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中泰证券2019年资产配置:传统行业选龙头,新兴行业看科技含量

2019-03-16     牛牛财经   来源:
文章摘要:本文来源微信公众号“李迅雷金融与投资”,内容为中泰证券分析师唐军关于2019年资产配置的演讲。原标题为《唐军:如何把政策数字化——基于中泰时钟的2019年资产配置策略》。中泰时钟是在美林时钟的基础上发展改进而来的。美林时钟从经济产出和通胀两个维度出发….

benwenlaiyuanweixingongzhonghao“李lixunleijinrongyutouzi”,内neirongweizhongtaizhengquanfenxishitangjunguanyu2019年nianzichanpeizhideyanjiang。原yuanbiaotiwei《唐tangjun:如ruhebazhengceshuzihua——基jiyuzhongtaishizhongde2019年nianzichanpeizhicelue》。

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youyuwoguo“政zhengfuzaiziyuanpeizhizhongqizhongyaozuoyong”的deteshuxing,因yinci,加jiashang“政zhengceweidu”对duiyuguoneidezichanpeizhijuyouxianshiyiyi。问wentizaiyu,经jingjichanchuhetongzhangzhelianggeweiduduhenrongyihuodelianghuashuju,但danzhengceruhelianghuane?如ruguobunenglianghua,那name,中zhongtaishizhongduiguoqulishidejieshidujiuhuidazhekou,预yuceweilaideyijujiunanyilingrenxinfu。因yinci,在zaiguoqudeliangnianduoshijianli,我womenyizhishituchuangshenengjingzhunfanyingjingjizhengcebianhuadezhibiao,把bazhengcejinxingshuzihua

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ji便bianshichanchuweiduhetongzhangweidu,简jiandanyunyongyuanshizhibiaoxiaoguobingbulixiang,因yinci,我womenduizhibiaojinxingshujuqingxi、修xiuzhengshenzhizaizhonggoujichushang,逐zhubuhuiguimoxingdedaodejieguoganghaoduiyingliao“三sanjiamache”的dehongguanluoji,但danruguozhijienayuanshidehongguanzhibiaolaifenxidehua,恐kongpadebudaozhegejieguo

benzhousan,中zhongtaizhengquanyanjiusuojuxing2019年nianchunjiceluehui——天tiandaoyouyingxudongqudaichunlai,中zhongtaizhengquanyanjiusuojinronggongchengshouxifenxishitangjun,作zuoweizhujiangjiabin,发fabiaoliaotiwei《中zhongtaishizhongxiade2019年nianzichanpeizhicelue》的deyanjiang,系xitongerquanmiandijiangshuliaozhongtaishizhongdejibentezheng,并binganzhongtaishizhongdefenxikuangjia,演yanyichu2019年niandaleizichanpeizhideluoji

jibenjielun

A股kanhao,两lianglunqudong:估guzhixiufuheyuqicha;前qianzheshiyinweigushichixuxiadie,A股guguzhihuidao美股shuipingshifoujiuwanchengliaoguzhixiufu?也yeweibi!后houzheshigaigeliduhuochaoyuqi。对duigushijiegouxingdejihui,可keyiguinawei:传chuantongxingyexuanlongtou,新xinxingxingyekankejihanliang。 债zhaishirengkekanduo,信xinyonglichayouwangsuoxiao。大dazongshangpinzongtikankong

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yi、中zhongtaishizhongzichanpeizhiceluetixijieshao

zhongtaishizhongdeceluekuangjiafenweilianggebufen:第diyibufenshizhongchangqidezhanluezichanpeizhi,我womenzhuyaoconghongguanweidulaibawo;第dierbufenshiduanqidezhanshuzichanpeizhicelue,我womencong“预yuqicha”的demoxinglaijinxingfenxi

zhongtaishizhongshilixunleilaoshidailingwomenzhongtaiyanjiusuohongguan、策celue、固gudingshouyihejinronggongchengdengyanjiutuanduilianhedazaochulaide,具juyouyidingdetese。跟genyejiechuantongdehongguancelueyanjiuxiangbi,我womenjiaruliaojinronggongchengdingliangdefenxikuangjia,包baokuolianghuadeshizhengjianyan,因yincizhongtaishizhongdekeguanxinghuigengqiangyixie;同tongshi,跟genchunlianghuadezichanpeizhimoxingxiangbi,我womenhongguanjibenmiandejichuluojiyaoqianghenduo

zhongtaishizhongshizaimeilinshizhongdejichushangfazhangaijinerlaide。美meilinshizhongcongjingjichanchuhetongzhanglianggeweiduchufa,将jiangjingjizhouqifenliaosigejieduan。我womenzaicijichushangzengjialiaoyigezhongyaodeweidu——政zhengceweidu,所suoyiwomendeshizhongzhuanpantugengweifuzayixie。此ciwai,我womenzaichanchu、通tongzhang、政zhengcesangeweidushang,通tongguoquanmianxizhidefenxigoujianliaogegeweidudezonghezhibiao,比bichangjiandeyuanshihongguanzhibiaoduijingjiyiyidekehuagengquanmian、更genglingxian

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moxingchulaidejieguoshi,有yousangezhibiaozaitongjiyiyishangduiGDP增zengsujieshiliduzuida:地dichantouzizengsu、进jinchukouzongezengsuheshexiaolingshouzongezengsu,正zhenghaoduiyingliao“三sanjiamache”。右youbiandetuzhanshiliaozhenshideGDP数shujuheyongshangmiansangezhibiaodenihejieguozhijiandeduibi,拟nihexiaoguohuanshibijiaohaode。哪napashizuijinjinian,拟nihexiaoguoyehuanbucuo,说shuomingji使shijingguoliaozhemeduoniandejingjijiegouzhuanxing,对duijingjidezhouqibodongyingxiangzuidadehuanshidichantouzi

womenzaiduizhibiaojinxingshujuqingxi、修xiuzhengshenzhizhonggoudejichushang,逐zhubuhuiguimoxingdedaodejieguoganghaoduiyingliao“三sanjiamache”的dehongguanluoji,但danruguozhijienayuanshidehongguanzhibiaolaifenxidehua,恐kongpadebudaozhegejieguo

juyigelizi,可keyishuomingyongyuanshidehongguanzhibiaozuotongjifenxi,会huicunzaiyixiebijiaomingxiandewenti。比birugongyeyongdianliangzheyizhibiao,用yongdianliangzaihongguanzhibiaozhongyinggaisuanshujuzhilianghengaode。图tuzhongqu线xianshitongjijugongbudegongyeyongdianliangtongbizengsudeyuanshishujuxulie,我womenkeyikandaoquanchulaidebofengbogu,对duiyingzaishijianzhoushangduzai1-3月yuefendegongyedanji,淡danjidezengsurongyipiandahuopianxiao。淡danjidezengsuzaijingjiyiyishanglaishuoshizuibuzhongyaode,但danshiconglianghuamoxinglaishuo,拿nazhegeyuanshizhibiaozuotongjifenxidehua,波bofengbogudeshujudianduitongjijieguodeyingxiangwangwangshijuedingxingde

kejian,经jingjiyiyizuibuzhongyaodeshujudianquehuijuedingtongjidejieguo。所suoyizaizhongtaishizhongdeyanjiugongzuozhong,我womenhualiaodaliangdeshijianhejingliduizhexieyuanshihongguanzhibiaozuoqingxi、修xiuzhenghezhonggou,在zaizhegejichushangwomencainengzuoxiayibudelianghuashizhenghejianyan

ciwai,我womenxunzhaojingjichanchudelingxianzhibiaoshi,发faxianM1和heM0的dezengliangcha,在zaiguaidianshanghenwendingdilingxianyuGDP产chanchushuiping6个geyuezuoyou。过guoqu12个geyueM1和heM0的dezengliangzhicha,代daibiaozhuoqiyehuoqicunkuandebianhua,而erqiyehuoqicunkuannengfanyingqiyedejingyinghuoyuedu。目muqiankanM1和heM0的dezengliangcha,还huanmeiyouchuxianxiangshangdeguaidian,但danxiajiangsulvquhuanliao。由youcikeyiyupanchanchushuipingzhishaozaijiexialaide6个geyueneiyehennanchuxianxiangshangdeguaidian,但danshixiahuadesulvkenengquhuan

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diyigeshihuobikuozhangdelidu,或huozheshuohuobichaofadelidu。我womenyongM2的dexinzengliangchuyiGDP的dexinzenglianglaikehuahuobikuozhanglidu,如rutushanglansexu线xian,每meidangxu线xianconghengzhouxiamianxiangshang穿chuanguohengzhou,数shuzhidagaizai2左zuoyou,随suihoutongzhangjiuhuichuxianxiangshangdeguaidian,而erxiangxia穿chuanguohengzhouzedailaitongzhangxiangxiaguaitou。这zhegegenmeiguozhuminghuobijingjixuejiadeyanjiujielunshiyizhide:日ri、韩han、台taidengjingjitizaigaosufazhanjieduan,货huobizengsushiGDP增zengsude2倍beizuoyoushibijiaohelide,超chaoguohuidailaitongzhang,反fanzhizeyoutongsuoyali

diergeyinsushichanchuquekou,短duanqidechanchushuiping,如ruguopianliliaochangqihuozheqianzaidechanchushuiping,就jiuhuichuxianchanchuquekou。如ruguoquekouweizheng,往wangwanghuidailaitongzhangdeyali;缺quekouweifu,则zehuidailaitongsuodeyali

disangeyinsushiyiyuanyoujiageweidaibiaodeshuruxingtongzhangdeyingxiang。原yuanyouzuoweizuizhongyaodegongyeyuancailiao,价jiageduitongzhangdeyingxiangshibijiaomingxiande,而erqieyouyidingdelingxianzuoyong

womendeshizhengjieguobiaomingzhesangeyinsuduitongzhangzhouqixingdebodongyingxiangzuixianzhu。而ershucai、猪zhuroujiagedengsuiranbodongda,容rongyishoujijie、气qihouhuoshijianchongjideyingxiang,但danwomenrenweiqiduitongzhangzhihuizaochenghenduanqidebodong,而erduitongzhangdedazhouqiyingxiangbingbunameda。当dangqian,三sangehongguanyinsuduzhixiangmeiyoutongzhangyali,甚shenzhikenengyoutongsuoyali

disangehongguanweidushizhengceweidu,政zhengcefenweihuobizhengce、财caizhengzhengce

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yangxingdehuobikuozhangliduconglianghejialiangfangmianlaikehua:我womenbayangxingguoqu使shiyongguodegezhongzhengcegongjushifangdejingtoufangliangjiazong,再zaijiashangwaihuizhankuanbianhuazaochengdeyingxiang,消xiaochudiaojijiexinghetongyigangliang,构goujianliaoyangxinghuobitoufangliduzonghezhibiao,这zheshi“量liang”;我womenbayinxingjiandehuigoulilvjinxingjiaquanjisuan,也yexiaochujijiexingyingxiang,这zheshicong“价jia”的defangmianhengliangkuansonglidu。从cong2018年nian4月yuefenzhihou,这zhelianggezhibiaoyizhidifanyingchuyangxingdekuansongliduzaimingxianjiada

zhenggeyinxingyexinyongkuozhangdelidu,我womencongyinxingbiaoneizichandekuozhanghebiaowaiguimodebianhualiangfangmianlaikehua。这zhelibiaowaideguimoshiwomencaiyonglianghuadefangfagusuanchulaide,因yinweitayemeiyougongkaiqueqiedeshuju

jiezhidaojinnian1月yuefen,可keyikandaobiaoneihenmingxiandizhonghuikuozhang,平pinghua12个geyuezhihoudeshujuqu线xianshiwangshangqiaode;表biaowaiguimorengranshishousuode,但danxiajiangdefuduquhuanliao。综zonghebiaonei、表biaowailianggefangmianlaikan,信xinyongbianjishangmingxiangaishanliao,但danrengchuyupianjindequjian

name,我womenhualiaozhemedadeliqi,构goujianchulaidezhibiaoyuchuantongzhibiaoxiangbi,刻kehuaxiaoguoshifouyougaijinne?M2、信xindai、社sherongzhexieshizuichangjiandehengliangxinyongkuozhangdezhibiao,但danwomenkanxiabianzhegetu,红hongsequanchulaide2015年nianzheyiboniushi,大dajiadushuoshi“水shuiniu”,是shizijintuidongdeniushi,可keshiwomencongzhejigechuantongzhibiaogenbenkanbuchu15年nianyou“放fangshui”——M2、信xindai、社sherongzengsuduzaixiahua。但danruguoyongwomengoujiandezongxinyongkuozhangzhibiao,就jiukeyimingxiankandao2015年nianxinyongkuozhangshifeichangkuazhangde

xiabianzhegetuyenengshuomingwomengusuandebiaowaiguimobichangjiandezhibiaogengyoukehuali。业yeneihenduoyanjiubaogaoliduhuiyongsheronglimiandesangefenxiang——委weituodaikuan、信xintuodaikuan、未weitiexianyinxingchengduihuipiao,来laidaitibiaowaiyewuguimo

danshiwomenfenxifaxian,这zhesanxiangduibiaowaiyewuguimodekehuanenglishihenyouxiande。比biru,表biaowaiyewupengbofazhandedingshengqishizai2014-2016年nian,而ersherongdezhesangefenxiangshuju,大dajiakeyikanxiabiantushanghongsedequ线xian,2014-2016年nianjianshihenpinghuande,没meizenmeshangqu,而erwomenzijigusuandebiaowaiguimo,这zhetiaolansede线xianzai14到dao16年nianjianshangshengqushihendouqiao

womenyekandaoyixiedianping1月yuefensherongshujudebaogao,说shuozhesange“表biaowai”分fenxiangzai1月yuefenyijingzhuanzhengliao,说shuomingbiaowaiyewuyijingchuqingliaohuozhezhonghuikuozhangliao。我womenjuedezhezhongtuiduandeyijubingbuchongfen,因yinweizhibiaobenshenduibiaowaiyewuguimodekehualijiuhenyouxian

caizhengzhengcezhegebufen,我womenxiangbachuantongdecaizhenggongjuheyinxingdecaizhengzhichi,都dunarujinlai,构goujianyigezonghezhibiaolaihengliangcaizhengzhichidelidu

womenjiangzhengcexingyinxingzuoweiyigecaizhenggongjulaikandai,业yeneibijiaoshaorenfenxizhegegongjudeyingxiang,因yinweizhengcexingyinxingfangdaideshujushibugongbude。但danwomencongzhengcexingyinxingderongzixingwei,也yejiushitafazhaidejiezouyijiyangxingPSL的deedu,间jianjielaikehuazhengcexingyinxingdaikuandecaizhengzhichilidu

zuijinzhejinian,一yixiexinxingdecaizhenggongjuhuozhezhuncaizhenggongju,包baokuoPSL、PPP等deng,都dufahuiliaohendadezuoyong,其qizuoyonglidukenengbiwomenxiangxiangdeyaodahenduo

xiamianzhegetushi2015年nianhe2018年niangezhongcaizhenggongjuzhichuzhanbideduibi。从conggegongjudezhanbibianhualaikan,PPP自zi2016年niantuichuyilaiyijuntuqi,到dao2018年nianzhanbigaoda15%,超chaoguozhengcexingyinxing、城chengtouzhaidenggongjudegongxian。而erjinnianlaiposhouguanzhudedifangzhengfuzhuanxiangzhai,其qizhanbideshangshengganghaodixiaoliaochengtouzhaixiajiangdefene

womenduizhejigecaizhenggongjuzai2019年niandezhichushuipingzuoliaojiandandeyuce。城chengtouzhaizaiguifandifangzhengfujuzhaidezhengcehuanjinglixiangxiadequshibijiaomingque。PPP执zhixingjieduanduijingjiyouladongzuoyong,但danqianqidezhunbeiheshibiejieduandexiangmuyijingdiaotouwangxialiao,接jiexialaiyenanyouchaoyuqizuoyong。能nenggouwangshangzoudejiushidifangzhengfuzhuanxiangzhaihezhengcexingyinxingdaikuan

kejian,在zaiwomenzhongxingjiashedegujixia,仅jincongxiayidezhengfucaizhengzhichulaikan,19年nianzhichuliduhennanchaoyuqi,因yincidui19年nianchuantongjijiandezengsuyebuyiyuqiguogao。 但danruguobajianshuijiangfeide1到dao2万wan亿yiyenarudaocaizhengzhichidegongxian,则ze2019年niandecaizhengzonghezhichiliduhuimingxiandayu2018年nian。政zhengcecongchuantongdejijiantouzidaojianshuijiangfei,对duizhouqilei、以yijijijianxiangguandexingyebuli,对duixiaofeihexinxingxingyehuigengyouliyixie

zaisangehongguanweidugoujianzonghezhibiaodejichushang,我womenduisanleizhibiaoguoqudebiaoxianyijiliniandehongguanjingjizhuangtai,都duzuoliaoyigehuafen。在zaimeiyigehongguanzhuangtaizuhexia,我womenguinaliaogupiao、债zhaiquan、商shangpinxiangyingdebiaoxian,这zheyangwomenjiunengzongjiechulaizichanjiagedeyixieguilv。这zhexieguilvgenwomenzhiguandeganshouyebijiaojiejin

zi2018年nian4月yuefen,货huobizhengcemingxianfangsongliao,但danxinyonghuanhenjin,因yinciwomenbazhengcehuanjingguiweizhongxing。按anzhaowomenzongjiedeguilvtuiduan,2018年nianzhengtidedaleizichanpeizhideshunxushizhaiquan、股gupiao、商shangpin

xianzaixinyongchuxianliaobianjishangdegaishan,很henduozhengcedequxiangduzaiwangxinyongkuozhangdefangxiangqingxie,如ruguozhengcejinruquanmianfangsongdezhuangtai,进jinrudaoshangtuhongsebiaoshidequjian,那nametuijiandeshunxuzeshigupiao、债zhaiquanheshangpin

san、“预yuqicha”模moxingqudongzhanshuzichanpeizhi

zhanshuzichanpeizhiceluewomencong“预yuqicha”的dejiaodufenxi:一yifangmiankehuajibenmiandezhuangtai,一yifangmiankehuashichangdeyuqizaishimeweizhi。两liangzhezhichajuedingjiagededuanqizoushi

zichanjiageduanqidebianhuayidingbunengzhicongjibenmianlaipanduan。经jingchanghuitingdaoyizhongshuofa——经jingjihuanmeijiandi,所suoyigushiyehuanmeijiandi——这zhegetuiduanqishishihenbuchongfende。如ruguoshichangduyuqijingjihencha,即ji使shijingjihuanmeiyoujiandi,只zhiyaoshijibiaoxianmeinamecha,比biyuqihaoyidian,那namegujiajiuyouxiufudedongneng。所suoyiduanqidegujiadezoushiyaocong“预yuqicha”的dejiaodulaifenxi

jiaruwomenyonggusuandegupiaoxinggongmujijindechicanglaihengliangshichangyuqi,用yongwomenjingxuandeyejilingxianzhibiaolaigeijibenmiandafen。以yixiaofeileixingyeweili,上shangtuhongsedezhelianggequannei,基jijincangweihuanbijiaodi,超chaopeixiaofeiderenbijiaoshao,意yiweizhuoshichangyuqizaidiwei,但danjibenmianfenshuyijingzaishangsheng,这zhezhongwangwangyiweizhuoyoumingxiande“预yuqicha”,后houmiandexiaofeibankuaidegujiajihuibijiaoda

si、2019年nianzichanpeizhideguandian

womenxianlaikankandangqiandehongguanjingjizhuangtai。当dangqiandezhuangkuanghuibuhuigen2009年nianxiangsine?我womenjuedezhishaocongcaizhengzhichuhejijianlaipanduan,几jihukanbudaorenhexiangsidejixiang。2009年niancaizhengzhichushijufudepansheng,但danxianzaizonghezhichuzhibiaobi2015、2016年nianduyaoruo

dangqiangen2015年nianyebuhuixiangsi。我womentingdaoyoubushaoshengyinzaitaolunshibushihuichuxian“脱tuoshixiangxu”,再zailaiyilunzijintuidongshideniushi?

womengoujianyigekehua“脱tuoshixiangxu”程chengdudezhibiao:银yinxingzongfuzhaidekuozhang - 社sherongguimodezengliang。因yinweisherongshicongshitijingjirongzizhutidekoujinglaitongjide,反fanyingliaoliurushitijingjideqian,而eryinxingzongfuzhaidekuozhangchuliaoliuxiangshitijingjidezijin,还huanbaohanliaotongyefuzhaidengzaijinrongjigouli“空kongzhuan”的dezijin。因yinciliangzhedezengliangzhicha,能nenggouyidingchengdushangkehuatuoshixiangxudechengdu

congzhibiaolaikan,当dangqiantuoshixiangxubingbumingxian。而erqiewomenfenxiguoquzhejibotuoshixiangxu,会huifaxiantuoshixiangxuhuizhijiedailaizhaiquandeniushi,但danbuyidinghuidailaigushideniushi。这zhehuoxushiyinweizijinshuxingdeyuanyin

tuoshixiangxudailaigushiniushizuidianxingdejiushi2015年niannayibo,2015年nianzhisuoyihuidailainiushi,是shiyinweidiejialiaojinrongchanpinchuangxindefanrong。一yibaneryan,由youyuzijinshuxingdewenti,就jiusuantuoshixiangxu,资zijinyeburongyiliudaogushi,通tongchanggengrongyiliudaozhaishi。但danjinrongchanpinchuangxinbazichandeshouyihefengxianfenjieliao,原yuanlaibuyiliurugushidezijinyehuitongguochuangxindejinrongchanpin,如rufenjichanpindeyouxianduan,流liurujingushilai

2015年niandetuoshixiangxuyizhiyanxudao2016年niandi,债zhaishiniushiyeyanxudao16年niandi,而ergushiniushizhiyanxudao15年nianzhong——当dangshikaishiyanchapeizihexianzhigangganxingchuangxinchanpin,股gushiniushijiujieshuliao。可kejian,如ruguoyaozaifashengyici2015年niannayangyoutuoshixiangxudailaideniushi,除chufeizaichuxianxinyongjufukuozhangdiejiajinrongchanpinchuangxindefanrong

dangqianshichangdezhuyaoqudongluojishi:估guzhixiufuhe“预yuqicha”修xiufu

xianlaikanguzhixiufu。我womenanzhaoguoquROE的degaodihewendingchengdu,把bazhongmeigupiaofenbiefenchengliao6档dang,可keyikanzhezhangbiao。从conggedangduibi,A股gudePE和hePB都dubimeigudiliao。而erqieA股gudangqianchuyuyinglizhouqidediwei,而ermeiguchuyuyinglizhouqidegaowei,A股gudangqiandePE还huanshidiyumeigu,可kejianguzhiyoushifeichangmingxian

nameguzhixiufudekongjianyouduoda?

A股guguzhihuidaomeigushuipingshifoujiuwanchengliaoguzhixiufu?也yeweibi!

womenkeyikanzhongmeiliangleizichandeguzhiduibi,首shouxianshiguozhai:美meiguoguozhaishouyilvshizhongzaimingyiGDP增zengsufujinbodong,这zheshihelide,因yinweijingjideqianzaihuibaojuedingchangqililvshuiping。而erzhongguoguozhaishouyilvchangnianyuandiyumingyiGDP增zengsu,从congzhegejiaodukan,我womendeguozhaishouyilvgenmeiguobiyanzhongpiandi,国guoneidelilvzhaibeidafugaoguliao



qicishifangdichan:若ruoyongfangjiashourubilaihengliangfangjiadeguzhishuipingdehua,国guoneifangdichanyemingxiangaoguliao:美meiguowei7到dao9倍bei,而erzhongguowei20多duobei

ji便bianshimuqianyoumingxianguzhiyoushideA股gu,在zaiguoqujuedabufenshijianliqiguzhidushimingxiangaoyumeigude,尤youqishiyejichadegongsi

kejian,国guoneizichanjiagegaoguyingyoushencengyuanyin,A股guguzhizhonghuimeiguzhishanghuoxuzhishishijianwenti

zailaikan“预yuqicha”修xiufudeluoji。近jinqidexingqingkenengzhuyaoshou“预yuqicha”修xiufuqudong,且qie“预yuqicha”的dexingchengzhuyaoshiyinweiduizhongchangqideyuqifashengliaonizhuan。我womenjieyongbaidudedashujujishu,下xiamianqianlansede线xianshi“贸maoyizhan”这zheyiguanjiancidesousuoqiangdu,红hongsede线xianshigujia,我womenkeyikandao2018年nianmeiyibogujiadejidieduduiyingzhuo“贸maoyizhan”搜sousuoqiangdudejijupansheng

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erjinniande1、2月yuefen,人renmenfaxiansuoyoudeshiqinghaoxiangdunizhuanliao,贸maoyizhanyehuanheliao,华huaweiyefengshabusiliao,金jinrongdezhanluediweihuantishengliao。因yinciwomenshuodangqiandeyuqixiufushizhongchangqiyuqidenizhuan,而erbushiyigejiandandechaodiefandan,这zheyeyiweizhuoxiufuxingqingdeshijianhekongjianhuibijiandandechaodiefandangengdayixie

duigushijiegouxingdejihui,可keyiguinawei:传chuantongxingyexuanlongtou,新xinxingxingyekankejihanliang。从congmeiguguoqu30年niandejingyanlaikan,向xianglongtougongsijujihekejibankuaizhanbitishengshichangqiqushi

duiyuduanqidezhanshuzichanpeizhi,我womenhouxuhuituichujiyu“预yuqicha”的dexingyepeizhiyuebao,每meiyuejishigengxintishitouzijihui。目muqianzhidetishideshi,从conggusuandejijinchicanglaikan,虽suiranjinqixiaoshizhigupiaozhangfubijiaoda,但danxinxingchengchangxingyedejijinchaopeizhanbigenlishibirengranshipiandide;而erzhouqixingyedejijinchaopeizhanbijinqishangshengjiaoduo,主zhuyaoshizengchiliaodichangu,可kejianshichangduidichanzhengcefangsongdeyuqishibijiaogaode,这zhezhidezhuyi,因yinweishichangyuqiyuegao,后houxuchaoyuqidekenengjiuyuexiao

zhaishirengkekanduo,信xinyonglichayouwangsuoxiao

dangqianjingjichanchuzengsuxiahuaqushizhong,货huobikuansong,信xinyongbianjigaishandanrengzaijiaojinshuiping,通tongzhangmeiyouyali,利lilvjiang“易yixiananshang”,仍rengkekanduo。随suizhuoxinyongbianjigaishan,信xinyonglichayouwangsuoxiao

shangpinkankong

changqilaikan,经jingjizengsuxiaxingdiejiajingjijiegouzhuanxing,工gongyepinzongxuqiuxiaxingdequshishimingquede。从congxuqiuhegonggeidedanxinglaikan,经jingguoqianjiniandegonggeicegaige,供gongxudatiquyupingheng。价jiagededuanqibodongkenengzhuyaoqujueyugonggeiduanderaodong,大dafududequshixingxingqingburongyichuxian

jiushangpinCTA策celuelaikan,我womenrenwei19年niancelueleixinggengfengfudeCTA产chanpinkenenggengyoupeizhijiazhi,而erduidanchunqushileideceluekenengbuli

youyushijianguanxi,最zuihoudeguandianhuizongwojiubuzhongfuliao。谢xiexiegeweilingdao!(编bianji:刘liurui)


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