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金冠贵宾会登录网址·娱乐

金冠贵宾会登录网址

【导读】近日,金冠贵宾会登录网址【<】【s】【p】【a】【n】【 】【s】【t】【y】【l】【e】【=】【"】【f】【o】【n】【t】【-】【s】【i】【z】【e】【:】【 】【1】【6】【p】【x】【;】【"】【>】【<】【s】【p】【a】【n】【 】【s】【t】【y】【l】【e】【=】【"】【f】【o】【n】【t】【-】【f】【a】【m】【i】【l】【y】【:】【 】【宋】【体】【;】【"】【>】【 】【 】【高】【精】【度】【地】【图】【的】【获】【取】【很】【大】【程】【度】【依】【靠】【激】【光】【雷】【达】【以】【及】【摄】【像】【头】【。】【咱】【们】【获】【取】【高】【精】【度】【地】【图】【后】【,】【联】【系】【 】【G】【P】【S】【 】【和】【 】【I】【M】【U】【、】【编】【码】【器】【、】【实】【时】【感】【知】【环】【境】【的】【特】【征】【,】【进】【行】【地】【图】【匹】【配】【进】【行】【定】【位】【。】【关】【于】【途】【径】【方】【案】【和】【运】【动】【操】【控】【,】【终】【究】【是】【联】【系】【车】【辆】【的】【 】【C】【A】【N】【 】【总】【线】【,】【对】【车】【进】【行】【操】【控】【。】【<】【/】【s】【p】【a】【n】【>】【<】【/】【s】【p】【a】【n】【>】【<】【p】【>】【 】【 】【在】【A】【I】【发】【作】【之】【前】【咱】【们】【就】【有】【机】【器】【人】【了】【,】【但】【这】【么】【的】【机】【器】【人】【和】【将】【来】【A】【I】【呈】【现】【后】【要】【呈】【现】【的】【机】【器】【人】【的】【区】【别】【就】【在】【于】【认】【知】【才】【能】【,】【本】【来】【在】【A】【I】【呈】【现】【之】【前】【,】【它】【感】【知】【(】【搜】【集】【信】【息】【)】【回】【来】【后】【的】【认】【知】【和】【决】【议】【计】【划】【是】【由】【程】【序】【员】【界】【说】【的】【,】【既】【然】【是】【程】【序】【员】【界】【说】【,】【咱】【们】【说】【这】【么】【的】【机】【器】【人】【是】【自】【动】【化】【等】【级】【的】【机】【器】【人】【。】【<】【/】【p】【>】

金冠贵宾会登录网址

20200219,金冠贵宾会登录网址登上热搜,20200219,【<】【b】【r】【 】【/】【>】【加】【大】【对】【一】【般】【农】【业】【从】【业】【者】【和】【广】【阔】【消】【费】【者】【的】【宣】【扬】【教】【育】【,】【进】【步】【食】【物】【安】【全】【责】【任】【认】【识】【和】【维】【权】【认】【识】【。】【有】【关】【功】【用】【部】【门】【能】【够】【经】【过】【举】【行】【训】【练】【班】【、】【安】【排】【送】【法】【下】【乡】【、】【发】【放】【宣】【扬】【材】【料】【等】【方】【法】【进】【行】【撒】【网】【式】【的】【广】【泛】【宣】【扬】【。】【关】【于】【特】【定】【的】【农】【业】【从】【业】【者】【则】【展】【开】【一】【些】【对】【比】【有】【针】【对】【性】【的】【办】【理】【方】【法】【,】【比】【方】【关】【于】【农】【业】【流】【转】【领】【域】【内】【的】【办】【理】【者】【要】【加】【强】【出】【产】【办】【理】【系】【统】【技】【能】【的】【训】【练】【,】【进】【步】【办】【理】【者】【的】【质】【量】【安】【全】【认】【识】【;】【关】【于】【农】【人】【、】【农】【业】【公】【司】【、】【合】【作】【社】【等】【要】【正】【确】【引】【导】【,】【尽】【力】【处】【理】【现】【在】【制】【约】【食】【用】【农】【商】【质】【量】【量】【安】【全】【监】【管】【方】【面】【的】【要】【点】【疑】【问】【。】【&】【e】【m】【s】【p】【;】【&】【e】【m】【s】【p】【;】【<】【b】【r】【 】【/】【>】

金冠贵宾会登录网址

【<】【t】【d】【 】【v】【a】【l】【i】【g】【n】【=】【"】【t】【o】【p】【"】【 】【w】【i】【d】【t】【h】【=】【"】【5】【4】【"】【 】【s】【t】【y】【l】【e】【=】【"】【b】【o】【r】【d】【e】【r】【-】【b】【o】【t】【t】【o】【m】【:】【 】【b】【l】【a】【c】【k】【 】【1】【p】【t】【 】【s】【o】【l】【i】【d】【;】【 】【b】【o】【r】【d】【e】【r】【-】【l】【e】【f】【t】【:】【 】【#】【f】【0】【f】【0】【f】【0】【;】【 】【p】【a】【d】【d】【i】【n】【g】【-】【b】【o】【t】【t】【o】【m】【:】【 】【0】【c】【m】【;】【 】【b】【a】【c】【k】【g】【r】【o】【u】【n】【d】【-】【c】【o】【l】【o】【r】【:】【 】【t】【r】【a】【n】【s】【p】【a】【r】【e】【n】【t】【;】【 】【p】【a】【d】【d】【i】【n】【g】【-】【l】【e】【f】【t】【:】【 】【5】【.】【4】【p】【t】【;】【 】【w】【i】【d】【t】【h】【:】【 】【4】【0】【.】【4】【p】【t】【;】【 】【p】【a】【d】【d】【i】【n】【g】【-】【r】【i】【g】【h】【t】【:】【 】【5】【.】【4】【p】【t】【;】【 】【h】【e】【i】【g】【h】【t】【:】【 】【1】【4】【.】【2】【5】【p】【t】【;】【 】【b】【o】【r】【d】【e】【r】【-】【t】【o】【p】【:】【 】【#】【f】【0】【f】【0】【f】【0】【;】【 】【b】【o】【r】【d】【e】【r】【-】【r】【i】【g】【h】【t】【:】【 】【b】【l】【a】【c】【k】【 】【1】【p】【t】【 】【s】【o】【l】【i】【d】【;】【 】【p】【a】【d】【d】【i】【n】【g】【-】【t】【o】【p】【:】【 】【0】【c】【m】【;】【 】【m】【s】【o】【-】【b】【o】【r】【d】【e】【r】【-】【b】【o】【t】【t】【o】【m】【-】【a】【l】【t】【:】【 】【s】【o】【l】【i】【d】【 】【b】【l】【a】【c】【k】【 】【.】【5】【p】【t】【;】【 】【m】【s】【o】【-】【b】【o】【r】【d】【e】【r】【-】【r】【i】【g】【h】【t】【-】【a】【l】【t】【:】【 】【s】【o】【l】【i】【d】【 】【b】【l】【a】【c】【k】【 】【.】【5】【p】【t】【"】【>】【<】【i】【m】【g】【 】【i】【d】【=】【"】【1】【1】【6】【3】【1】【3】【9】【2】【"】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【1】【8】【/】【2】【0】【1】【7】【0】【7】【1】【8】【1】【4】【1】【5】【3】【3】【k】【l】【f】【2】【1】【l】【d】【n】【c】【t】【2】【1】【0】【6】【2】【.】【j】【p】【g】【"】【 】【/】【>】【<】【/】【p】【>】【<】【t】【r】【>】

【<】【/】【t】【r】【>】【助】【力】【类】【型】【<】【/】【t】【d】【>】

粉丝要金钟大退队

金冠贵宾会登录网址到底是什么情况?

【<】【p】【 】【a】【l】【i】【g】【n】【=】【"】【c】【e】【n】【t】【e】【r】【"】【>】【<】【i】【m】【g】【 】【a】【l】【t】【=】【"】【为】【难】【!】【乐】【视】【手】【机】【送】【售】【后】【去】【修】【 】【完】【全】【“】【失】【联】【”】【了】【"】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【6】【5】【5】【5】【7】【k】【j】【5】【1】【p】【p】【b】【4】【5】【4】【h】【2】【1】【0】【5】【.】【j】【p】【g】【"】【 】【s】【t】【y】【l】【e】【=】【"】【b】【o】【r】【d】【e】【r】【-】【b】【o】【t】【t】【o】【m】【:】【 】【b】【l】【a】【c】【k】【 】【1】【p】【x】【 】【s】【o】【l】【i】【d】【;】【 】【b】【o】【r】【d】【e】【r】【-】【l】【e】【f】【t】【:】【 】【b】【l】【a】【c】【k】【 】【1】【p】【x】【 】【s】【o】【l】【i】【d】【;】【 】【b】【o】【r】【d】【e】【r】【-】【t】【o】【p】【:】【 】【b】【l】【a】【c】【k】【 】【1】【p】【x】【 】【s】【o】【l】【i】【d】【;】【 】【b】【o】【r】【d】【e】【r】【-】【r】【i】【g】【h】【t】【:】【 】【b】【l】【a】【c】【k】【 】【1】【p】【x】【 】【s】【o】【l】【i】【*】【*】【*】【*】【*】【*】【*】【*】【*】【*】【*】【*】【 】【a】【l】【i】【g】【n】【=】【"】【c】【e】【n】【t】【e】【r】【"】【>】【<】【i】【m】【g】【 】【a】【l】【t】【=】【"】【为】【难】【!】【乐】【视】【手】【机】【送】【售】【后】【去】【修】【 】【完】【全】【“】【失】【联】【”】【了】【"】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【6】【5】【6】【0】【3】【g】【b】【q】【c】【u】【x】【e】【v】【n】【1】【b】【2】【1】【1】【4】【.】【j】【p】【g】【"】【 】【s】【t】【y】【l】【e】【=】【"】【b】【o】【r】【d】【e】【r】【-】【b】【o】【t】【t】【o】【m】【:】【 】【b】【l】【a】【c】【k】【 】【1】【p】【x】【 】【s】【o】【l】【i】【d】【;】【 】【b】【o】【r】【d】【e】【r】【-】【l】【e】【f】【t】【:】【 】【b】【l】【a】【c】【k】【 】【1】【p】【x】【 】【s】【o】【l】【i】【d】【;】【 】【b】【o】【r】【d】【e】【r】【-】【t】【o】【p】【:】【 】【b】【l】【a】【c】【k】【 】【1】【p】【x】【 】【s】【o】【l】【i】【d】【;】【 】【b】【o】【r】【d】【e】【r】【-】【r】【i】【g】【h】【t】【:】【 】【b】【l】【a】【c】【k】【 】【1】【p】【x】【 】【s】【o】【l】【i】【*】【*】【*】【*】【*】【*】【*】【*】【*】【*】【*】【*】【 】【a】【l】【i】【g】【n】【=】【"】【c】【e】【n】【t】【e】【r】【"】【>】【<】【i】【m】【g】【 】【a】【l】【t】【=】【"】【为】【难】【!】【乐】【视】【手】【机】【送】【售】【后】【去】【修】【 】【完】【全】【“】【失】【联】【”】【了】【"】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【6】【5】【6】【1】【3】【y】【1】【3】【4】【2】【g】【m】【z】【2】【j】【v】【2】【1】【2】【6】【.】【j】【p】【g】【"】【 】【s】【t】【y】【l】【e】【=】【"】【b】【o】【r】【d】【e】【r】【-】【b】【o】【t】【t】【o】【m】【:】【 】【b】【l】【a】【c】【k】【 】【1】【p】【x】【 】【s】【o】【l】【i】【d】【;】【 】【b】【o】【r】【d】【e】【r】【-】【l】【e】【f】【t】【:】【 】【b】【l】【a】【c】【k】【 】【1】【p】【x】【 】【s】【o】【l】【i】【d】【;】【 】【b】【o】【r】【d】【e】【r】【-】【t】【o】【p】【:】【 】【b】【l】【a】【c】【k】【 】【1】【p】【x】【 】【s】【o】【l】【i】【d】【;】【 】【b】【o】【r】【d】【e】【r】【-】【r】【i】【g】【h】【t】【:】【 】【b】【l】【a】【c】【k】【 】【1】【p】【x】【 】【s】【o】【l】【i】【d】【"】【 】【/】【>】【<】【/】【p】【>】【<】【p】【 】【s】【t】【y】【l】【e】【=】【"】【t】【e】【x】【t】【-】【i】【n】【d】【e】【n】【t】【:】【 】【2】【8】【p】【x】【;】【"】【>】【&】【l】【d】【q】【u】【o】【;】【一】【走】【进】【宅】【院】【里】【,】【这】【心】【就】【跟】【着】【静】【下】【来】【了】【。】【&】【r】【d】【q】【u】【o】【;】【新】【城】【璞】【樾】【钟】【山】【的】【一】【位】【高】【校】【教】【授】【业】【主】【提】【到】【,】【他】【在】【城】【东】【生】【活】【多】【年】【,】【对】【这】【儿】【的】【树】【、】【这】【儿】【的】【路】【十】【分】【有】【豪】【情】【。】【有】【树】【影】【映】【衬】【的】【宅】【院】【,】【带】【给】【你】【精】【力】【上】【的】【静】【寂】【感】【,】【哪】【怕】【城】【市】【的】【节】【奏】【很】【快】【,】【哪】【怕】【身】【处】【闹】【市】【,】【只】【需】【走】【进】【这】【方】【宅】【院】【,】【就】【具】【有】【与】【喧】【嚣】【间】【隔】【的】【安】【静】【。】【<】【/】【p】【>】【<】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【i】【m】【g】【 】【c】【l】【a】【s】【s】【=】【"】【"】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【6】【5】【9】【5】【5】【f】【n】【y】【i】【a】【c】【3】【j】【g】【2】【i】【2】【3】【6】【1】【.】【j】【p】【g】【"】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【 】【 】【<】【i】【m】【g】【 】【c】【l】【a】【s】【s】【=】【"】【"】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【6】【5】【9】【5】【6】【w】【i】【s】【w】【e】【r】【a】【l】【z】【5】【l】【2】【3】【6】【5】【.】【j】【p】【g】【"】【>】【 】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【<】【p】【>】【一】【位】【闻】【名】【商】【人】【说】【过】【:】【“】【清】【华】【、】【北】【大】【,】【不】【如】【胆】【子】【大】【。】【”】【假】【如】【从】【字】【面】【了】【解】【,】【年】【轻】【人】【简】【略】【被】【误】【导】【,】【以】【为】【胆】【子】【大】【即】【是】【憨】【斗】【胆】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【<】【s】【p】【a】【n】【>】【胆】【子】【大】【的】【人】【许】【多】【,】【公】【司】【家】【很】【少】【。】【没】【有】【人】【能】【马】【马】【虎】【虎】【成】【功】【。】【<】【/】【s】【p】【a】【n】【>】【胆】【子】【大】【的】【背】【面】【是】【一】【整】【套】【商】【业】【逻】【辑】【。】【特】【别】【是】【房】【地】【产】【职】【业】【,】【许】【多】【人】【说】【,】【多】【借】【一】【点】【钱】【,】【即】【是】【国】【际】【5】【0】【0】【强】【。】【这】【肯】【定】【是】【一】【个】【冷】【笑】【话】【。】【借】【钱】【不】【等】【于】【国】【际】【5】【0】【0】【强】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【所】【以】【,】【经】【过】【解】【读】【国】【际】【5】【0】【0】【强】【—】【恒】【大】【、】【万】【科】【和】【碧】【桂】【园】【,】【咱】【们】【一】【同】【复】【原】【本】【相】【。】【<】【/】【p】【>】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【 】【 】【 】【<】【p】【>】【6】【<】【/】【p】【>】【 】【 】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【 】【 】【 】【<】【p】【>】【两】【个】【疑】【问】【和】【三】【个】【方】【式】【<】【/】【p】【>】【 】【 】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【<】【p】【>】【<】【s】【p】【a】【n】【>】【第】【一】【个】【疑】【问】【:】【董】【事】【长】【的】【任】【务】【是】【啥】【?】【<】【/】【s】【p】【a】【n】【>】【<】【b】【r】【>】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【标】【准】【答】【案】【:】【<】【s】【p】【a】【n】【>】【为】【股】【东】【发】【明】【报】【答】【,】【进】【步】【净】【财】【物】【报】【答】【率】【(】【R】【O】【E】【)】【。】【<】【/】【s】【p】【a】【n】【>】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【第】【二】【个】【疑】【问】【:】【如】【何】【完】【结】【任】【务】【?】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【标】【准】【答】【案】【:】【<】【s】【p】【a】【n】【>】【R】【O】【E】【=】【净】【赢】【利】【/】【股】【东】【权】【益】【=】【(】【净】【赢】【利】【/】【出】【售】【收】【入】【)】【×】【(】【出】【售】【收】【入】【/】【总】【财】【物】【)】【×】【(】【总】【财】【物】【/】【股】【东】【权】【益】【)】【=】【出】【售】【赢】【利】【率】【×】【财】【物】【周】【转】【率】【×】【财】【政】【杠】【杆】【比】【率】【。】【<】【/】【s】【p】【a】【n】【>】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【把】【R】【O】【E】【公】【式】【翻】【译】【,】【即】【是】【三】【个】【办】【法】【:】【<】【s】【p】【a】【n】【>】【1】【.】【 】【进】【步】【出】【售】【赢】【利】【率】【;】【2】【.】【加】【速】【财】【物】【周】【转】【率】【;】【3】【.】【添】【加】【财】【政】【杠】【杆】【比】【率】【。】【<】【/】【s】【p】【a】【n】【>】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【办】【法】【一】【俗】【称】【<】【s】【p】【a】【n】【>】【“】【微】【软】【方】【式】【<】【/】【s】【p】【a】【n】【>】【”】【。】【打】【个】【比】【方】【:】【微】【软】【的】【软】【件】【,】【本】【钱】【是】【5】【元】【钱】【,】【可】【以】【卖】【到】【1】【0】【0】【0】【元】【钱】【,】【赢】【利】【率】【惊】【人】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【办】【法】【二】【俗】【称】【<】【s】【p】【a】【n】【>】【“】【沃】【尔】【玛】【方】【式】【<】【/】【s】【p】【a】【n】【>】【”】【,】【加】【速】【周】【转】【,】【薄】【利】【多】【销】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【办】【法】【三】【俗】【称】【<】【s】【p】【a】【n】【>】【“】【华】【尔】【街】【方】【式】【”】【<】【/】【s】【p】【a】【n】【>】【,】【扩】【大】【财】【政】【杠】【杆】【,】【进】【步】【赢】【利】【率】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【“】【胆】【子】【大】【”】【,】【通】【常】【是】【指】【“】【华】【尔】【街】【方】【式】【”】【。】【实】【际】【上】【,】【即】【便】【是】【“】【华】【尔】【街】【方】【式】【”】【,】【也】【要】【有】【本】【钱】【禀】【赋】【,】【有】【捉】【住】【机】【会】【的】【才】【能】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【关】【于】【华】【尔】【街】【方】【式】【,】【咱】【们】【来】【举】【个】【比】【方】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【2】【0】【0】【9】【年】【,】【中】【欧】【商】【学】【院】【会】【计】【系】【教】【授】【丁】【远】【做】【过】【核】【算】【:】【2】【0】【0】【1】【年】【头】【,】【万】【科】【市】【值】【8】【8】【亿】【,】【8】【年】【后】【市】【值】【1】【2】【0】【0】【亿】【。】【1】【0】【年】【不】【到】【,】【市】【值】【添】【加】【1】【0】【倍】【以】【上】【,】【超】【越】【其】【时】【美】【国】【四】【大】【地】【产】【公】【司】【之】【和】【。】【定】【论】【让】【人】【震】【动】【。】【商】【场】【的】【疯】【狂】【?】【仍】【是】【万】【科】【本】【身】【的】【生】【长】【?】【或】【是】【本】【钱】【商】【场】【估】【值】【水】【平】【的】【进】【步】【?】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【咱】【们】【知】【道】【,】【<】【s】【t】【r】【o】【n】【g】【>】【市】【值】【由】【公】【司】【的】【净】【财】【物】【和】【市】【净】【率】【构】【成】【。】【净】【财】【物】【又】【是】【由】【股】【本】【扩】【大】【和】【盈】【余】【累】【积】【两】【个】【要】【素】【推】【进】【。】【<】【/】【s】【t】【r】【o】【n】【g】【>】【丁】【远】【教】【授】【经】【过】【财】【报】【剖】【析】【发】【现】【,】【从】【2】【0】【0】【1】【年】【到】【2】【0】【0】【7】【年】【,】【万】【科】【的】【市】【净】【率】【从】【3】【.】【0】【7】【上】【涨】【到】【7】【.】【9】【5】【,】【只】【是】【添】【加】【1】【.】【5】【9】【倍】【。】【也】【即】【是】【说】【,】【并】【非】【商】【场】【疯】【狂】【,】【也】【不】【是】【本】【钱】【商】【场】【估】【值】【水】【平】【的】【进】【步】【。】【究】【竟】【是】【啥】【构】【成】【万】【科】【市】【值】【提】【高】【呢】【?】【对】【照】【公】【式】【,】【只】【剩】【下】【净】【财】【物】【这】【一】【项】【了】【。】【咱】【们】【接】【着】【往】【下】【看】【,】【2】【0】【0】【1】【年】【,】【万】【科】【净】【财】【物】【约】【2】【8】【亿】【元】【,】【到】【2】【0】【0】【7】【年】【第】【三】【季】【度】【末】【,】【净】【财】【物】【添】【加】【到】【2】【6】【1】【亿】【元】【,】【添】【加】【了】【8】【倍】【多】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【答】【案】【总】【算】【找】【到】【了】【—】【万】【科】【市】【值】【巨】【幅】【添】【加】【的】【推】【手】【不】【是】【高】【P】【E】【,】【而】【是】【净】【财】【物】【。】【疑】【问】【又】【来】【了】【,】【万】【科】【的】【净】【资】【来】【是】【天】【上】【掉】【下】【来】【的】【,】【仍】【是】【自】【个】【土】【里】【刨】【食】【赚】【来】【的】【?】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【咱】【们】【来】【进】【一】【步】【剖】【析】【万】【科】【净】【财】【物】【的】【构】【成】【和】【改】【变】【。】【从】【2】【0】【0】【1】【年】【头】【到】【2】【0】【0】【7】【年】【第】【三】【季】【度】【,】【万】【科】【总】【共】【增】【发】【两】【次】【,】【征】【集】【资】【金】【1】【4】【1】【亿】【元】【,】【加】【上】【可】【转】【债】【转】【股】【约】【3】【8】【亿】【元】【,】【股】【本】【扩】【大】【累】【计】【约】【1】【7】【9】【亿】【元】【,】【占】【净】【财】【物】【添】【加】【额】【的】【7】【7】【%】【;】【而】【同】【期】【公】【司】【盈】【余】【累】【积】【约】【5】【7】【亿】【元】【,】【仅】【占】【净】【财】【物】【添】【加】【额】【的】【2】【4】【%】【。】【也】【即】【是】【说】【,】【万】【科】【做】【大】【并】【不】【仅】【靠】【盈】【余】【才】【能】【,】【真】【实】【的】【隐】【秘】【武】【器】【是】【本】【钱】【运】【作】【才】【能】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【也】【恰】【是】【这】【段】【时】【刻】【,】【万】【科】【一】【骑】【绝】【尘】【,】【跨】【进】【千】【亿】【出】【售】【额】【大】【关】【。】【反】【观】【同】【行】【,】【多】【是】【微】【软】【方】【式】【,】【1】【0】【多】【年】【前】【,】【万】【科】【就】【并】【用】【两】【种】【方】【式】【—】【沃】【尔】【玛】【方】【式】【+】【华】【尔】【街】【方】【式】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【两】【个】【疑】【问】【和】【三】【个】【方】【式】【,】【合】【了】【解】【说】【了】【杠】【杆】【1】【.】【0】【年】【代】【,】【房】【地】【产】【公】【司】【敏】【捷】【做】【大】【的】【隐】【秘】【:】【<】【s】【p】【a】【n】【>】【捉】【住】【本】【钱】【商】【场】【融】【资】【商】【场】【窗】【口】【,】【借】【股】【东】【的】【钱】【,】【扩】【大】【杠】【杆】【融】【资】【,】【做】【大】【财】【物】【负】【债】【表】【。】【<】【/】【s】【p】【a】【n】【>】【<】【/】【p】【>】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【 】【 】【 】【<】【p】【>】【7】【<】【/】【p】【>】【 】【 】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【 】【 】【 】【<】【p】【>】【做】【大】【规】【划】【,】【负】【债】【为】【何】【能】【降】【?】【<】【/】【p】【>】【 】【 】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【<】【p】【>】【<】【s】【p】【a】【n】【>】【2】【0】【1】【0】【年】【之】【前】【,】【走】【运】【如】【万】【科】【者】【,】【用】【足】【杠】【杆】【,】【规】【划】【化】【展】【开】【,】【一】【起】【坚】【持】【不】【高】【的】【负】【债】【率】【,】【仅】【此】【一】【家】【。】【<】【/】【s】【p】【a】【n】【>】【<】【b】【r】【>】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【但】【到】【了】【2】【0】【1】【6】【年】【,】【古】【怪】【的】【景】【象】【再】【次】【发】【生】【—】【—】【恒】【大】【、】【碧】【桂】【园】【一】【起】【挤】【进】【3】【0】【0】【0】【亿】【规】【划】【,】【负】【债】【并】【不】【高】【。】【特】【别】【是】【恒】【大】【,】【一】【起】【也】【创】【造】【了】【史】【上】【最】【强】【财】【物】【负】【债】【表】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【来】【看】【一】【组】【数】【据】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【2】【0】【1】【6】【年】【,】【万】【科】【、】【恒】【大】【、】【碧】【桂】【园】【的】【净】【负】【债】【率】【别】【离】【达】【2】【5】【.】【9】【%】【、】【1】【1】【9】【.】【8】【%】【和】【4】【8】【.】【7】【%】【,】【较】【2】【0】【1】【5】【年】【提】【高】【6】【.】【6】【、】【2】【6】【.】【4】【和】【1】【.】【8】【个】【百】【分】【点】【。】【短】【期】【资】【金】【压】【力】【方】【面】【,】【万】【科】【、】【恒】【大】【、】【碧】【桂】【园】【短】【期】【告】【贷】【及】【一】【年】【内】【到】【期】【非】【活】【动】【负】【债】【占】【货】【币】【资】【金】【别】【离】【到】【达】【4】【9】【.】【8】【%】【、】【6】【6】【.】【7】【%】【和】【4】【0】【.】【1】【%】【,】【别】【离】【较】【2】【0】【1】【5】【年】【改】【进】【0】【.】【3】【、】【3】【0】【.】【1】【和】【7】【.】【5】【个】【百】【分】【点】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【恒】【大】【的】【净】【负】【债】【率】【添】【加】【,】【源】【自】【其】【史】【上】【最】【大】【规】【划】【的】【扩】【大】【。】【可】【是】【,】【恒】【大】【的】【资】【金】【链】【并】【不】【严】【重】【。】【<】【s】【p】【a】【n】【>】【在】【这】【三】【家】【龙】【头】【房】【企】【中】【,】【它】【的】【现】【金】【余】【额】【最】【殷】【实】【。】【<】【/】【s】【p】【a】【n】【>】【财】【报】【显】【现】【,】【2】【0】【1】【6】【年】【底】【,】【恒】【大】【账】【面】【现】【金】【是】【3】【0】【4】【3】【亿】【,】【万】【科】【仅】【有】【8】【7】【0】【.】【3】【亿】【,】【碧】【桂】【园】【是】【9】【6】【4】【.】【9】【亿】【。】【还】【有】【一】【个】【目】【标】【可】【以】【衡】【量】【房】【企】【的】【安】【全】【,】【即】【是】【—】【—】【货】【币】【资】【金】【/】【总】【财】【物】【。】【比】【率】【越】【高】【,】【房】【企】【越】【安】【全】【。】【到】【了】【2】【0】【1】【6】【年】【底】【,】【恒】【大】【是】【2】【2】【.】【5】【%】【,】【万】【科】【是】【1】【0】【.】【5】【%】【,】【碧】【桂】【园】【是】【1】【6】【.】【3】【%】【。】【<】【/】【p】【>】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【i】【m】【g】【 】【c】【l】【a】【s】【s】【=】【"】【"】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【6】【5】【9】【5】【6】【g】【0】【a】【w】【e】【w】【i】【w】【y】【e】【4】【2】【3】【7】【0】【.】【j】【p】【g】【"】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【<】【p】【 】【s】【t】【y】【l】【e】【=】【"】【t】【e】【x】【t】【-】【a】【l】【i】【g】【n】【:】【 】【r】【i】【g】【h】【t】【;】【 】【w】【h】【i】【t】【e】【-】【s】【p】【a】【c】【e】【:】【 】【n】【o】【r】【m】【a】【l】【;】【 】【m】【a】【r】【g】【i】【n】【:】【 】【0】【p】【x】【;】【 】【p】【a】【d】【d】【i】【n】【g】【:】【 】【0】【p】【x】【;】【 】【b】【o】【x】【-】【s】【i】【z】【i】【n】【g】【:】【 】【b】【o】【r】【d】【e】【r】【-】【b】【o】【x】【;】【"】【>】【▲】【<】【s】【p】【a】【n】【>】【恒】【大】【的】【货】【币】【资】【金】【规】【划】【及】【占】【总】【财】【物】【规】【划】【比】【重】【<】【/】【s】【p】【a】【n】【>】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【这】【是】【房】【企】【近】【1】【0】【年】【来】【最】【大】【的】【奇】【观】【,】【<】【s】【p】【a】【n】【>】【用】【足】【杠】【杆】【、】【继】【续】【扩】【大】【一】【起】【,】【负】【债】【继】【续】【下】【降】【<】【/】【s】【p】【a】【n】【>】【。】【升】【降】【的】【背】【面】【,】【究】【竟】【有】【啥】【隐】【秘】【?】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【特】【别】【是】【恒】【大】【,】【进】【入】【2】【0】【1】【7】【年】【后】【,】【负】【债】【率】【继】【续】【下】【降】【。】【本】【年】【3】【月】【份】【,】【成】【功】【发】【行】【三】【笔】【算】【计】【2】【5】【亿】【美】【元】【的】【优】【先】【收】【据】【,】【将】【短】【期】【债】【置】【换】【生】【长】【时】【刻】【债】【。】【近】【来】【又】【发】【行】【了】【一】【笔】【7】【年】【期】【的】【1】【0】【亿】【美】【元】【收】【据】【,】【利】【息】【比】【之】【前】【下】【降】【了】【2】【.】【5】【个】【百】【分】【点】【。】【同】【步】【的】【动】【作】【还】【有】【,】【引】【进】【战】【略】【投】【资】【者】【,】【累】【计】【规】【划】【7】【0】【0】【亿】【。】【在】【此】【之】【前】【,】【商】【场】【以】【为】【战】【投】【规】【划】【是】【4】【5】【0】【亿】【。】【战】【投】【的】【引】【进】【,】【不】【只】【是】【能】【为】【恒】【大】【接】【下】【来】【的】【展】【开】【,】【供】【给】【更】【多】【现】【金】【炮】【弹】【,】【还】【同】【步】【优】【化】【它】【的】【本】【钱】【构】【造】【。】【简】【略】【地】【测】【算】【,】【引】【进】【战】【投】【后】【,】【恒】【大】【的】【净】【负】【债】【率】【降】【至】【6】【1】【.】【2】【%】【,】【这】【是】【一】【个】【十】【分】【抱】【负】【和】【安】【全】【的】【负】【债】【水】【平】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【<】【s】【t】【r】【o】【n】【g】【>】【最】【外】【表】【的】【因】【素】【是】【,】【用】【足】【融】【资】【途】【径】【和】【本】【钱】【商】【场】【。】【<】【/】【s】【t】【r】【o】【n】【g】【>】【从】【2】【0】【1】【4】【年】【,】【封】【闭】【多】【年】【的】【房】【企】【融】【资】【途】【径】【开】【闸】【。】【对】【比】【三】【家】【的】【融】【本】【钱】【钱】【和】【规】【划】【,】【恒】【大】【用】【得】【最】【为】【充】【沛】【,】【先】【后】【发】【行】【4】【0】【0】【亿】【公】【司】【债】【,】【碧】【桂】【园】【约】【在】【2】【0】【0】【亿】【,】【万】【科】【1】【2】【8】【亿】【(】【5】【0】【亿】【公】【司】【债】【和】【7】【8】【亿】【中】【期】【收】【据】【)】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【所】【以】【,】【在】【三】【家】【财】【物】【负】【债】【表】【的】【负】【债】【构】【造】【中】【,】【公】【司】【债】【和】【收】【据】【的】【占】【比】【在】【上】【升】【,】【高】【本】【钱】【的】【信】【任】【及】【别】【的】【告】【贷】【在】【下】【降】【。】【这】【是】【异】【于】【职】【业】【的】【信】【号】【—】【—】【<】【s】【t】【r】【o】【n】【g】【>】【银】【行】【对】【巨】【子】【的】【情】【绪】【更】【友】【爱】【,】【融】【本】【钱】【钱】【越】【来】【越】【低】【。】【<】【/】【s】【t】【r】【o】【n】【g】【>】【<】【/】【p】【>】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【i】【m】【g】【 】【c】【l】【a】【s】【s】【=】【"】【"】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【6】【5】【9】【5】【7】【y】【s】【4】【m】【z】【n】【e】【c】【i】【n】【p】【2】【3】【7】【5】【.】【j】【p】【g】【"】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【i】【m】【g】【 】【c】【l】【a】【s】【s】【=】【"】【"】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【6】【5】【9】【5】【8】【a】【q】【o】【5】【1】【d】【d】【e】【u】【2】【m】【2】【3】【7】【7】【.】【j】【p】【g】【"】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【i】【m】【g】【 】【c】【l】【a】【s】【s】【=】【"】【"】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【6】【5】【9】【5】【9】【n】【g】【a】【l】【q】【3】【h】【c】【j】【b】【e】【2】【3】【8】【0】【.】【j】【p】【g】【"】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【<】【p】【 】【s】【t】【y】【l】【e】【=】【"】【t】【e】【x】【t】【-】【a】【l】【i】【g】【n】【:】【 】【r】【i】【g】【h】【t】【;】【 】【w】【h】【i】【t】【e】【-】【s】【p】【a】【c】【e】【:】【 】【n】【o】【r】【m】【a】【l】【;】【 】【m】【a】【r】【g】【i】【n】【:】【 】【0】【p】【x】【;】【 】【p】【a】【d】【d】【i】【n】【g】【:】【 】【0】【p】【x】【;】【 】【b】【o】【x】【-】【s】【i】【z】【i】【n】【g】【:】【 】【b】【o】【r】【d】【e】【r】【-】【b】【o】【x】【;】【"】【>】【<】【s】【p】【a】【n】【>】【▲】【三】【大】【巨】【子】【近】【年】【发】【债】【核】【算】【<】【/】【s】【p】【a】【n】【>】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【高】【速】【展】【开】【期】【,】【可】【以】【做】【到】【降】【杠】【杆】【,】【除】【了】【更】【彻】【底】【地】【打】【通】【融】【资】【途】【径】【,】【还】【有】【三】【个】【因】【素】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【<】【s】【t】【r】【o】【n】【g】【>】【一】【是】【广】【泛】【采】【纳】【协】【作】【方】【式】【,】【不】【断】【加】【大】【协】【作】【份】【额】【<】【/】【s】【t】【r】【o】【n】【g】【>】【。】【以】【恒】【大】【为】【代】【表】【,】【新】【增】【项】【目】【越】【来】【越】【多】【是】【经】【过】【协】【作】【或】【收】【买】【方】【法】【,】【将】【项】【目】【开】【发】【从】【债】【款】【杠】【杆】【转】【为】【股】【权】【杠】【杆】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【<】【s】【t】【r】【o】【n】【g】【>】【二】【是】【强】【化】【高】【周】【转】【。】【<】【/】【s】【t】【r】【o】【n】【g】【>】【变】【成】【巨】【子】【的】【一】【起】【,】【也】【是】【地】【方】【政】【府】【招】【商】【引】【资】【的】【重】【点】【对】【象】【,】【这】【就】【有】【了】【拿】【地】【的】【优】【势】【。】【高】【周】【转】【意】【味】【着】【现】【金】【流】【的】【敏】【捷】【回】【笼】【,】【开】【盘】【压】【至】【6】【个】【月】【内】【,】【乃】【至】【更】【短】【周】【期】【,】【公】【司】【资】【金】【压】【力】【变】【小】【,】【负】【债】【也】【完】【结】【同】【步】【下】【降】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【此】【外】【,】【巨】【子】【在】【经】【营】【性】【负】【债】【端】【也】【具】【有】【话】【语】【权】【,】【这】【也】【是】【经】【营】【性】【杠】【杆】【。】【举】【例】【来】【说】【:】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【<】【s】【t】【r】【o】【n】【g】【>】【1】【、】【<】【/】【s】【t】【r】【o】【n】【g】【>】【承】【包】【商】【和】【供】【货】【商】【先】【行】【垫】【资】【,】【或】【许】【由】【第】【三】【方】【银】【行】【进】【行】【结】【算】【,】【房】【企】【经】【过】【构】【成】【敷】【衍】【收】【据】【(】【房】【企】【开】【出】【承】【兑】【汇】【票】【)】【或】【许】【敷】【衍】【账】【款】【(】【已】【承】【认】【工】【程】【价】【款】【但】【未】【付】【,】【也】【未】【开】【出】【承】【兑】【汇】【票】【)】【;】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【<】【s】【t】【r】【o】【n】【g】【>】【2】【、】【<】【/】【s】【t】【r】【o】【n】【g】【>】【房】【企】【通】【常】【会】【把】【承】【兑】【汇】【票】【单】【纯】【作】【为】【融】【资】【东】【西】【,】【开】【票】【时】【反】【映】【在】【“】【敷】【衍】【收】【据】【”】【门】【类】【,】【供】【货】【商】【贴】【现】【后】【把】【这】【有】【些】【资】【金】【在】【转】【回】【房】【企】【,】【再】【反】【映】【在】【“】【别】【的】【敷】【衍】【款】【”】【门】【类】【;】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【<】【s】【t】【r】【o】【n】【g】【>】【3】【、】【<】【/】【s】【t】【r】【o】【n】【g】【>】【以】【承】【包】【商】【或】【供】【货】【商】【为】【融】【资】【主】【体】【,】【房】【企】【担】【保】【,】【承】【包】【商】【或】【供】【货】【商】【把】【融】【资】【款】【转】【给】【房】【企】【,】【房】【企】【反】【映】【在】【“】【别】【的】【敷】【衍】【款】【”】【记】【载】【;】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【<】【s】【t】【r】【o】【n】【g】【>】【4】【、】【<】【/】【s】【t】【r】【o】【n】【g】【>】【房】【企】【经】【过】【先】【租】【后】【买】【的】【方】【式】【,】【获】【取】【施】【工】【单】【位】【的】【有】【关】【工】【程】【项】【目】【,】【通】【常】【在】【长】【时】【刻】【敷】【衍】【款】【门】【类】【;】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【<】【s】【t】【r】【o】【n】【g】【>】【5】【、】【<】【/】【s】【t】【r】【o】【n】【g】【>】【由】【相】【关】【公】【司】【先】【行】【垫】【资】【,】【房】【企】【构】【成】【对】【相】【关】【公】【司】【的】【来】【往】【款】【计】【入】【别】【的】【敷】【衍】【款】【门】【类】【;】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【<】【s】【t】【r】【o】【n】【g】【>】【6】【、】【<】【/】【s】【t】【r】【o】【n】【g】【>】【推】【迟】【付】【出】【的】【土】【地】【价】【款】【,】【通】【常】【记】【在】【敷】【衍】【账】【款】【门】【类】【。】【<】【/】【p】【>】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【i】【m】【g】【 】【c】【l】【a】【s】【s】【=】【"】【"】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【7】【0】【0】【0】【0】【k】【s】【1】【3】【q】【a】【w】【x】【1】【h】【g】【2】【3】【8】【3】【.】【j】【p】【g】【"】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【<】【p】【 】【s】【t】【y】【l】【e】【=】【"】【t】【e】【x】【t】【-】【a】【l】【i】【g】【n】【:】【 】【r】【i】【g】【h】【t】【;】【 】【w】【h】【i】【t】【e】【-】【s】【p】【a】【c】【e】【:】【 】【n】【o】【r】【m】【a】【l】【;】【 】【m】【a】【r】【g】【i】【n】【:】【 】【0】【p】【x】【;】【 】【p】【a】【d】【d】【i】【n】【g】【:】【 】【0】【p】【x】【;】【 】【b】【o】【x】【-】【s】【i】【z】【i】【n】【g】【:】【 】【b】【o】【r】【d】【e】【r】【-】【b】【o】【x】【;】【"】【>】【<】【s】【p】【a】【n】【>】【▲】【恒】【大】【、】【万】【科】【、】【碧】【桂】【园】【经】【营】【性】【负】【债】【预】【算】【<】【/】【s】【p】【a】【n】【>】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【规】【划】【扩】【大】【带】【来】【的】【优】【点】【,】【在】【放】【杆】【杠】【一】【起】【,】【下】【降】【负】【债】【,】【还】【有】【上】【面】【说】【到】【的】【产】【业】【链】【上】【的】【优】【势】【。】【在】【三】【家】【巨】【子】【中】【,】【恒】【大】【的】【产】【业】【链】【优】【势】【最】【大】【。】【2】【0】【1】【6】【年】【,】【恒】【大】【的】【在】【建】【项】【目】【规】【划】【到】【达】【8】【0】【3】【7】【万】【平】【方】【米】【,】【万】【科】【是】【5】【4】【4】【2】【.】【4】【平】【方】【米】【,】【碧】【桂】【园】【是】【6】【5】【3】【6】【.】【2】【万】【平】【方】【米】【。】【<】【/】【p】【>】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【i】【m】【g】【 】【c】【l】【a】【s】【s】【=】【"】【"】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【7】【0】【0】【0】【3】【j】【i】【g】【c】【e】【h】【m】【n】【v】【0】【o】【2】【3】【9】【0】【.】【j】【p】【g】【"】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【<】【p】【>】【▲】【恒】【大】【、】【万】【科】【、】【碧】【桂】【园】【在】【建】【项】【目】【规】【划】【<】【/】【p】【>】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【 】【 】【 】【<】【p】【>】【8】【<】【/】【p】【>】【 】【 】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【 】【 】【 】【<】【p】【>】【永】【续】【债】【之】【谜】【<】【/】【p】【>】【 】【 】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【 】【<】【p】【>】【<】【s】【p】【a】【n】【>】【在】【这】【轮】【巨】【子】【添】【加】【中】【,】【恒】【大】【最】【受】【争】【议】【。】【争】【议】【的】【焦】【点】【即】【是】【永】【续】【债】【。】【<】【/】【s】【p】【a】【n】【>】【<】【b】【r】【>】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【从】【本】【质】【上】【来】【看】【,】【永】【续】【债】【券】【相】【似】【与】【优】【先】【股】【,】【没】【有】【到】【期】【日】【期】【,】【只】【需】【付】【息】【而】【无】【需】【还】【本】【的】【融】【资】【东】【西】【,】【由】【于】【永】【续】【债】【在】【公】【司】【破】【产】【的】【清】【偿】【次】【序】【中】【与】【股】【市】【共】【同】【,】【因】【而】【在】【香】【港】【的】【上】【市】【公】【司】【会】【计】【准】【则】【中】【,】【永】【续】【债】【被】【视】【为】【权】【益】【东】【西】【处】【理】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【可】【是】【,】【投】【资】【者】【对】【房】【企】【的】【负】【债】【又】【十】【分】【介】【意】【,】【所】【以】【在】【核】【算】【恒】【大】【净】【负】【债】【的】【时】【分】【,】【将】【永】【续】【债】【作】【为】【负】【债】【处】【理】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【投】【资】【者】【的】【思】【考】【也】【不】【是】【彻】【底】【没】【有】【道】【理】【。】【可】【是】【,】【咱】【们】【做】【一】【回】【事】【后】【诸】【葛】【亮】【。】【假】【如】【没】【有】【永】【续】【债】【,】【恒】【大】【很】【难】【完】【结】【从】【二】【三】【线】【城】【市】【到】【一】【线】【城】【市】【转】【型】【的】【惊】【险】【一】【跃】【。】【早】【在】【2】【0】【1】【3】【年】【,】【恒】【大】【在】【年】【报】【中】【就】【清】【晰】【说】【到】【:】【“】【本】【集】【团】【与】【境】【内】【金】【融】【机】【构】【联】【合】【展】【开】【金】【融】【立】【异】【,】【在】【单】【个】【项】【目】【层】【面】【发】【行】【永】【续】【债】【,】【全】【年】【经】【过】【永】【续】【债】【协】【作】【引】【进】【资】【金】【近】【人】【民】【币】【2】【5】【0】【 】【亿】【元】【,】【有】【用】【处】【理】【了】【一】【二】【线】【城】【市】【新】【增】【项】【目】【的】【资】【金】【需】【要】【。】【”】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【恰】【是】【在】【这】【以】【后】【,】【恒】【大】【用】【了】【不】【到】【3】【年】【的】【时】【刻】【,】【敏】【捷】【完】【结】【中】【心】【城】【市】【的】【战】【略】【规】【划】【,】【比】【方】【北】【京】【、】【上】【海】【、】【天】【津】【和】【杭】【州】【,】【都】【是】【经】【过】【永】【续】【债】【完】【结】【进】【入】【。】【请】【注】【意】【,】【在】【2】【0】【1】【4】【年】【之】【前】【,】【房】【企】【再】【融】【资】【和】【公】【司】【债】【发】【行】【的】【闸】【口】【一】【向】【紧】【锁】【。】【假】【如】【要】【完】【结】【扩】【大】【,】【只】【要】【永】【续】【债】【这】【一】【种】【手】【法】【,】【所】【以】【也】【无】【可】【厚】【非】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【可】【是】【,】【恒】【大】【上】【半】【年】【发】【布】【一】【个】【好】【音】【讯】【,】【截】【止】【到】【6】【 】【月】【3】【0】【 】【日】【,】【公】【司】【已】【完】【结】【悉】【数】【永】【续】【债】【券】【的】【换】【回】【作】【业】【,】【算】【计】【1】【1】【2】【9】【.】【4】【 】【亿】【元】【。】【关】【于】【投】【资】【者】【来】【说】【,】【这】【个】【音】【讯】【太】【棒】【了】【。】【由】【于】【永】【续】【债】【的】【利】【息】【不】【能】【本】【钱】【化】【,】【都】【提】【早】【计】【说】【到】【当】【时】【的】【财】【政】【费】【用】【中】【。】【跟】【着】【项】【目】【进】【入】【结】【转】【期】【,】【经】【过】【永】【续】【债】【拿】【到】【的】【项】【目】【的】【盈】【余】【水】【平】【,】【将】【会】【大】【幅】【提】【高】【,】【赢】【利】【空】【间】【进】【一】【步】【开】【释】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【在】【投】【资】【者】【眼】【里】【,】【恒】【大】【更】【是】【宠】【儿】【。】【这】【是】【由】【于】【,】【恒】【大】【剥】【离】【多】【样】【化】【事】【务】【,】【与】【深】【深】【房】【的】【重】【组】【计】【划】【上】【报】【证】【监】【会】【,】【引】【进】【7】【0】【0】【亿】【战】【投】【后】【,】【永】【续】【债】【现】【已】【悉】【数】【换】【回】【…】【…】【站】【在】【3】【0】【0】【0】【亿】【之】【巅】【,】【恒】【大】【的】【生】【长】【性】【和】【将】【来】【添】【加】【空】【间】【,】【又】【一】【次】【翻】【开】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【回】【忆】【三】【家】【巨】【子】【展】【开】【,】【媒】【体】【对】【恒】【大】【的】【质】【疑】【声】【最】【大】【,】【恰】【恰】【又】【是】【在】【频】【频】【的】【宏】【观】【调】【控】【和】【媒】【体】【的】【征】【伐】【声】【中】【,】【恒】【大】【用】【超】【强】【的】【执】【行】【力】【完】【结】【惊】【人】【一】【跃】【。】【关】【于】【职】【业】【而】【言】【,】【恒】【大】【更】【有】【普】【世】【学】【习】【含】【义】【。】【<】【/】【p】【>】【 】【 】【 】【 】【 】【<】【p】【>】【<】【s】【t】【r】【o】【n】【g】【>】【补】【白】【:】【这】【篇】【文】【章】【知】【识】【产】【权】【归】【中】【信】【建】【投】【及】【陈】【慎】【一】【切】【,】【地】【产】【大】【哥】【独】【家】【解】【读】【。】【<】【/】【s】【t】【r】【o】【n】【g】【>】【<】【/】【p】【>】【 】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【i】【m】【g】【 】【c】【l】【a】【s】【s】【=】【"】【"】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【7】【0】【0】【1】【0】【f】【i】【z】【2】【p】【4】【3】【4】【d】【o】【m】【2】【3】【9】【5】【.】【j】【p】【g】【"】【 】【w】【i】【d】【t】【h】【=】【"】【6】【0】【%】【"】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【P】【o】【w】【e】【r】【e】【d】【-】【b】【y】【-】【X】【I】【U】【M】【I】【 】【V】【5】【"】【 】【p】【o】【w】【e】【r】【e】【d】【-】【b】【y】【=】【"】【x】【i】【u】【m】【i】【.】【u】【s】【"】【>】【 】【 】【 】【<】【s】【e】【c】【t】【i】【o】【n】【 】【c】【l】【a】【s】【s】【=】【"】【"】【>】【 】【 】【 】【 】【<】【i】【m】【g】【 】【c】【l】【a】【s】【s】【=】【"】【"】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【7】【0】【0】【1】【2】【i】【k】【a】【p】【z】【1】【e】【o】【m】【3】【u】【2】【3】【9】【8】【.】【j】【p】【g】【"】【>】【 】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】【 】【<】【/】【s】【e】【c】【t】【i】【o】【n】【>】

20200219,【<】【p】【>】【欧】【洲】【时】【刻】【7】【月】【1】【8】【日】【晚】【,】【梅】【赛】【德】【斯】【-】【奔】【跑】【X】【-】【C】【l】【a】【s】【s】【(】【X】【级】【)】【<】【s】【t】【r】【o】【n】【g】【 】【c】【l】【a】【s】【s】【=】【"】【k】【w】【"】【>】【皮】【卡】【<】【/】【s】【t】【r】【o】【n】【g】【>】【正】【式】【发】【布】【。】【本】【来】【之】【前】【奔】【跑】【G】【级】【就】【有】【进】【入】【过】【皮】【卡】【范】【畴】【,】【但】【买】【得】【起】【的】【人】【数】【估】【量】【寥】【寥】【无】【几】【,】【千】【万】【R】【M】【B】【的】【价】【格】【实】【在】【让】【老】【百】【姓】【们】【只】【能】【夜】【里】【做】【梦】【开】【它】【,】【而】【这】【款】【X】【级】【皮】【卡】【的】【价】【格】【肯】【定】【亲】【民】【接】【地】【气】【,】【该】【车】【型】【在】【德】【国】【价】【格】【为】【3】【7】【2】【9】【4】【欧】【元】【。】【尽】【管】【皮】【卡】【车】【型】【在】【车】【市】【中】【的】【占】【比】【并】【不】【大】【,】【但】【本】【次】【X】【级】【的】【面】【世】【关】【于】【那】【些】【宠】【爱】【皮】【卡】【的】【集】【体】【们】【来】【说】【又】【多】【了】【一】【种】【挑】【选】【。】【全】【新】【奔】【跑】【X】【级】【会】【用】【什】【么】【样】【的】【外】【观】【外】【型】【以】【及】【内】【饰】【规】【划】【去】【招】【引】【咱】【们】【眼】【球】【呢】【?】【咱】【们】【持】【续】【往】【下】【看】【。】【<】【/】【p】【>】【<】【p】【 】【c】【l】【a】【s】【s】【=】【"】【f】【_】【c】【e】【n】【t】【e】【r】【 】【p】【c】【e】【n】【t】【e】【r】【"】【>】【<】【i】【m】【g】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【7】【0】【4】【1】【8】【f】【0】【n】【u】【h】【o】【v】【r】【s】【w】【d】【2】【6】【7】【1】【.】【j】【p】【g】【"】【/】【>】【<】【/】【p】【>】【<】【p】【 】【c】【l】【a】【s】【s】【=】【"】【f】【_】【c】【e】【n】【t】【e】【r】【 】【p】【c】【e】【n】【t】【e】【r】【"】【>】【<】【i】【m】【g】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【7】【0】【4】【2】【0】【c】【v】【5】【c】【y】【u】【3】【l】【h】【k】【2】【2】【6】【7】【4】【.】【j】【p】【g】【"】【/】【>】【<】【/】【p】【>】【<】【p】【 】【c】【l】【a】【s】【s】【=】【"】【f】【_】【c】【e】【n】【t】【e】【r】【 】【p】【c】【e】【n】【t】【e】【r】【"】【>】【<】【i】【m】【g】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【7】【0】【4】【2】【1】【z】【p】【4】【t】【m】【s】【v】【g】【r】【p】【j】【2】【6】【7】【6】【.】【j】【p】【g】【"】【/】【>】【<】【/】【p】【>】【<】【p】【 】【c】【l】【a】【s】【s】【=】【"】【f】【_】【c】【e】【n】【t】【e】【r】【 】【p】【c】【e】【n】【t】【e】【r】【"】【>】【<】【i】【m】【g】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【7】【0】【4】【2】【3】【x】【x】【y】【l】【2】【x】【r】【p】【j】【j】【m】【2】【6】【8】【0】【.】【j】【p】【g】【"】【/】【>】【<】【/】【p】【>】【<】【p】【>】【全】【新】【奔】【跑】【X】【级】【与】【日】【产】【纳】【瓦】【拉】【选】【用】【一】【样】【的】【渠】【道】【创】【造】【,】【供】【给】【P】【U】【R】【E】【、】【P】【R】【O】【G】【R】【E】【S】【S】【I】【V】【E】【、】【P】【O】【W】【E】【R】【三】【种】【外】【型】【款】【式】【,】【从】【内】【到】【外】【在】【各】【方】【面】【推】【翻】【了】【皮】【卡】【在】【咱】【们】【心】【中】【本】【应】【“】【肮】【脏】【”】【、】【“】【落】【拓】【不】【羁】【”】【的】【形】【象】【。】【<】【/】【p】【>】【<】【p】【>】【<】【s】【t】【r】【o】【n】【g】【>】【外】【形】【粗】【暴】【且】【不】【失】【对】【细】【节】【的】【精】【雕】【<】【/】【s】【t】【r】【o】【n】【g】【>】【<】【/】【p】【>】【<】【p】【 】【c】【l】【a】【s】【s】【=】【"】【f】【_】【c】【e】【n】【t】【e】【r】【 】【p】【c】【e】【n】【t】【e】【r】【"】【>】【<】【i】【m】【g】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【7】【0】【4】【2】【6】【t】【a】【a】【4】【s】【t】【m】【r】【2】【y】【e】【2】【6】【8】【4】【.】【j】【p】【g】【"】【/】【>】【<】【/】【p】【>】【<】【p】【 】【c】【l】【a】【s】【s】【=】【"】【f】【_】【c】【e】【n】【t】【e】【r】【 】【p】【c】【e】【n】【t】【e】【r】【"】【>】【<】【i】【m】【g】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【7】【0】【4】【2】【8】【p】【a】【2】【g】【2】【j】【p】【4】【1】【q】【3】【2】【6】【9】【0】【.】【j】【p】【g】【"】【/】【>】【<】【/】【p】【>】【<】【p】【 】【c】【l】【a】【s】【s】【=】【"】【f】【_】【c】【e】【n】【t】【e】【r】【 】【p】【c】【e】【n】【t】【e】【r】【"】【>】【<】【i】【m】【g】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【7】【0】【4】【3】【0】【p】【h】【o】【2】【z】【d】【t】【v】【a】【g】【c】【2】【6】【9】【5】【.】【j】【p】【g】【"】【/】【>】【<】【/】【p】【>】【<】【p】【 】【c】【l】【a】【s】【s】【=】【"】【f】【_】【c】【e】【n】【t】【e】【r】【 】【p】【c】【e】【n】【t】【e】【r】【"】【>】【<】【i】【m】【g】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【7】【0】【4】【3】【2】【4】【1】【2】【k】【0】【k】【j】【n】【p】【0】【q】【2】【6】【9】【9】【.】【j】【p】【g】【"】【/】【>】【<】【/】【p】【>】【<】【p】【 】【c】【l】【a】【s】【s】【=】【"】【f】【_】【c】【e】【n】【t】【e】【r】【 】【p】【c】【e】【n】【t】【e】【r】【"】【>】【<】【i】【m】【g】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【7】【0】【4】【3】【8】【i】【s】【0】【0】【r】【o】【w】【1】【x】【n】【d】【2】【7】【0】【2】【.】【j】【p】【g】【"】【/】【>】【<】【/】【p】【>】【<】【p】【 】【c】【l】【a】【s】【s】【=】【"】【f】【_】【c】【e】【n】【t】【e】【r】【 】【p】【c】【e】【n】【t】【e】【r】【"】【>】【<】【i】【m】【g】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【7】【0】【4】【4】【2】【c】【f】【v】【u】【e】【j】【0】【c】【a】【j】【1】【2】【7】【0】【9】【.】【j】【p】【g】【"】【/】【>】【<】【/】【p】【>】【<】【p】【 】【c】【l】【a】【s】【s】【=】【"】【f】【_】【c】【e】【n】【t】【e】【r】【 】【p】【c】【e】【n】【t】【e】【r】【"】【>】【<】【i】【m】【g】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【7】【0】【4】【5】【2】【e】【d】【e】【5】【o】【k】【s】【4】【e】【y】【q】【2】【7】【2】【7】【.】【j】【p】【g】【"】【/】【>】【<】【/】【p】【>】【<】【p】【 】【c】【l】【a】【s】【s】【=】【"】【f】【_】【c】【e】【n】【t】【e】【r】【 】【p】【c】【e】【n】【t】【e】【r】【"】【>】【<】【i】【m】【g】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【7】【0】【4】【5】【5】【y】【5】【j】【l】【g】【q】【c】【p】【0】【s】【l】【2】【7】【3】【4】【.】【j】【p】【g】【"】【/】【>】【<】【/】【p】【>】【<】【p】【 】【c】【l】【a】【s】【s】【=】【"】【f】【_】【c】【e】【n】【t】【e】【r】【 】【p】【c】【e】【n】【t】【e】【r】【"】【>】【<】【i】【m】【g】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【7】【0】【4】【5】【8】【w】【n】【h】【5】【2】【1】【2】【z】【r】【1】【w】【2】【7】【3】【7】【.】【j】【p】【g】【"】【/】【>】【<】【/】【p】【>】【<】【p】【 】【c】【l】【a】【s】【s】【=】【"】【f】【_】【c】【e】【n】【t】【e】【r】【 】【p】【c】【e】【n】【t】【e】【r】【"】【>】【<】【i】【m】【g】【 】【s】【r】【c】【=】【"】【/】【u】【p】【l】【o】【a】【d】【s】【/】【a】【l】【l】【i】【m】【g】【/】【1】【7】【0】【7】【2】【4】【/】【2】【0】【1】【7】【0】【7】【2】【4】【1】【7】【0】【4】【5】【9】【1】【g】【x】【w】【z】【0】【n】【e】【h】【r】【4】【2】【7】【3】【9】【.】【j】【p】【g】【"】【/】【>】【<】【/】【p】【>】【<】【p】【>】【经】【过】【全】【体】【外】【观】【外】【型】【的】【解】【读】【,】【咱】【们】【能】【够】【看】【出】【全】【新】【奔】【跑】【X】【级】【确】【实】【创】【造】【出】【了】【异】【乎】【寻】【常】【的】【皮】【卡】【,】【不】【只】【规】【划】【出】【了】【毫】【无】【违】【和】【感】【的】【奢】【华】【大】【块】【头】【,】【更】【是】【融】【入】【奔】【跑】【宗】【族】【自】【个】【的】【优】【异】【血】【缘】【,】【让】【它】【不】【单】【单】【是】【一】【个】【添】【补】【细】【分】【商】【场】【的】【产】【品】【,】【多】【元】【化】【的】【外】【部】【装】【备】【也】【能】【够】【满】【意】【不】【一】【样】【消】【费】【者】【所】【需】【。】【<】【/】【p】【>】【<】【/】【t】【d】【>】

速度与激情9预告

【<】【t】【d】【 】【w】【i】【d】【t】【h】【=】【"】【7】【2】【"】【 】【h】【e】【i】【g】【h】【t】【=】【"】【1】【9】【"】【 】【s】【t】【y】【l】【e】【=】【"】【c】【o】【l】【o】【r】【:】【 】【r】【g】【b】【(】【0】【,】【 】【0】【,】【 】【0】【)】【;】【 】【f】【o】【n】【t】【-】【s】【i】【z】【e】【:】【 】【9】【p】【t】【;】【 】【f】【o】【n】【t】【-】【w】【e】【i】【g】【h】【t】【:】【 】【7】【0】【0】【;】【 】【f】【o】【n】【t】【-】【s】【t】【y】【l】【e】【:】【 】【n】【o】【r】【m】【a】【l】【;】【 】【t】【e】【x】【t】【-】【d】【e】【c】【o】【r】【a】【t】【i】【o】【n】【:】【 】【n】【o】【n】【e】【;】【 】【t】【e】【x】【t】【-】【a】【l】【i】【g】【n】【:】【 】【c】【e】【n】【t】【e】【r】【;】【 】【v】【e】【r】【t】【i】【c】【a】【l】【-】【a】【l】【i】【g】【n】【:】【 】【m】【i】【d】【d】【l】【e】【;】【 】【w】【h】【i】【t】【e】【-】【s】【p】【a】【c】【e】【:】【 】【n】【o】【r】【m】【a】【l】【;】【 】【b】【o】【r】【d】【e】【r】【:】【 】【0】【.】【5】【p】【t】【 】【s】【o】【l】【i】【d】【 】【r】【g】【b】【(】【0】【,】【 】【0】【,】【 】【0】【)】【;】【 】【h】【e】【i】【g】【h】【t】【:】【 】【1】【4】【.】【2】【5】【p】【t】【;】【 】【w】【i】【d】【t】【h】【:】【 】【5】【4】【p】【t】【;】【"】【 】【c】【l】【a】【s】【s】【=】【"】【e】【t】【5】【"】【>】【商】【标】【<】【/】【t】【d】【>】【<】【/】【t】【r】【>】【<】【s】【p】【a】【n】【 】【s】【t】【y】【l】【e】【=】【"】【f】【o】【n】【t】【-】【s】【i】【z】【e】【:】【 】【1】【6】【p】【x】【;】【"】【>】【<】【s】【p】【a】【n】【 】【s】【t】【y】【l】【e】【=】【"】【f】【o】【n】【t】【-】【f】【a】【m】【i】【l】【y】【:】【 】【宋】【体】【;】【"】【>】【 】【 】【高】【精】【度】【地】【图】【的】【获】【取】【很】【大】【程】【度】【依】【靠】【激】【光】【雷】【达】【以】【及】【摄】【像】【头】【。】【咱】【们】【获】【取】【高】【精】【度】【地】【图】【后】【,】【联】【系】【 】【G】【P】【S】【 】【和】【 】【I】【M】【U】【、】【编】【码】【器】【、】【实】【时】【感】【知】【环】【境】【的】【特】【征】【,】【进】【行】【地】【图】【匹】【配】【进】【行】【定】【位】【。】【关】【于】【途】【径】【方】【案】【和】【运】【动】【操】【控】【,】【终】【究】【是】【联】【系】【车】【辆】【的】【 】【C】【A】【N】【 】【总】【线】【,】【对】【车】【进】【行】【操】【控】【。】【<】【/】【s】【p】【a】【n】【>】【<】【/】【s】【p】【a】【n】【>】

【<】【p】【>】【 】【 】【在】【A】【I】【发】【作】【之】【前】【咱】【们】【就】【有】【机】【器】【人】【了】【,】【但】【这】【么】【的】【机】【器】【人】【和】【将】【来】【A】【I】【呈】【现】【后】【要】【呈】【现】【的】【机】【器】【人】【的】【区】【别】【就】【在】【于】【认】【知】【才】【能】【,】【本】【来】【在】【A】【I】【呈】【现】【之】【前】【,】【它】【感】【知】【(】【搜】【集】【信】【息】【)】【回】【来】【后】【的】【认】【知】【和】【决】【议】【计】【划】【是】【由】【程】【序】【员】【界】【说】【的】【,】【既】【然】【是】【程】【序】【员】【界】【说】【,】【咱】【们】【说】【这】【么】【的】【机】【器】【人】【是】【自】【动】【化】【等】【级】【的】【机】【器】【人】【。】【<】【/】【p】【>】【<】【b】【r】【 】【/】【>】

中国福利彩票的高频彩北京pk10

【加】【大】【对】【一】【般】【农】【业】【从】【业】【者】【和】【广】【阔】【消】【费】【者】【的】【宣】【扬】【教】【育】【,】【进】【步】【食】【物】【安】【全】【责】【任】【认】【识】【和】【维】【权】【认】【识】【。】【有】【关】【功】【用】【部】【门】【能】【够】【经】【过】【举】【行】【训】【练】【班】【、】【安】【排】【送】【法】【下】【乡】【、】【发】【放】【宣】【扬】【材】【料】【等】【方】【法】【进】【行】【撒】【网】【式】【的】【广】【泛】【宣】【扬】【。】【关】【于】【特】【定】【的】【农】【业】【从】【业】【者】【则】【展】【开】【一】【些】【对】【比】【有】【针】【对】【性】【的】【办】【理】【方】【法】【,】【比】【方】【关】【于】【农】【业】【流】【转】【领】【域】【内】【的】【办】【理】【者】【要】【加】【强】【出】【产】【办】【理】【系】【统】【技】【能】【的】【训】【练】【,】【进】【步】【办】【理】【者】【的】【质】【量】【安】【全】【认】【识】【;】【关】【于】【农】【人】【、】【农】【业】【公】【司】【、】【合】【作】【社】【等】【要】【正】【确】【引】【导】【,】【尽】【力】【处】【理】【现】【在】【制】【约】【食】【用】【农】【商】【质】【量】【量】【安】【全】【监】【管】【方】【面】【的】【要】【点】【疑】【问】【。】【&】【e】【m】【s】【p】【;】【&】【e】【m】【s】【p】【;】【<】【b】【r】【 】【/】【>】【<】【t】【d】【 】【v】【a】【l】【i】【g】【n】【=】【"】【t】【o】【p】【"】【 】【w】【i】【d】【t】【h】【=】【"】【5】【4】【"】【 】【s】【t】【y】【l】【e】【=】【"】【b】【o】【r】【d】【e】【r】【-】【b】【o】【t】【t】【o】【m】【:】【 】【b】【l】【a】【c】【k】【 】【1】【p】【t】【 】【s】【o】【l】【i】【d】【;】【 】【b】【o】【r】【d】【e】【r】【-】【l】【e】【f】【t】【:】【 】【#】【f】【0】【f】【0】【f】【0】【;】【 】【p】【a】【d】【d】【i】【n】【g】【-】【b】【o】【t】【t】【o】【m】【:】【 】【0】【c】【m】【;】【 】【b】【a】【c】【k】【g】【r】【o】【u】【n】【d】【-】【c】【o】【l】【o】【r】【:】【 】【t】【r】【a】【n】【s】【p】【a】【r】【e】【n】【t】【;】【 】【p】【a】【d】【d】【i】【n】【g】【-】【l】【e】【f】【t】【:】【 】【5】【.】【4】【p】【t】【;】【 】【w】【i】【d】【t】【h】【:】【 】【4】【0】【.】【4】【p】【t】【;】【 】【p】【a】【d】【d】【i】【n】【g】【-】【r】【i】【g】【h】【t】【:】【 】【5】【.】【4】【p】【t】【;】【 】【h】【e】【i】【g】【h】【t】【:】【 】【1】【4】【.】【2】【5】【p】【t】【;】【 】【b】【o】【r】【d】【e】【r】【-】【t】【o】【p】【:】【 】【#】【f】【0】【f】【0】【f】【0】【;】【 】【b】【o】【r】【d】【e】【r】【-】【r】【i】【g】【h】【t】【:】【 】【b】【l】【a】【c】【k】【 】【1】【p】【t】【 】【s】【o】【l】【i】【d】【;】【 】【p】【a】【d】【d】【i】【n】【g】【-】【t】【o】【p】【:】【 】【0】【c】【m】【;】【 】【m】【s】【o】【-】【b】【o】【r】【d】【e】【r】【-】【b】【o】【t】【t】【o】【m】【-】【a】【l】【t】【:】【 】【s】【o】【l】【i】【d】【 】【b】【l】【a】【c】【k】【 】【.】【5】【p】【t】【;】【 】【m】【s】【o】【-】【b】【o】【r】【d】【e】【r】【-】【r】【i】【g】【h】【t】【-】【a】【l】【t】【:】【 】【s】【o】【l】【i】【d】【 】【b】【l】【a】【c】【k】【 】【.】【5】【p】【t】【"】【>】

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