Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82
变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!
随机图片

变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!

更新时间: 浏览次数: 674

400电话:123456(点击咨询)
变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!各观看免费《今日汇总》
变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!各热线观看免费2025已更新(2025已更新)








变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!各区点热线观看免费《今日发布》
Random Image 变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!电话








7天观看免费人工电话为您、变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!团队在调度中心的统筹调配下,线下专业及各地区人员团队等专属,整个报修流程规范有序,后期同步跟踪查询公开透明。








所有团队均经过专业培训、持证上岗,所用产品配件均为原厂直供,








变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!各观看免费《今日汇总》2025已更新(今日/推荐)








变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!电话区域:








兴安盟(乌兰浩特市、突泉县、扎赉特旗、科尔沁右翼中旗、科尔沁右翼前旗、阿尔山市)








辽源市(西安区、东丰县、东辽县、龙山区)








聊城市(莘县、阳谷县、茌平区、临清市、高唐县、东昌府区、冠县、东阿县)








济源市  三亚市(天涯区、吉阳区、崖州区、海棠区)








绵阳市(平武县、安州区、游仙区、盐亭县、江油市、梓潼县、三台县、涪城区、北川羌族自治县)








抚顺市(东洲区、望花区、新宾满族自治县、抚顺县、顺城区、新抚区、清原满族自治县)








宁德市(周宁县、福鼎市、古田县、寿宁县、福安市、蕉城区、霞浦县、屏南县、柘荣县)茂名市(茂南区、化州市、电白区、信宜市、高州市)








焦作市(马村区、沁阳市、解放区、山阳区、中站区、温县、武陟县、孟州市、修武县、博爱县)  威海市(文登区、乳山市、荣成市、环翠区)








钦州市(钦南区、灵山县、钦北区、浦北县)








金昌市(金川区、永昌县)








呼伦贝尔市(满洲里市、新巴尔虎左旗、鄂伦春自治旗、额尔古纳市、海拉尔区、陈巴尔虎旗、新巴尔虎右旗、根河市、牙克石市、扎赉诺尔区、扎兰屯市、阿荣旗、鄂温克族自治旗、莫力达瓦达斡尔族自治旗)








宁夏回族自治区








七台河市(勃利县、茄子河区、新兴区、桃山区)








贺州市(昭平县、钟山县、平桂区、富川瑶族自治县、八步区)








石嘴山市(惠农区、平罗县、大武口区)








来宾市(象州县、兴宾区、金秀瑶族自治县、合山市、武宣县、忻城县)








鸡西市(鸡东县、恒山区、城子河区、滴道区、鸡冠区、密山市、梨树区、虎林市、麻山区)








普洱市(西盟佤族自治县、江城哈尼族彝族自治县、宁洱哈尼族彝族自治县、镇沅彝族哈尼族拉祜族自治县、景东彝族自治县、澜沧拉祜族自治县、墨江哈尼族自治县、思茅区、孟连傣族拉祜族佤族自治县、景谷傣族彝族自治县)








哈尔滨市(依兰县、木兰县、南岗区、宾县、延寿县、平房区、五常市、香坊区、通河县、道里区、阿城区、道外区、方正县、松北区、巴彦县、呼兰区、尚志市、双城区)








石河子市(双河市、北屯市、可克达拉市、新星市、阿拉尔市、昆玉市、图木舒克市、胡杨河市、五家渠市、铁门关市、白杨市)








淄博市(周村区、高青县、张店区、淄川区、桓台县、临淄区、博山区、沂源县)








丽水市(松阳县、莲都区、青田县、龙泉市、缙云县、遂昌县、庆元县、景宁畲族自治县、云和县)








辽阳市(白塔区、文圣区、灯塔市、弓长岭区、辽阳县、宏伟区、太子河区)








昆明市(东川区、禄劝彝族苗族自治县、官渡区、呈贡区、石林彝族自治县、安宁市、宜良县、五华区、嵩明县、寻甸回族彝族自治县、西山区、晋宁区、富民县、盘龙区)








德阳市(中江县、罗江区、广汉市、绵竹市、旌阳区、什邡市)








大同市(左云县、浑源县、阳高县、灵丘县、天镇县、云州区、平城区、新荣区、广灵县、云冈区)








内蒙古自治区
400电话:123456(点击咨询)
变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!各观看免费《今日汇总》《今日发布》
变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!各观看免费《今日汇总》(2025已更新)








变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!各观看免费《今日汇总》【2025已更新列表】
变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!电话








7天观看免费人工电话为您、变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!团队在调度中心的统筹调配下,线下专业及各地区人员团队等专属,整个报修流程规范有序,后期同步跟踪查询公开透明。








所有团队均经过专业培训、持证上岗,所用产品配件均为原厂直供,








变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!中心2025已更新(今日/推荐)








变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!电话区域:








舟山市(嵊泗县、岱山县、普陀区、定海区)








保定市(雄县、定州市、唐县、易县、涞源县、清苑区、顺平县、博野县、高阳县、竞秀区、涿州市、莲池区、阜平县、定兴县、徐水区、满城区、安新县、高碑店市、蠡县、容城县、曲阳县、安国市、望都县、涞水县)








阿里地区(日土县、改则县、措勤县、噶尔县、札达县、革吉县、普兰县)








玉树藏族自治州(囊谦县、称多县、曲麻莱县、杂多县、治多县、玉树市)  温州市(龙港市、乐清市、瑞安市、苍南县、洞头区、瓯海区、鹿城区、永嘉县、龙湾区、文成县、平阳县、泰顺县)








博尔塔拉蒙古自治州(阿拉山口市、温泉县、精河县、博乐市)








北京市(昌平区、西城区、大兴区、东城区、丰台区、石景山区、顺义区、门头沟区、延庆区、房山区、怀柔区、平谷区、通州区、朝阳区、密云区、海淀区)








凉山彝族自治州(西昌市、甘洛县、金阳县、盐源县、宁南县、昭觉县、冕宁县、会东县、美姑县、普格县、会理市、木里藏族自治县、越西县、喜德县、布拖县、德昌县、雷波县)龙岩市(漳平市、连城县、新罗区、永定区、长汀县、武平县、上杭县)








海口市(秀英区、美兰区、琼山区、龙华区)  怒江傈僳族自治州(泸水市、福贡县、兰坪白族普米族自治县、贡山独龙族怒族自治县)








咸宁市(崇阳县、咸安区、嘉鱼县、通山县、赤壁市、通城县)








海南藏族自治州(贵德县、共和县、兴海县、同德县、贵南县)








阳江市(江城区、阳西县、阳春市、阳东区)萍乡市(芦溪县、湘东区、莲花县、上栗县、安源区)








宜宾市(珙县、翠屏区、筠连县、叙州区、南溪区、江安县、兴文县、屏山县、高县、长宁县)








渭南市(富平县、大荔县、合阳县、澄城县、蒲城县、华州区、韩城市、潼关县、临渭区、白水县、华阴市)








黔南布依族苗族自治州(平塘县、贵定县、惠水县、独山县、罗甸县、龙里县、瓮安县、长顺县、福泉市、三都水族自治县、荔波县、都匀市)








湖州市(吴兴区、安吉县、南浔区、长兴县、德清县)








汕尾市(海丰县、陆丰市、城区、陆河县)








贵阳市(乌当区、南明区、清镇市、修文县、白云区、息烽县、云岩区、开阳县、花溪区、观山湖区)








攀枝花市(西区、盐边县、东区、仁和区、米易县)








林芝市(波密县、墨脱县、朗县、工布江达县、巴宜区、米林市、察隅县)








阿勒泰地区(布尔津县、吉木乃县、青河县、福海县、哈巴河县、富蕴县、阿勒泰市)








九江市(彭泽县、永修县、柴桑区、修水县、濂溪区、武宁县、共青城市、都昌县、瑞昌市、德安县、浔阳区、湖口县、庐山市)








双鸭山市(岭东区、饶河县、宝清县、集贤县、尖山区、友谊县、四方台区、宝山区)








乐山市(井研县、马边彝族自治县、沙湾区、夹江县、沐川县、峨眉山市、峨边彝族自治县、犍为县、金口河区、市中区、五通桥区)








天水市(甘谷县、麦积区、秦安县、秦州区、武山县、清水县、张家川回族自治县)








娄底市(冷水江市、涟源市、娄星区、双峰县、新化县)








商洛市(柞水县、洛南县、山阳县、商南县、丹凤县、商州区、镇安县)








哈密市(巴里坤哈萨克自治县、伊州区、伊吾县)

  ■ 刘 琪

  海棠铺绣,春日正盛。中国人民银行日前公布的3月份的金融数据,也透出了浓浓暖意。

  3月份,人民币贷款增加约3.64万亿元,同比多增0.55万亿元。其中,企业贷款新增28400亿元,同比多增5000亿元;住户贷款增加9853亿元,同比多增447亿元。这些跃动的数字,是微观主体活力上升的生动写照,更是中国经济运行态势向好的有力注脚。

  企业贷款的强势表现是3月份金融数据的一大亮点。尤其是短期贷款增加1.44万亿元,同比增长4600亿元,成为企业贷款的主要支撑项,这表明企业的生产经营活动正在加快恢复,融资需求也在稳步回升。尽管企业中长期贷款同比少增200亿元,但考虑到地方债务置换等因素的影响,企业信贷的整体表现依然强劲。

  与此同时,居民贷款的回暖同样令人瞩目。住户中长期贷款增加5047亿元,同比多增531亿元,与重点房地产市场的“小阳春”形成呼应。3月份,30个重点城市二手房成交面积整体同比增长20%以上,成交回暖带动个人住房贷款投放增多。提前还款的情况在降低存量房贷利率后有较大缓解,也对居民中长期贷款增长产生了积极影响。此外,在大力提振消费和强化金融支持下,消费贷款增势向好,进一步支撑了居民贷款的增长。

  信贷向好的背后,离不开政策的春风化雨。去年四季度以来,一系列宏观政策发力,有效扭转社会预期。今年开年,积极的财政政策靠前发力,政府债券发行和财政支出节奏明显加快,重大项目建设也在加速落地。适度宽松的货币政策持续发力,3月份企业新发放贷款(本外币)加权平均利率约为3.3%,个人住房新发放贷款(本外币)加权平均利率约为3.1%,均处于较低水平。多项宏观政策协同发力,共同推动了信贷需求的回升。

  3月末M1增速上行进一步表明了市场信心在逐步增强,经济内生动力在不断积聚。尽管全球经济环境仍存在不确定性,但我国经济的韧性和潜力不容低估。最新公布的一季度经济数据显示,中国国内生产总值达318758亿元,同比增长5.4%。这一速度在全球主要经济体中名列前茅,充分彰显了中国经济的强大韧性与底气。

  我国超大规模内需市场回旋余地大且富有活力,完整的产业链和强大的制造业基础使我国在全球供应链中占据关键地位,持续的科技创新和产业升级也为经济注入源源不绝的增长动力。同时,我国宏观政策工具箱储备充足,能够有效应对外部环境的不确定性变化,为经济稳定增长提供有力保障。

  眼下,春季里的最后一个节气谷雨将至。谷雨取自“雨生百谷”之意,生动概括了雨水对农作物生长的关键作用。雨水之于农作物,也恰如金融活水之于实体经济。可以预见的是,随着各项政策进一步落地显效,金融活水将更好润泽实体经济发展。我们也有理由相信,未来中国经济的内生动力还将不断增强,并为世界经济增长注入更多中国动能。

  2024年9月,证监会发布《关于深化上市公司并购重组市场改革的意见》(简称“并购六条”),随后,北京、上海、广东、四川等多地相继出台了支持企业并购的相关文件或政策举措。其中,上海、深圳、安徽等地更是单独发文支持企业并购重组。在中央与地方政策的共振下,并购重组正处在政策红利期和窗口期。

  据Wind数据统计,2025年一季度,中国并购市场(包含中国企业跨境并购)共披露1647起并购事件,同比上升0.98%;交易规模约7779亿元,同比上升约115.30%,市场活跃度显著提升。从各参与方的并购目的分布来看,横向整合类的并购事件以456亿元规模占到总体交易规模的6.78%,战略合作和资产调整分别以439亿元和116亿元占到总体交易规模的6.52%和1.73%。

  不过,澎湃新闻注意到,相较于并购交易规模,并购基金参与度并不高。研究数据显示,今年一季度共计66支私募基金以并购的方式成功退出,回笼金额虽然同比有增长,但规模仅有262.77亿元。

  近日,在盐城产融生态对接会上,多位业内人士,围绕着并购基金的“出路”进行了探讨。国新证券并购重组部负责人彭德强建议,并购基金围绕上市公司进行突破。可以地方产业龙头上市公司为核心,联合其大股东、社会资本及政府资本共同设立并购基金,围绕该上市公司产业链上下游实施纵向整合与横向拓展进行布局,另外,并购基金通过主动收购上市公司构建退出通道。

  “并购六条明确允许私募基金以产业整合为目的收购上市公司,这其实为下一步并购基金的发展提供了非常好的思路。如果并购基金旗下有1~2个上市公司平台,就可以为下一步退出打下基础。”彭德强说道。

  并购基金出资人多数以地方政府为主,以招引为契机进行收购交易。中泰资本董事总经理章程从机制方面给出了诸多建议,比如尽量减少自守正出奇的战略,更多是在收购的前提下纲举目张,以地方产业政策为前提,寻找当地的链主企业。“如果收购主体是以国企为背景的并购基金,还是希望给管理层多一些激励。”

  章程还强调,未来在关键时间点上,还要对并购逻辑出发点的要素驱动测试。比如,不同时间点上基本面有没有发生变化,收购标的的增长逻辑是否发生了变化。“我们经手的多个案例,上市公司对商誉给予了非常高的关注度。商誉摊销的会计处理方法上,中国是不再进行商誉摊销,而是每年进行减值测试。”“只要估值逻辑中间发生变化,那么上市公司就要对商誉值进行调整。这部分变动会成为营业外支出,会对当期利润产生影响。”

  那么,政府参与的并购基金,着力点有哪些?

  “政府引导型的并购基金应该重点聚焦在面临产业升级的传统产业上。他们向战略性新兴产业转型过程中,有内在的整合逻辑。”彭德强表示,存量市场机会更大。

  中平资本创始合伙人黄正红总也认为,产业转型升级是并购重组永恒的主题,产业整合需求迫切、强链补链行业也存在机会。

  毅达资本合伙人刘峰总结了三点,即“全、新、强”。全,是指全产业链,上下游打通;新,则是指传统产业转型新兴;强是指提升公司质量,做大做强。刘峰以江苏盐城举例称,盐城市新能源产业比较优势明显,可以围绕新能源细分产业,通过并购重组盘活存量,将新能源产业做大做强。

MACD金叉信号形成,这些股涨势不错!新闻结尾 变成黑皮辣妹后和朋友做了漫画,带你领略不一样的魅惑体验!的相关文章
中国首家乐高乐园7月开园
飞猪把代言人宠成爽文女主
三河通报里市委主要负责人是谁
一号难求的“拒绝上学门诊”:开诊10个月,接诊近万人次
“天气预报”不是“想报就能报”
不少年轻人流行用iPhone6拍照
  • 友情链接:
  • “杀洋盘”瞄准外国人:6.68万名印度人被电信诈骗,9人获刑 建议睡前30到60分钟数字戒断 马上评|何同学,大V也别忘共情劳动者 中年夫妻之间最简单的情话是什么 一句妻子的责任抹杀了她全部价值

    查看更多评价 ∨