li huo ying li neng li ke neng cun zai de wen ti, ling yi fang mian, ta men ying xiang gong si zai rong zi. qi ta fu mian shi jian, ru yu qi wei hai de zhai wu zi chan dong jie fa biao fei biao zhun qie hao wu bao liu yi jian de shen ji bao gao gong si gao ceng de fan zui xian yi zheng jian hui ti jiao de diao cha deng, ke neng shi ya kua ta de zui hou yi gen dao cao. cong 2018 nian 1 yue zhi 11 yue, gong fa bu le liu fen xin de wei gui shen ji bao gao. yi ST zhong an wei li. gong si lian xu liang nian chu ju bu neng biao da yi jian de shen ji bao gao he zhong dian zhang jie wu bao liu yi jian de shen ji bao gao. ji shi shi ji wen ti mei you pi lu, shi chang dui gong si de tai du ye hui fa sheng zhong da bian hua, zhe jiang ying xiang gong si de xin yong zi ge he rong zi neng li. san. xin yong feng xian kou chu 2019 1. 2019 nian, zai rong zi jie gou ri yi fen hua, ruo shi zhu ti de wei yue feng xian ke neng jin yi bu bao lu. 2019 nian reng ran shi zhai quan dao qi ri, fa xing ren mian lin zhe geng da de chang zhai ya li. zhan wang 2019 nian, hong guan jing ji xia xing ya li geng da, qi ye li run he xian jin liu bu tai ke neng xian zhu gai shan. ran er, qi ye zheng ti de gang gan lv xiang dui jiao gao, you qi shi min ying qi ye. zi chan fu zhai lv zai guo qu 18 nian xian zhu zeng jia jian tu 13. dao 2019 nian, gao su zhi zhu ti ke neng shou yi yu liang hao de zheng ce, gai shan rong zi huan jing, er di su zhi zhu ti de wei yue feng xian ke neng jin yi bu bao lu. huo bi zheng ce jian chi bi mian xiang" hong shui" zhe yang de qiang ji li, zhe yi wei zhe suo you qi ye hen nan cong hao de zheng ce zhong shou yi. jin nian shi yue yi lai, fu chi min ying qi ye de zheng ce de dao le guang fan de fu chi. ran er, cong min ying qi ye zhai quan de biao xian lai kan, 11 yue fen min ying qi ye zhai quan de fa xing he jing rong zi zhuang kuang xian zhu gai shan, dan zi zhi fen hua jia ju, zhong gao ceng min ying qi ye zhai quan de fa xing he jiao yi bi lv shang sheng. xin gu fa xing liang zeng jia, zhong gao dang min ying qi ye zhai quan yu di dang min ying qi ye zhai quan de xin yong li cha cha ju kuo da. ruo shi qun ti de ji ben su zhi mei you xian zhu ti gao, rong zi huan jing nan yi gai shan. 2. wei le bi jiao zhai quan de dao qi ya li, wo men fen bie shi yong 2016 nian 12 yue 31 ri 2017 nian 12 yue 31 ri he 2018 nian 11 yue 30 ri de ku cun xin yong xi jie lai ji suan 2017 2018 nian he 2019 nian de zhai quan de dao qi ri. 2019 nian, min ying qi ye fang di chan he cheng shi tou zi zhai quan de dao qi ya li dou hen da. 2019 nian, min ying qi ye zhai quan dao qi ri wei 5596. 7 yi yuan, yu 2018 nian xiang bi zeng zhang le 2. 58, jin ru zhuan shou qi de gui mo wei 666. 4 yi yuan, zeng zhang le 12. 24. fang di chan zhai quan dao qi ri wei 2588. 7 yi yuan, bi 2018 nian zeng zhang 114. 54, jin ru zhuan shou qi de gui mo wei 4177. 2 yi yuan, zeng zhang 5. cheng shi tou zi zhai quan de dao qi ri wei 1287. 8 yi yuan, bi 2018 nian zeng zhang 26. 85, jin ru zhuan shou qi de gui mo wei 5969 yi yuan, da fu zeng zhang 128. 43. san. xin yong zhai quan feng xian dian 2019. 2019, min ying qi ye zui da de feng xian reng ran shi zai rong zi feng xian. ruo zi ge ji jin kuo zhang he fu jiu chan de zhu ti ju you zui da de zai rong zi ya li, bing ke neng jin yi bu bao lou feng xian. chu le kao cha qi ye de ji ben mian zhi wai, di fang guo you qi ye hai xu yao jiang zheng fu zhi chi yin su na ru fen xi kuang jia. yu gong gong zhai wu xiang bi, si ren zhai wu ju you geng da de wei yue feng xian. zhong xin guo ji de xin nian reng ran cun zai, dan wo men xu yao jing ti fei biao zhun wei yue de fu mian ying xiang, yi ji zai 2019 nian chang zhai ya li jiao da de di qu, si ren gu ben zhai wu wei yue de feng xian. jing ti cui ruo de min ying qi ye zai rong zi feng xian bao lu. dao 2019 nian, qi ye ji ben mian jiang da da gai shan, dao qi ya li gao, chong die tou zi zhe de feng xian pian hao di, zai rong zi fen hua jia ju. cui ruo qi ye zai rong zi de feng xian ke neng jin yi bu bao lu. ci wai, yu zhong yang he di fang guo you qi ye xiang bi, zheng fu jiu zhu ruo shi min ying qi ye de yi yuan jiao di, er ruo shi min ying qi ye de zai rong zi feng xian jiao da. ju ti er yan, wo men yao jing ti yi xia lei xing de zai rong zi ruo shi qi ye: 1 zi ge zhu ti bo ruo. zhe zhong zhu ti gen ju qi ye zhai wu de fa hang qing kuang he qi ye de ji ben qing kuang lai pan duan. zai zai rong zi fang mian, zai 1516 nian qi zhai quan niu shi zhong, ruo shi zhai quan ren neng gou fa xing zhai quan fa xing men kan yi jing jiang di, bing qie zai hou xu fa xing zhong mei you fa xing xin de zhai quan, zhe zai yi ding cheng du shang fan ying le fa xing ren zi shen de xin yong ruo dian. dang zhai quan rong zi shou jin, fa xing men kan ti gao shi, fa xing zhai quan bu ke neng" jie xin hai jiu", yong yin hang xin dai tian bu zhai quan dao qi que kou ya li geng da. jiu qi ye li run he xian jin liu liang er yan, jin nian lai, wo guo qi ye shou ru he li run de biao xian yi zhi bu jia, shen zhi da fu xia jiang, xian jin liu liang yu li run zhi jian cun zai pian cha. 2 ji jin kuo zhang zhu ti. zai zui hou yi lun kuan song de rong zi huan jing zhong, zhei xie zhu ti da liang jie dai, yi fen san tou zi huo kuo da zhu ying ye wu, bing cai yong duan qi dai kuan he chang qi tou zi lai zeng jia liu dong xing. zai rong zi jin suo de qing kuang xia, you yu zi jin lian duan lie, hen rong yi wei yue. zai cai wu zhi biao fang mian, fan ying zai zong zhai wu zi ben hua lv duan qi zhai wu you xi zhai wu 14 nian lai gao zeng zhang lv de fu xi zhai wu yi ji di zhi shu de xian jin zi chan duan qi zhai wu zheng quan. tong shi, xian zhi xing zi chan bi li gao, yin hang xin dai e du di, yi wei zhe zai rong zi kong jian fei chang you xian. 3 fu mian shi jian jiu chan zhe zhu ti. dang tou zi zhe de zong ti feng xian pian hao jiao di shi, shi chang wang wang hui fang da fa xing ren fu mian shi jian de ying xiang. bu liang shi jian, ru yu qi zhai wu zi chan dong jie fei biao zhun wu bao liu yi jian de shen ji bao gao gong si gao ceng de fan zui xian yi zheng jian hui de diao cha he gu quan zhi ya guan bi feng xian deng, wang wang bu shi gong si zhai quan wei yue de gen ben yuan yin, dan ta men ju you hui se guan lian xing. ying xiang qi ye zai rong zi de yin su, cheng wei qi ye de zhong zhong zhi zhong. zui hou yi gen dao cao. zhu yi bao kuo cheng shi tou zi zai nei de di fang guo you qi ye de fei biao zhun wei yue he si ren zhai wu wei yue. fen xi di fang guo you qi ye de wei yue feng xian, chu le kao lv qi ye de ji ben yin su wai, hai ying jiang zheng fu zhi chi yin su na ru fen xi kuang jia. yi fang mian, zhong yao de di fang guo you qi ye wei di fang ji chu she shi chan ye fa zhan he zheng fu shui shou zuo chu le ju da de gong xian ling yi fang mian, ru guo di fang zhong yao de di fang guo you qi ye wei yue, you qi shi gong gong zhai wu wei yue, jiang dui di fang ji chu she shi jian she chan ye fa zhan he zheng fu shui shou chan sheng jiao da de ying xiang. di fang qi ye shen zhi di fang zheng fu zai rong zi. yin ci, 17 nian he 18 nian jian, sui ran di fang guo you qi ye de zhai wu yu e he wei yue zhai quan de bi li xian zhu xia jiang, dan cong li shi shu ju kan, di fang guo you qi ye de si mu gu quan zhai quan zai wei yue zhai quan yu e zhong suo zhan bi li chao guo 60, ye jiu shi shuo, di fang guo you qi ye si mu gu quan zhai quan de wei yue feng xian bu rong hu shi. jiu gong ye zhai quan er yan, 2019 nian dao qi jin ru shou hui qi de gong zhai zhong, min ying qi ye fa xing de gong ye zhai quan zhong, jian zhu zhuang shi lei zhan 96. 12, fang di chan lei zhan 76. 14, xiu xian lei zhan 68. 89, nong lin lei zhan 68. 89. xu mu ye yu yu ye 52. 91. qi ci, fang zhi fu zhuang tong xin fei yin hang jin rong deng di fang guo you qi ye de si ren zhai wu bi li ye chao guo 40. ci wai, 2019 nian kuang ye zong he fang di chan jiao tong gang tie deng di fang guo you qi ye de gong ye zhai quan zong dao qi ri he hui bao qi gui mo jun chao guo 1000 yi yuan, qi zhong si mu gu quan bi li fen bie wei 22. 63 36. 01 76. 14 21. 22. Nd 35. 46. ren men dui cheng shi tou zi zhai quan reng bao you" xin nian", dan zai yi xie sheng fen, dang yin xing zhai wu gui mo da 2019 nian ben xi chang huan ya li da shi, fei jing biao cheng shi tou zi zhai quan he si mu gu quan zhai quan wei yue de feng xian jiang jin yi bu bao lu. gui zhou 79. 45 hu nan 71. 51 liao ning 70. 96 he nan 67. 23 he hei long jiang 67. 11 fen bie zhan 2019 nian dao qi he shou hui de zhai quan de 60 yi shang, si chuan jiang su chong qing he zhe jiang fen bie zhan dao qi zhai quan tou zi de 50 yi shang. min ying fa xing cheng shi: tian jin hu nan 71. 51 liao ning 70. 96 he nan 67. 23 he hei long jiang 67. 11. shan dong guang xi gan su he shan xi zhan zong shu de 40 yi shang. qi zhong, jiang su zhe jiang tian jin he chong qing de zong dao qi ri jun chao guo 900 yi yuan, hu nan chao guo 800 yi yuan, he nan shan xi he si chuan chao guo 600 yi yuan. cong chang zhai ya li lai kan, hu nan sheng 2019 nian de chang zhai ya li zui da. 19 nian lai, chang zhai zong e zong he cai zheng zi yuan guang yi gang xing zhi chu chao guo 90, qi ci shi tian jin yun nan, chao guo 70, shan xi jiang su liao ning jun chao guo 60, si chuan gui zhou chong qing jun chao guo 50. feng xian ti shi: xin yong feng xian chao guo yu qi: ru guo xin yong feng xian chao guo yu qi, wei yue he zhong da fu mian shi jian jiang xian zhu zeng jia. mian ze sheng ming: you mei ti he cheng de nei rong lai zi mei ti, ban quan shu yu yuan zuo zhe. qing yu yuan zuo zhe lian xi, qu de fu zhi xu ke. wen zhang de guan dian zhi dai biao zuo zhe ben ren, er bu shi Sina de li chang. ru guo nei rong she ji tou zi jian yi, jin gong can kao, bu zuo wei tou zi de yi ju. tou zi shi you feng xian de, suo yi wo men zai jin ru shi chang shi xu yao jin shen. ze ren bian ji: niu peng fei

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山东省第一批超限检测点宣布全省共设立170个超限检测点。

    近日,省交通运输厅公布全省第一延安东路588号_高鹰生殖中心批超限检测点,全省共设置超限检测点170个。

&nbsol通勤什么意思_高鹰生殖中心p;&ak48成员下海_高鹰生殖中心nbsp;   赛尔号陨石宝箱_高鹰生殖中心 设置超限检测点是落实国家关于鬼屋找东西游戏_高鹰生殖中心推进治超常态化制度化要求的美国将伊朗革命卫队列为恐怖组织_高鹰生殖中心重要措施,通过优化布局和站点功能,我省将建成布局合理、结构优化、互相衔接、控制严密的干线公路综合治超网络,实现对重点货源地、重要出口路、主要路网通道的有效管控,6月底完成正常使用超限检测站的引导设施建设,年内确保能够投入正常使用。超限监测站引导设施同步投入使用。

     原标题:山东首批超限检测点公布 全省共设置超限检测点170个

     值班主任:田艳敏

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