{"id":4357,"date":"2018-03-23T16:06:05","date_gmt":"2024-04-16T14:12:40","guid":{"rendered":"http:\/\/www.slof.top\/?p=4357"},"modified":"2024-04-16T22:12:46","modified_gmt":"2024-04-16T14:12:46","slug":"94aeb9e3ca","status":"publish","type":"post","link":"http:\/\/www.slof.top\/?p=4357","title":{"rendered":"\u5e0c\u671b\u4e0e\u7edd\u671b\uff08\u4e0b\uff09"},"content":{"rendered":"
\n

\u4e0a\u7bc7\u8c08\u4e86\u8001\u5510\u5bf9\u817e\u8baf\u7b2c\u56db\u5b63\u5ea6\u6e38\u620f\u6536\u5165\u73af\u6bd4\u4e0b\u6ed1\uff0c\u4ee5\u53caQQ\u6d3b\u8dc3\u8d26\u6237\u9996\u6b21\u51cf\u5c11\u4e24\u5927\u95ee\u9898\u7684\u770b\u6cd5\u3002\u672c\u7bc7\u6211\u4eec\u7ee7\u7eed\u8bf4\u7b2c\u4e09\u4e2a\u8d1f\u9762\u56e0\u7d20\uff1a\u5176\u4ed6\u6536\u76ca\u51c0\u989d\u5360\u6bd4\u589e\u9ad8\u3002<\/span><\/p>\n

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2017\u5e74\uff0c\u5229\u6da6\u8868\u91cc\u5176\u4ed6\u6536\u76ca\u51c0\u989d201.4\u4ebf\uff0c\u521b\u4e0b\u5386\u53f2\u8bb0\u5f55\uff0c\u8be5\u6570\u636e\u662f\u4e4b\u524d\u5341\u5e74\u5176\u4ed6\u6536\u76ca\u51c0\u989d\u603b\u548c\u7684213%\u3002\u4e8e\u662f\u773c\u4e2d\u5145\u6ee1\u7edd\u671b\u7684\u4eba\uff0c\u770b\u89c1\u7684\u662f\u817e\u8baf\u201c\u4e3b\u4e1a\u4e0d\u884c\u526f\u4e1a\u51d1\u3001\u8c03\u8282\u62a5\u8868\u5145\u80d6\u5b50\u201d\u7684\u60b2\u60e8\u573a\u666f\uff0c\u800c\u8001\u5510\u770b\u89c1\u7684\u5374\u662f\u4e00\u526f\u74dc\u679c\u538b\u5f2f\u8170\u7684\u5927\u4e30\u6536\u573a\u9762\u3002<\/span><\/p>\n

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\u65e9\u5728\u53bb\u5e7411\u6708\u4e66\u623f\u63a8\u9001\u7684\u300a\u770b\u4e0d\u89c1\u8fb9\u9645\u7684\u817e\u8baf\u300b\u91cc\uff0c\u8001\u5510\u5199\u5230\uff1a<\/span><\/p>\n

\n

\u65e0\u8bba\u662f\u6295\u8d44\u9886\u57df\u3001\u5a92\u4f53\u9886\u57df\u8fd8\u662f\u79d1\u6280\u9886\u57df\uff0c\u5bf9\u4e8e\u817e\u8baf\u201c\u4e00\u8fb9\u4ece\u4e8b\u4e0a\u8ff0\u4e1a\u52a1\uff0c\u6362\u6765\u6e90\u6e90\u4e0d\u65ad\u7684\u73b0\u91d1\u6d41\uff0c\u4e00\u8fb9\u53c8\u5c06\u8fd9\u4e9b\u73b0\u91d1\u4e0b\u6ce8\u4e8e\u79fb\u52a8\u4e92\u8054\u7f51\u7684\u672a\u6765\u201d\u8fd9\u4e00\u64cd\u4f5c\u624b\u6cd5\uff0c\u5173\u6ce8\u7684\u90fd\u8fdc\u8fdc\u4e0d\u591f\u3002<\/span><\/p>\n

\u817e\u8baf\u4eff\u4f5b\u662f\u4e00\u5bb6\u9760\u73b0\u6709\u4e1a\u52a1\u515c\u5e95\uff0c\u5e76\u96c7\u4f63\u7740\u4e00\u7fa4\u5728\u4e92\u8054\u7f51\u53ca\u79fb\u52a8\u4e92\u8054\u7f51\u9886\u57df\u91cc\u4eab\u6709\u6781\u9ad8\u58f0\u8a89\u548c\u6210\u529f\u7ecf\u9a8c\u7684\u4eba\u58eb\u62c5\u4efb\u7ba1\u7406\u5408\u4f19\u4eba\u7684\u5927\u578b\u4e92\u8054\u7f51\u6295\u8d44\u57fa\u91d1\u3002<\/span><\/p>\n<\/blockquote>\n

 <\/span><\/p>\n

\u8fd9\u662f\u817e\u8baf\u81ea3Q\u5927\u6218\u53cd\u601d\u4e4b\u540e\uff0c\u9010\u6b65\u5e03\u5c40\u7684\u7ed3\u679c\u3002\u5982\u679c\u4eca\u5929\u8fd8\u628a\u817e\u8baf\u7684\u6295\u8d44\u4e1a\u52a1\u89c6\u4e3a\u201c\u526f\u4e1a\u201d\uff0c\u90a3\u662f\u88ab\u4e00\u5757\u7ea2\u5e03\u8499\u4f4f\u4e86\u53cc\u773c\u8499\u4f4f\u4e86\u5929\uff0c\u5c45\u7136\u80fd\u5bf9\u90a3\u4e48\u5e9e\u5927\u7684\u534a\u8fb9\u8eab\u8eaf\u89c6\u800c\u4e0d\u89c1\uff01<\/span><\/p>\n

 <\/span><\/p>\n

\u57282017\u5e74\u7684\u8d22\u62a5\u91cc\uff0c201.4\u4ebf\u7684\u5176\u4ed6\u6536\u76ca\u51c0\u989d\u4e3b\u8981\u6709\u4e94\u4e2a\u6765\u6e90\uff1a<\/span><\/p>\n

\u2460\u817e\u8baf\u6295\u8d44\u5bf9\u8c61IPO\u4e0a\u5e02\uff0c\u5e26\u6765\u7684\u89c6\u540c\u5904\u7f6e\u6536\u76ca\uff1b\u2461\u56e0\u82e5\u5e72\u6295\u8d44\u7684\u4f30\u503c\u589e\u52a0\u800c\u4ea7\u751f\u7684\u516c\u5141\u4ef7\u503c\u6536\u76ca\uff1b\u2462\u8865\u8d34\uff1b\u2463\u9000\u7a0e\uff1b\u2464\u6240\u6295\u4f01\u4e1a\u7684\u73b0\u91d1\u5206\u7ea2\u3002\u5176\u4e2d\u2460\u8d21\u732e94\u4ebf\u5176\u4ed6\u6536\u76ca\u51c0\u989d\uff0c\u2461\u8d21\u732e84\u4ebf\uff1b\u2462\u2463\u2464\u5408\u8ba1\u8d21\u732e23\u4ebf\u591a\u3002\u540e\u4e09\u9879\u770b\u5b57\u9762\u5c31\u5f88\u5bb9\u6613\u7406\u89e3\uff0c\u8001\u5510\u5728\u8fd9\u91cc\u8bf4\u8bf4\u524d\u4e24\u9879\u3002<\/span><\/p>\n

 <\/span><\/p>\n

\u89c6\u540c\u5904\u7f6e\u6536\u76ca\uff0c\u4e3b\u8981\u662f2017\u5e74\u5185\u5728\u9999\u6e2f\u8054\u4ea4\u6240\u4e0a\u5e02\u7684\u6613\u946b\u96c6\u56e2\u3001\u4f17\u5b89\u4fdd\u9669\uff0c\u5728\u7f8e\u56fd\u7ebd\u4ea4\u6240\u4e0a\u5e02\u7684\u641c\u72d7\u548cSea\uff08\u65b0\u52a0\u5761\u4f01\u4e1a\uff09\uff0c\u5728\u97e9\u56fd\u4ea4\u6613\u6240\u4e0a\u5e02\u7684\u97e9\u56fd\u7f51\u6e38\u4f01\u4e1aNetmarble\u8d21\u732e\u3002\u8fd9\u51e0\u5bb6\u4f01\u4e1a\u57282017\u5e74\u9646\u7eedIPO\u4e0a\u5e02\uff0c\u5408\u8ba1\u5e26\u6765\u5176\u4ed6\u6536\u76ca\u51c0\u989d94\u4ebf\u3002<\/span><\/p>\n


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\u6ce8\u610f\uff0c2017\u5e74\u4e0a\u5e02\u7684\u53e6\u4e00\u5bb6\u516c\u53f8\u9605\u6587\u96c6\u56e2\uff0c\u4e0d\u5728\u8fd9\u4e2a\u7edf\u8ba1\u8303\u56f4\u5185\u3002\u9605\u6587\u96c6\u56e2\u53d1\u884c\u65b0\u80a1\u4e0a\u5e02\u540e\uff0c\u817e\u8baf\u4f9d\u7136\u662f\u6301\u80a1\u8d85\u8fc750%\u7684\u63a7\u80a1\u80a1\u4e1c\uff0c\u5c5e\u4e8e\u5e76\u8868\u5b50\u516c\u53f8\u8303\u56f4\uff0c\u4e0d\u8ba1\u5165\u957f\u671f\u80a1\u6743\u6295\u8d44\u6216\u8005\u53ef\u4f9b\u51fa\u552e\u91d1\u878d\u8d44\u4ea7\u5185\u3002<\/span><\/p>\n

 <\/span><\/p>\n

\u6240\u8c13\u89c6\u540c\u5904\u7f6e\uff0c\u8001\u5510\u5728\u300a\u624b\u628a\u624b\u6559\u4f60\u8bfb\u8d22\u62a5\u300b\u768491\u9875\u9610\u8ff0\u8fc7\u3002\u8fd9\u91cc\u518d\u62ff\u817e\u8baf2014\u5e74\u6295\u8d4432.3\u4ebf\u4eba\u6c11\u5e01\u8d2d\u4e70\u7684\u97e9\u56fd\u7f51\u6e38\u516c\u53f8Netmarble\u768428%\u80a1\u6743\u4e3e\u4f8b\u7b80\u5355\u8bf4\u660e\u4e00\u4e0b\u3002<\/span><\/p>\n

 <\/span><\/p>\n

2017\u5e744\u670824\u65e5Netmarble\u5728\u97e9\u4ea4\u6240\u4e0a\u5e02\uff0c\u4e0a\u5e02\u53d1\u884c\u65b0\u80a1\u5171\u8ba1\u878d\u8d4423\u4ebf\u7f8e\u5143\uff0c\u53d1\u884c\u540e\u817e\u8baf\u6301\u80a1\u6bd4\u4f8b\u964d\u4f4e\u4e3a17.71%\u3002\u53d1\u884c\u65b0\u80a1\u878d\u8d4423\u4ebf\u7f8e\u5143\uff0cNetmarble\u516c\u53f8\u51c0\u8d44\u4ea7\u589e\u52a023\u4ebf\u7f8e\u5143\uff0c\u610f\u5473\u7740\u817e\u8baf\u6301\u6709\u768417.71%\u80a1\u6743\uff0c\u56e0\u6b64\u5bf9\u5e94\u589e\u52a0\u7ea64.07\u4ebf\u7f8e\u5143\u51c0\u8d44\u4ea7\u3002<\/span>\u8fd94.07\u4ebf\u7f8e\u5143\uff0c\u5728\u8d22\u52a1\u4e0a\u89c6\u4e3a\u516c\u53f8\u51fa\u552e\u4e8628%-17.71%=10.29%\u80a1\u6743\u6362\u6765\u7684\uff0c\u5373\u51fa\u552e\u4e86\u5168\u90e8\u6301\u80a1\u768410.29%\/28%=36.75%\u3002<\/span><\/p>\n


<\/span><\/p>\n

\u5047\u8bbe2017\u5e74\u521d\uff0c\u817e\u8baf\u516c\u53f8\u6301\u6709Netmarble28%\u80a1\u6743\u7684\u8d26\u9762\u6210\u672c\u4e3aX\uff0c\u52192017\u5e74IPO\u884c\u4e3a\u4ea7\u751f\uff084.07\u4ebf\u7f8e\u5143-36.75%X\uff09\u7684\u6295\u8d44\u6536\u76ca\uff0c\u8fd9\u5c31\u662f\u89c6\u540c\u5904\u7f6e\u2014\u2014<\/span>X\u503c\u4e0e31.3\u4ebf\u7684\u8d2d\u5165\u6210\u672c\u76f8\u6bd4\uff0c\u4f1a\u7565\u6709\u589e\u51cf\uff0c\u6570\u989d\u4e0d\u5927\u3002\u6b32\u4e86\u89e3\u589e\u51cf\u539f\u56e0\u53ca\u89c4\u5219\uff0c\u53c2\u770b\u300a\u624b\u628a\u624b\u6559\u4f60\u8bfb\u8d22\u62a5\u300b86~90\u9875\u3002<\/span><\/p>\n

 <\/span><\/p>\n

\u6ce8\u610f\uff0c\u8fd9\u4e2a\u6295\u8d44\u6536\u76ca\u548cNetmarble\u4e0a\u5e02\u540e\u7684\u80a1\u4ef7\u53d8\u52a8\uff0c\u4ee5\u53ca\u817e\u8baf\u6301\u670917.71%\u80a1\u6743\u7684\u5e02\u503c\u6ce2\u52a8\u65e0\u5173\uff0c\u4ec5\u4ec5\u53ea\u4f53\u73b0\u4e0a\u5e02\u53d1\u884c\u65b0\u80a1\u884c\u4e3a\u5bfc\u81f4\u7684\u51c0\u8d44\u4ea7\u589e\u52a0\u3002\u5176\u4ed6\u51e0\u5bb6IPO\u7684\u516c\u53f8\u540c\u6837\u5982\u6b64\u3002<\/span><\/p>\n

 <\/span><\/p>\n

\u5b9e\u9645\u4e0a\uff0c\u4ec5\u817e\u8baf\u8bb0\u5f55\u4e3a\u8054\u8425\u4f01\u4e1a\u7684\u4e0a\u5e02\u516c\u53f8\u80a1\u6743\uff0c\u622a\u81f32017\u5e74\u5e95\uff0c\u8fd8\u6709\u8d85\u8fc7960\u4ebf\u80a1\u4ef7\u6d6e\u76c8\uff0c\u5e76\u6ca1\u6709\u5c55\u73b0\u5728\u817e\u8baf\u5229\u6da6\u8868\u4e0a\uff0c\u4ed6\u4eec\u85cf\u5728\u201c\u4e8e\u8054\u8425\u516c\u53f8\u7684\u6295\u8d44\u201d\u79d1\u76ee\u91cc\u2014\u2014\u8054\u8425\u7684\u4e0a\u5e02\u516c\u53f8\u80a1\u6743\u8d26\u9762\u503c\u4e3a609\u4ebf\uff0c2017\u5e74\u5e95\u7684\u516c\u5141\u4ef7\u503c\uff08\u80a1\u4ef7\uff09\u4e3a1570\u4ebf\u3002<\/span><\/p>\n

 <\/span><\/p>\n

\u6765\u6e90\u2461\u8d21\u732e\u768484\u4ebf\uff0c\u89c2\u5bdf\u76f8\u5bf9\u56f0\u96be\u4e00\u4e9b\u3002\u4e3b\u8981\u662f\u817e\u8baf\u6295\u8d44\u4e86\u5927\u91cf\u672a\u4e0a\u5e02\u4f01\u4e1a\uff0c\u4f8b\u5982\u6bd4\u8f83\u77e5\u540d\u7684\u6ef4\u6ef4\u3001\u6469\u62dc\u3001\u997f\u4e86\u4e48\u3001\u7f8e\u56e2\u3001\u94fe\u5bb6\u3001kakao\uff08\u97e9\u56fd\u5fae\u4fe1\uff09\u3001Go-jek\uff08\u5370\u5c3c\u6ef4\u6ef4\uff09\u3001\u82f1\u96c4\u8054\u76df\u3001\u66b4\u96ea\u3001\u851a\u6765\u6c7d\u8f66\u3001\u77e5\u4e4e\u3001\u5feb\u624b\u3001\u559c\u9a6c\u62c9\u96c5\u3001\u6597\u9c7c\u7b49\u7b49\u3002\u8fd9\u4e9b\u672a\u4e0a\u5e02\u4f01\u4e1a\uff0c\u5728\u817e\u8baf\u6295\u8d44\u4e4b\u540e\uff0c\u51fa\u4e8e\u53d1\u5c55\u9700\u8981\uff0c2017\u5e74\u7ee7\u7eed\u8fdb\u884c\u5728\u5e02\u573a\u878d\u8d44\u65f6\uff0c\u7531\u4e8e\u4f30\u503c\u63d0\u5347\u5bfc\u81f4\u7684\u817e\u8baf\u6301\u80a1\u516c\u5141\u4ef7\u503c\u7684\u589e\u957f\u3002<\/span><\/p>\n

 <\/span><\/p>\n

\u5728\u300a\u770b\u4e0d\u89c1\u8fb9\u9645\u7684\u817e\u8baf\u300b\u4e00\u6587\u91cc\uff0c\u8001\u5510\u5199\u5230\uff1a<\/span><\/p>\n

\n

3Q\u5927\u6218\u7ed3\u675f\u65f6\u76842010\u5e74\u5e95\uff0c\u817e\u8baf\u7684\u6295\u8d44\u8d44\u4ea7\u603b\u989d\u4ec5\u6709\u4e0d\u523053\u4ebf\uff0c\u5360\u8d44\u4ea7\u603b\u989d\u6bd4\u4f8b\u4e0d\u8db315%\u3002\u4ece53\u4ebf\u53d1\u5c55\u52302377\u4ebf\uff0c\u4ece\u4e0d\u8db315%\u63d0\u9ad8\u5230\u8d85\u8fc746%\uff0c\u817e\u8baf\u5728\u8fc7\u53bb\u516d\u5e74\u591a\u91cc\u53d1\u751f\u4e86\u5929\u7ffb\u5730\u8986\u7684\u53d8\u5316\u3002<\/span><\/p>\n


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\u8fd9\u4e00\u5207\u90fd\u6765\u81ea\u4e8e\u5c0f\u9a6c\u54e5\u5bf9\u90a3\u573a\u751f\u6b7b\u6538\u5173\u4e4b\u6218\u7684\u601d\u8003\u7ed3\u8bba\uff1a\u817e\u8baf\u7684\u793e\u4ea4\u5e73\u53f0\uff08\u5305\u542b\u90a3\u65f6\u7684QQ\u548c\u540e\u6765\u7684\u5fae\u4fe1\uff09\u4e0d\u5e94\u8be5\u88ab\u5b9a\u4f4d\u4e8e\u6447\u94b1\u6811\uff0c\u800c\u5e94\u8be5\u662f\u79cd\u690d\u6447\u94b1\u6811\u7684\u571f\u58e4\u3002<\/span><\/p>\n<\/blockquote>\n

 <\/span><\/p>\n

\u52302017\u5e74\u5e95\uff0c\u817e\u8baf\u7684\u6295\u8d44\u989d\u8fdb\u4e00\u6b65\u6269\u5927\uff0c\u7d2f\u8ba1\u6295\u8d44\u516c\u53f8\u8d85\u8fc7600\u5bb6\uff0c\u8d26\u9762\u6295\u8d44\u8d44\u4ea7\u5408\u8ba1\u8d85\u8fc72700\u4ebf\uff0c\u5176\u4e2d\u672a\u4e0a\u5e02\u516c\u53f8\u90e8\u5206\u7ea645%\uff0c\u8d26\u9762\u8d44\u4ea7\u8d85\u8fc71200\u4ebf\u3002\u817e\u8baf\u6295\u8d44\u56e2\u961f\u8fc7\u53bb\u7684\u8bb0\u5f55\uff0c\u662f\u7ea6\u670940%\u5de6\u53f3\u7684\u6295\u8d44\u5bf9\u8c61\u8d70\u5230\u4e0b\u4e00\u8f6e\u878d\u8d44\u3002\u56e0\u6b64\uff0c\u8fd9600\u591a\u5bb6\u6295\u8d44\u5bf9\u8c61\u91cc\u5fc5\u5c06\u7ee7\u7eed\u4ea7\u751f\u5927\u91cf\u8fdb\u5165\u4e0b\u4e00\u8f6e\u878d\u8d44\u7684\u4f01\u4e1a\uff0c\u4e5f\u5fc5\u5c06\u9646\u7eed\u4ea7\u751f\u767b\u9646\u8d44\u672c\u5e02\u573aIPO\u516c\u5f00\u4e0a\u5e02\u7684\u4f01\u4e1a\u3002<\/span><\/p>\n

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2018\u5e74\u8fc7\u53bb\u4e0d\u5230\u4e09\u4e2a\u6708\uff0c\u817e\u8baf\u6301\u80a1\u4f01\u4e1a\u4e2d\uff0c\u5df2\u7ecf\u6709\u5e0c\u739b\u773c\u79d1\u3001\u5728\u7ebf\u97f3\u4e50\u5de8\u5934spotify\u6210\u529f\u4e0a\u5e02\uff0c\u800c\u5e74\u5185\u4e0a\u5e02\u51e0\u7387\u8f83\u5927\u7684\u8fd8\u6709\u817e\u8baf\u97f3\u4e50\u3001\u5feb\u624b\u3001\u6597\u9c7c\u3001\u864e\u7259\u3001\u732b\u773c\u3001B\u7ad9\u3001\u5fae\u533b\u3001\u7f8e\u56e2\u3001\u6469\u62dc\u3001\u6ef4\u6ef4\u7b49\u591a\u5bb6\u3002<\/span><\/p>\n

 <\/span><\/p>\n

\u53ef\u4ee5\u9884\u8ba1\uff0c\u6295\u8d44\u8005\u5fc5\u987b\u6162\u6162\u9002\u5e94\u817e\u8baf\u7684\u62a5\u8868\u91cc\u6709\u8d8a\u6765\u8d8a\u591a\u516c\u53f8\u4e0a\u5e02\u5e26\u6765\u7684\u89c6\u540c\u5904\u7f6e\u6536\u76ca\uff0c\u4ee5\u53ca\u672a\u4e0a\u5e02\u516c\u53f8\u4f30\u503c\u63d0\u5347\u6240\u5e26\u6765\u7684\u516c\u5141\u4ef7\u503c\u6536\u76ca\uff0c\u800c\u4e0d\u662f\u5c06\u5b83\u4eec\u89c6\u4e3a\u201c\u975e\u4e3b\u4e1a\u5229\u6da6\u201d\u3002\u6295\u8d44\uff0c\u5df2\u7ecf\u662f\u817e\u8baf\u4e3b\u8425\u4e1a\u52a1\u7684\u91cd\u8981\u7ec4\u6210\u90e8\u5206\uff0c\u4e14\u8fd9\u90e8\u5206\u4e3b\u8425\u4e1a\u52a1\u5360\u6bd4\u8fd8\u5c06\u6301\u7eed\u6269\u5927\u3002<\/span><\/p>\n

 <\/span><\/p>\n

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 <\/span><\/p>\n

\u4e09\u4e2a\u516c\u53f8\u7684\u8d1f\u9762\u95ee\u9898\u804a\u5b8c\u3002\u53e0\u52a0\u7684\u4e09\u4e2a\u5916\u90e8\u523a\u6fc0\uff0c\u8001\u5510\u4e5f\u987a\u5634\u8bf4\u8bf4\u3002<\/span><\/p>\n

\u5927\u80a1\u4e1c\u51cf\u6301\u3002\u5357\u975e\u8fd9\u4f4d\u5927\u80a1\u4e1c\uff0c\u582a\u79f0\u80a1\u795e\uff0c\u5e74\u5316\u6295\u8d44\u56de\u62a5\u8fdc\u9ad8\u4e8e\u6c83\u4f26.\u5df4\u83f2\u7279\u3002\u57282001\u5e74\u5165\u80a1\u817e\u8baf\u540e\uff0c17\u5e74\u6ca1\u6709\u51cf\u63011\u80a1\uff0c\u5373\u4f7f\u4e0d\u8003\u8651\u5206\u7ea2\u6240\u5f97\uff0c\u5e74\u5316\u590d\u5229\u4e5f\u8d85\u8fc766%\uff0c\u5b9e\u5728\u5df2\u7ecf\u662f\u5916\u661f\u4eba\u6c34\u5e73\u3002<\/span><\/p>\n


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\u53ea\u662f\u516c\u53f8\u81ea\u8eab\u5e02\u503c\u957f\u671f\u4f4e\u4e8e\u6240\u6301\u817e\u8baf\u80a1\u7968\u5e02\u503c\uff0c\u80a1\u4e1c\u591a\u6709\u8052\u566a\uff0c\u8981\u6c42\u516c\u53f8\u5356\u51fa\u817e\u8baf\u80a1\u7968\u3002\u7ba1\u7406\u5c42\u786c\u662f\u625b\u7740\uff0c\u5e2e\u52a9\u6295\u8d44\u4eba\u53c8\u591a\u8d5a\u4e86N\u500d\uff0c\u73b0\u4eca\u7ec8\u4e8e\u625b\u4e0d\u4f4f\u4e86\uff0c\u7a0d\u7a0d\u5356\u51fa\u4e00\u4e22\u4e22\uff0c\u5b89\u6170\u516c\u53f8\u80a1\u4e1c\uff0c\u7edd\u5bf9\u6ca1\u6709\u4ec0\u4e48\u503c\u5f97\u8bc4\u8bf4\u7684\u3002<\/span><\/p>\n


<\/span><\/p>\n

\u817e\u8baf\u7684\u80a1\u6743\uff0c\u5386\u6765\u662f\u62a2\u624b\u8d27\uff0c\u4e0d\u9700\u8981\u5728\u5e02\u573a\u51cf\u6301\uff0c\u5927\u628a\u8d44\u91d1\u4e0a\u6765\u6251\u4e0a\u53bb\u62a2\u98df\uff08\u81ea\u5df1\u5728\u5e02\u573a\u4e70\u4e0a\u4ebf\u80a1\uff0c\u53ef\u80fd\u628a\u80a1\u4ef7\u62c9\u98de\u5929\uff09\uff0c\u8fd9\u4e9b\u51cf\u6301\u4e0d\u4f1a\u5bf9\u4e8c\u7ea7\u5e02\u573a\u9020\u6210\u4efb\u4f55\u5fc3\u7406\u5f71\u54cd\u4e4b\u5916\u7684\u5176\u4ed6\u5f71\u54cd\u3002<\/span><\/p>\n

 <\/span><\/p>\n

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\u81f3\u4e8e\u8d38\u6613\u6218\uff0c\u6c38\u8fdc\u662f\u53cc\u65b9\u53d7\u635f\uff0c\u4eff\u4f5b\u6bd4\u8d5b\u5272\u81ea\u5df1\u7684\u8089\uff0c\u8d4c\u5bf9\u65b9\u53d7\u4e0d\u4e86\u4f1a\u5ba3\u5e03\u6295\u964d\u3002\u5c31\u4e2d\u7f8e\u4e24\u4e2a\u7ecf\u6d4e\u9ad8\u5ea6\u4f9d\u8d56\u7684\u5927\u56fd\u800c\u8a00\uff0c\u8d38\u6613\u6218\u4f30\u8ba1\u4e5f\u5c31\u662f\u5c0f\u8303\u56f4\u5bf9\u55b7\u4e00\u9635\uff0c\u7ed9\u56f4\u89c2\u7fa4\u4f17\u4eae\u4eae\u808c\u8089\uff0c\u7136\u540e\u8fd8\u5f97\u5750\u56de\u529e\u516c\u684c\u8fb9\u8c08\u5224\u3002<\/span><\/p>\n


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\u73b0\u5728\u53cc\u65b9\u8fd8\u5904\u4e8e\u5bf9\u55b7\u53e3\u6c34\u7684\u9636\u6bb5\uff0c\u90fd\u662f\u201c\u62df\u5b9e\u65bd\u201d\uff0c\u5e76\u4e0d\u662f\u5b9e\u65bd\u3002\u6211\u5bf9\u4e24\u8fb9\u7684\u8001\u5934\u5b50\u4eec\u6709\u4fe1\u5fc3\uff0c\u8bf4\u4e0d\u5b9a\u56f4\u89c2\u7fa4\u4f17\u55e8\u8fc7\u4e86\uff0c\u56de\u5934\u53d1\u73b0\u4e24\u8fb9\u7684\u201c\u62df\u201d\u8fd8\u6ca1\u5f00\u59cb\u5c31\u7ed3\u675f\u4e86\uff0c\u6216\u8005\u5df2\u7ecf\u7f29\u6c34\u6210\u4e0d\u75db\u4e0d\u75d2\u7684\u5c0f\u52a8\u4f5c\uff0c\u987a\u53f0\u9636\u5c31\u6e9c\u4e0b\u53bb\u4e86\u3002<\/span><\/p>\n

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<\/span><\/p>\n

\"\u5e0c\u671b\u4e0e\u7edd\u671b\uff08\u4e0b\uff09\"<\/p>\n

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