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As China Science and technology create a virtual battlefield powers 湖北文理学院校徽

As China Science and technology: create a virtual battlefield powers Sina App: Live on-line blogger to help guide the stock masters 20 years of experience in the veteran "into the new three board company research group reported in 440 BC a hot afternoon, the king of Chu palace in the capital of Chu Ying, two middle-aged man sat on the floor, silently playing with. A special "war" that determines the fate of a nation is underway. Both men in a luxurious dress, holding up the last piece of wood on behalf of siege ladders, wandering eyes, sweat streaming down her cheeks; sitting wearing short cut shoes, even the belt are not wearing — his belt is now on the second intermediate people on behalf of the city wall — he held a a lot of representative defenders tool chips, leisurely, smiling. The winner of this one is the famous Mo-tse, sitting opposite him is the ancient inventor Luban. "Mo-tse" recorded in the famous game, Mo-tse Chu stop Gongsong, gain victory with unstained swords, leaving a story. This may be China military history on military simulation of the earliest case, Mo-tse combat exercise by imitating actual combat equipment, tactical forces, etc., will be a bloody killing battle even more massive battles concentrated in three feet above the documents. After 2500 the new three board market, high-tech enterprises have a focus on military simulation services, in their hands, thousands of years ago in Mo-tse’s little wood into a precise and efficient and realistic modern military simulation system of the computer system and the virtual reality world. Recently, the national stock transfer company combined with the Shanghai securities journal sponsored "into the new three board company" large research activities research group came to Beijing Zhongguancun Software Park, into the Chinese science and technology. To build China’s military simulation independent brand Zhongguancun Software Park, the exhibition room such as science and technology is full of research team members from the national stock transfer system, Shanghai Stock Exchange and major institutions. The scene shows combat army air defence force troops battle system and unit simulation training system makes the research team looked at a glance. Why does China’s science and technology attract attention? On the one hand, the company has both military and dual VR popular concept, very rare in the new third board market; on the other hand, the company listed in April of this year, in addition to public transfer instructions and annual report, semi annual report, rarely see the agency Research Report and media reports, full of mystery. Han Chao, general manager of China Science and technology, told the Shanghai Zhengbao reporter: "China, such as science and technology is very simple, is a dedicated to build China’s military simulation of independent brands of young enterprises."." Simulation is to create a virtual world that has a certain similarity with the real world, and to carry out a variety of research and application in this virtual world. Modeling and simulation has become an important means of understanding and changing the world after theoretical research and experimental research. Especially with the development and progress of computer technology and information technology, the application scope of simulation is from single machine, single system simulation to multi machine, multi system simulation, and then to synchronous simulation in different places, and the capacity and scale are gradually increasing. In the field of complex system simulation, such as military, etc.

华如科技:打造虚拟战场上的大国重器 新浪财经App:直播上线 博主一对一指导 助阵炒股大师赛 20年经验老手解盘   ⊙“走进新三板公司”调研报道组   公元前440年一个闷热的午后,楚国都城郢的楚王宫殿内,两名中年男子正席地而坐,默默无语地对弈着。一场决定一国命运的特殊“战争”正在进行。   两名男子中服饰华贵的一位,举起手中最后一块代表攻城云梯的木片,目光游移不定,汗水顺着脸颊不断流下;对坐者穿着短襟布鞋,连腰带都没有系――他的腰带此刻正放在二人中间代表城墙――他手里握着一大把代表守城工具的木片,气定神闲、面露微笑。   胜券在握的这一位,就是大名鼎鼎的墨子,坐在他对面的则是古代发明家鲁班。《墨子》中记录的这次著名对弈,墨子兵不血刃,止楚攻宋,留下一段千古佳话。   这可能是中国军事史上关于军事仿真的最早案例,墨子通过模仿实战中的装备、兵力、战术等进行实战演练,将一场刀光血影的战斗甚至更大规模的战役浓缩于三尺案牍之上。   2500年后的新三板市场上,有一家专注于军事仿真服务的高新技术企业,在他们的手中,千年前墨子手中的小小木片变成了计算机系统和虚拟现实世界里精准、高效、逼真的现代军事仿真系统。   近日,全国股转公司联合上海证券报主办的“走进新三板公司”大型调研活动调研组来到了北京中关村软件园,走进了华如科技。   打造中国军事仿真自主品牌   中关村软件园,华如科技的展览室里挤满了来自全国股转系统、上证报和各大机构的调研团队成员。现场展示的陆军防空兵实兵交战系统和分队战斗模拟训练系统让调研团队看得目不暇给。   华如科技为何引人关注?一方面,这家公司兼具军工和VR双重热门概念,在新三板市场上凤毛麟角;另一方面,这家今年4月挂牌的公司,除了公开转让说明书和年报、半年报外,几乎很少看到机构研报和媒体报道,颇具神秘色彩。   华如科技总经理韩超开门见山地告诉上证报记者:“华如科技很简单,就是一家专注打造中国军事仿真自主品牌的年轻企业。”   仿真,就是打造一个和真实世界有一定相似度的虚拟世界,并在这个虚拟世界开展各种各样的研究和应用。建模与仿真已经成为理论研究和实验研究之后,人类认识和改变世界的重要手段。特别随着计算机技术、信息技术的发展与进步,仿真的应用范围从单机、单系统仿真到多机、多系统仿真,再到异地同步仿真,能力和规模在逐步加大。在军事等复杂系统仿真领域,仿真的意义尤其重大。   20世纪五六十年代起,仿真技术开始应用于洲际导弹的研制、阿波罗登月计划、核电站运行等方面,目前更是广泛应用于军事、航空航天等各个领域。采用仿真技术可以使大型客机的设计和研制周期缩短20%;利用飞行仿真器在地面训练飞行员,经费仅为空中飞行训练的十分之一。然而,最具有发展潜力的还是军事仿真。无疑,和一场荷枪实弹的战斗或演习相比,发生在数字世界里的虚拟战斗、虚拟演习节省的不只是经费,还有士兵的生命。   以走在世界仿真技术前列的美国为例,美军对于仿真技术在战略决策、武器装备研制、教育与训练以及作战评估等方面的作用非常重视,大到核军备实验的手段及手法、战区导弹系统的发展、数字化部门的建设,中到武器装备系统的开发研制、部队的教育培训及人才培养,小到具体的技术和项目,美国国防部都极力倡导应用作战模拟与仿真技术。美国国防当局一直把仿真技术列为“国防部关键技术计划”的重点开发项目,甚至在《国防科学技术战略》报告中明确要求把“科学技术的战略重点放在演示验证和共用作战模拟及演习上”。   “国内的军事仿真领域,一来总体普及程度和先进国家相比有差距,大量需求没得到满足,二来之前采取代理模式的比较多,大量模块是从国外采购的。‘十二五’规划期间,根据国防战略的需要,军事仿真不但要解决从无到有的问题,更要解决技术的自主可控的问题。华如科技打造军事仿真的自主品牌,瞄准的就是这一目标。”韩超说。   独特的市场环境和客户关系   创业之初,华如科技就确立了以建模仿真为主业,致力于军用仿真、虚拟现实和数据应用的技术研究及产品开发,为军队、武警、国防工业等单位和其他应急产业等提供仿真产品和技术服务的定位。目前,华如科技90%的订单来自军队、国防工业企业、研究院所等军事领域单位。   这是一个极其特殊的服务群体,对企业的服务资质有着很高的要求。华如科技是新三板为数不多的获得涉军业务四证(武器装备质量体系认证证书、二级保密资格单位证书、装备承制单位注册证书、武器装备科研生产许可证)的企业之一。高门槛的服务资质使公司进入了竞争的蓝海地带。   军事仿真还是一个技术门槛较高的产业领域,要求研发人员必须兼具计算机技术领域及军事应用技术领域的双重知识结构。资料显示,华如仿真研究院的研究人员来自指控、雷达、通信、电子对抗、导弹、飞行器、船舶、军事运筹等不同细分领域,公司研发团队人数占公司总人数比例为78.42%,其中核心技术团队80%以上具有军队和国防科技研究院所工作经历。   面向军队和国防工业企业,华如科技提供的产品和服务主要集中在作战实验、模拟训练、装备论证和联合试验四个领域。“军事仿真行业主要有两类竞争主体:一是体制内的军队科研院所和大型军工企业,但华如科技和他们更多是一种竞合关系;二是具备相关资质的民营企业,但真正聚焦在军事仿真领域自主研发的企业少之又少。”   “因为产品和服务都是自主研发的,技术含量和附加值较高,在行业内技术优势明显,因此产品具有定价优势,毛利率较高。”2014年、2015年和今年上半年,华如科技的毛利率分别为85.45%、80.31%和81.67%,在营收和利润保持50%以上增幅的情况下,毛利率稳稳地保持在80%以上。   定制式服务模式带来的另一个好处是客户黏性极高。韩超把开拓一家合作客户比喻成“敲进一颗钉子”。“对客户来说,应用的不只是华如科技某一项技术,而是要共建底层技术平台。客户在共同开发的平台上完成长期的技术积累,更是与华如科技形成了合作共赢的良好局面。”因此,华如科技创业五年来,保持了客户流失率为零的惊人纪录。   市场只撬开了冰山一角   对于缺乏透明度的军用仿真领域来说,何时会看到市场的天花板是投资者最关心的问题。中信建投的一份研报指出,2015年中国国防信息化开支约878亿元,同比增长17%,占比为30%;2025年中国国防信息化开支将增长至2513亿元,年复合增长率11.6%,占2025年国防装备费用(6284 亿元)比例达到40%。未来10年国防信息化总规模有望达到1.66万亿元。   韩超表示:“国防现代化的过程就是仿真技术加速渗透的过程,‘十二五’期间提高军队科研建设的数十亿规划中,80%都是仿真类的项目或者与仿真有关。”   “但国家最主要的投入肯定还是在军队内部的科研院所和直属的军工企业内,华如科技作为一家民营企业,策略是与体制内机构和企业形成战略合作伙伴,他们来牵头,把我们的技术思路、标准规范、产品应用做进去。”韩超表示:“我们明显感觉到,随着军民融合政策的推动、自身品牌的提高,丙方的蛋糕越来越大,我们也开始有了成为乙方的机会。”   韩超告诉调研组,华如科技目前手头有二十多款应用级产品等待开发,因为人力和财力的限制,只能先开发七款。“市场只撬开了冰山一角”。   对于投资人关心的如何在VR领域战略布局的问题,韩超的回答出乎意料。   “华如科技的定位非常明确,专注于严肃、专业的军工领域,我们认为军工领域仍然是蓝海,而VR的娱乐应用可能会在比较短的时间内成为红海。”韩超说,华如科技多年来就有相应的技术团队在VR领域进行研发和服务,未来也有可能会分拆出子公司和子品牌从事VR民用产业的开发,但不会作为公司未来的发展重点。   韩超表示,华如科技正处在从通用的仿真平台开发商向仿真解决方案综合提供商的转型之中。公司从核心的建模、展现,到数据应用支撑、信息系统建设以及具体的应用模块,都有相应的技术能力和团队,未来发展前景广阔。   参加本次调研的记者包括:林坚、马婧妤、郑培源、史丽、李丹丹。本文主笔郑培源。 进入【新浪财经股吧】讨论相关的主题文章:

Lou Jiwei the proportion of Chinese government debt to GDP is about 15.8% the overall risk is 平山教研网

Lou Jiwei: China government debt accounted for the proportion of GDP is about 15.8%  the overall risk control — financial — people.com.cn people.com.cn October 8 Beijing Xinhua (reporter Yang Di) according to the official website of the Ministry of finance news, on the morning of 7, finance minister Lou Jiwei attended the group of twenty (G20) in Washington said the finance ministers and central bank governors meeting chairman of the press conference the central government debt, the proportion of GDP is about 15.8%, overall, Chinese government debt risk control. When it comes to Chinese debt expansion problems, Lou Jiwei said, Chinese central government debt management is very sound, the central government debt to GDP ratio is about 15.8%, the rapid expansion of local government debt, China also strengthened the management, government norms, strengthen the legal supervision of people’s congress. But the early response to the Lehman Brothers bankruptcy caused by the international financial crisis, we have adopted the policy of stimulating the expansion of investment, local government debt is now still in the implicit expansion, we are highly concerned, has opened the "front door", and is taking measures through informal channels bonds, bond behavior specification. Overall, the risk of government debt in China is manageable. (commissioning editor Yang Di and Xia Xiaolun) 楼继伟:中国政府债占GDP比重约为15.8% 风险总体可控–财经–人民网 人民网北京10月8日电(记者 杨迪) 据财政部官方网站消息,7日上午,财政部部长楼继伟出席二十国集团(G20)华盛顿财长和央行行长会议主席国新闻发布会时表示,中央政府债务占GDP比重约为15.8%,总体来说,中国政府债务风险可控。 谈到中国债务扩张问题,楼继伟表示,中国中央政府债务管理是非常健全的,中央政府债务占GDP比重约为15.8%,对于扩张较快的地方政府债务,中国也加强了管理,政府进行了规范,人大加强了法律监督。但是前期为应对雷曼兄弟公司破产引发的国际金融危机,我们采取了扩张投资的刺激性政策,现在地方政府债务仍在隐性扩张,我们对此高度关注,已经开了“前门”,并正在采取措施堵住非正规发债渠道,规范发债行为。总体来说,中国政府债务风险还是可控的。 (责编:杨迪、夏晓伦)相关的主题文章:

Illustration the economy of some states in the United States has fallen into recession 哈尔滨华德学院贴吧

Graphic: some states is in a recession the United States stock market center: exclusive national industry sector stocks, premarket after hours, ETF, real-time quotes warrants in December 2015 states "synchronous index": changes in 3 months (grey red represents negative growth, zero growth, green growth). Source: fed Beijing Sina News 3 morning news, overall, the U.S. economy is growing at a very moderate rate. But some states in the United States are not doing very well. The Federal Reserve Bank of Philadelphia’s new "synchronous index" survey shows that in the three months ended December 2015, seven states contraction in economic activity, are: North Dakota Alaska, California, Wyoming, Wisconsin, Illinois, Louisiana and mississippi. Notably, in the three months to September 2015, economic activities in North Dakota, Alaska, California and Wyoming are contracting too. At the same time, Michigan and Oklahoma grew at zero, while the other 41 states continued to grow. But only a few states have increased by more than 1%. The data are also accompanied by fears of falling stock markets, falling oil prices and the recession of the U.S. economy after the manufacturing downturn. But the situation in the United States is much better than in the recession, when all the economies in the states are in negative growth. Every month, the Philadelphia Federal Reserve releases color maps to track the economic activity of 50 states. Red means economic contraction, while blue or green means economic expansion. The map began in 2005, when the American economy was prosperous, and then it became very bad. (compile: Li Shuan) editor in chief: Li Pin SF171

图解:美国一些州的经济已经陷入衰退 美股行情中心:独家提供全美股行业板块、盘前盘后、ETF、权证实时行情   2015年12月美国各州“同步指标”:3个月变化(红色代表负增长,灰色零增长,绿色正增长)。图片来源:费城联储   新浪美股讯 北京时间3日早间消息,总体而言,美国经济正以非常温和的速度增长。但是,美国一些州的情况并不是很好。   费城联邦储备银行最新的“同步指标”调查显示,在截至2015年12月的三个月内,美国有七个州的经济活动收缩,分别是:北达科他州、阿拉斯加州、怀俄明州、威斯康星州、伊利诺伊州、路易斯安那州和密西西比州。   值得注意的是,在截至2015年9月的三个月里,北达科他州、阿拉斯加州和怀俄明州的经济活动也在收缩。   同时,密歇根州和俄克拉荷马州的经济增速为零,而另外其他41个州的经济持续增长。但是,只有少数几个州的经济增速超过1.0%。   此数据的产生也伴随着对股市下跌、油价下跌以及制造业低迷之后美国经济会出现衰退的恐惧。   但是,美国现在的情况比经济衰退时要好多了,那时所有那些州的经济都是负增长。每个月,费城联储都会发布有颜色分类的地图来追踪全美50个州的经济活动。红色表示经济收缩,而蓝色或绿色表示经济扩张。   此地图始于2005年,当时美国的经济还很繁荣,后来就变得很糟糕了。(编译:李栓) 责任编辑:李栓 SF171相关的主题文章:

The fund is on the first half loss of 232 billion 700 million yuan – public offering fund channel 好奇街

The fund is on the first half of the public offering fund with a loss of 232 billion 700 million yuan – channel A in the first half of the A-share listed companies after the disclosure, as of August 31st, the domestic public fund in the first half of the performance also surfaced. "China Times" reporter according to Wind information statistics, in the first half of the public fund industry scale has reached 7 trillion and 950 billion yuan. On the one hand, the scale of assets continues to expand, on the other hand, the A shares in the doldrums also make the public fund loss serious, a total loss of 232 billion 700 million yuan. Among them, the stock funds and hybrid funds lost 110 billion 100 million yuan and 187 billion 200 million yuan respectively; the monetary fund and the bond fund earned net profit of 58 billion 900 million yuan and 7 billion 200 million yuan on the basis of stable risk-free income, which reduced the overall loss scale of the fund products. "Compared with the outstanding results of last year’s bull market, this year’s performance of public fund semi annual performance is generally, partial stock fund loss is larger. Throughout the first half of the stock market, the Shanghai Composite Index fell from 3539.18 points to 2929.61 points, down 17%; gem index fell from 2714.05 points to 2227.79 points, down 18%. Partial stock funds overall is very difficult to get rid of the market depends on the weather. "In September 1st, a public fund manager in Shanghai said frankly when interviewed. "China Times" combed the public fund industry for the first 6 months of performance, found that equity funds and fixed income fund performance presents "ice and snow". Among them, hybrid funds and equity funds total loss of 287 billion 300 million yuan, monetary fund and bond funds in the first half profit increased by 66 billion 100 million yuan, QDII fund in the first half of the year also achieved more than 500 million yuan profit. In addition, the closed-end fund losses 3 billion 36 million yuan, the end of the fund for the distribution of net income of -2.36 billion yuan. "Bull market partial stock fund income is high, bear market solid income fund is more stable, this is a seesaw effect.". From the highest net income in the first half of the year was taken away by Celestica fund, in fact, it can be seen that Celestica fund nearly 10 billion net income is derived from its debt, monetary fund contribution, and Celestica fund itself equity products accounted for very small. From the net profit margin index, the public fund still belongs to profitability attractive industry, 37 fund companies in the first half of the average net profit rate of 25%, Xin Yuan fund and Societe Generale global (340006, fund) fund net interest rate is the highest, respectively, 49.5% and 45.63%." In September 2nd, Haitong Securities (600837, shares) fund industry analysts pointed out when interviewed. The reporter also learned that the first half of this year, Celestica balance treasure currency, Chinese cash B, ICBC currency, GF currency B, CCB cash, Warburg Tim Lee A, silver currency (163802, fund) B, South fangzeng Li B, A E, the Chinese cash Xingquan Tim liberty to occupy half year profits of the top 10 rankings, all money funds, the balance of treasure Celestica monetary profit to 9 billion 345 million yuan to occupy the first place. In the first half of this year, the withdrawal of funds from the new strategy hybrid funds, the massive influx of bond funds, bond funds holding ratio was 73.87%, an increase of 15.35 percentage points compared.

基金难改“靠天吃饭” 上半年公募亏损2327亿元-基金频道  随着上半年A股上市公司业绩披露完毕,截至8月31日,国内公募基金上半年的业绩也浮出水面。《华夏时报》记者根据Wind资讯统计,上半年公募基金业规模已达7.95万亿元。一方面资产规模继续扩容,另一方面A股低迷的行情也让公募基金亏损严重,共计亏损2327亿元。其中股票型基金和混合型基金分别亏损1101亿元和1872亿元;货币基金和债券基金则依靠稳定无风险的收益获得净利润589亿元和72亿元,降低了基金产品整体亏损规模。   “和去年牛市带来的优异成绩相比,今年公募基金半年报业绩表现一般,偏股基金亏损较大。纵观上半年股市,上证指数从3539.18点跌至2929.61点,跌幅17%;创业板指数则从2714.05点跌至2227.79点,跌幅18%。偏股型基金整体很难摆脱靠天吃饭的行情。“9月1日,上海一位公募基金经理受访时坦言。   冰火两重天   《华夏时报》梳理公募基金业前6个月业绩发现,权益类基金和固定收益类基金业绩呈现冰火两重天。其中混合型基金和股票型基金合计亏损2873亿元,货币基金和债券基金上半年利润共增加661亿元,QDII基金上半年也实现逾5亿元盈利。此外,封闭式基金亏损30.36亿元,期末基金可供分配净收益为-2.36亿元。   “牛市偏股型基金收益高,熊市固收类基金更稳健,这是一种跷跷板效应。从上半年净收益最高被天弘基金夺去其实就能看出,天弘基金近百亿的净收益都是来自于其债权、货币类基金的贡献,而天弘基金本身权益类产品占比就很小。从净利润率指标看,公募基金依然属于盈利能力诱人的行业,37家基金公司上半年平均净利润率达25%,鑫元基金和兴业全球(340006,基金吧)基金净利率最高,分别达49.5%和45.63%。”9月2日,海通证券(600837,股吧)基金业分析师受访时指出。   而记者也了解到,今年上半年,天弘余额宝货币、华夏现金B、工银货币、广发货币B、建信现金添利、华宝添益A、中银货币(163802,基金吧)B、南方增利B、华夏现金A E、兴全添利宝占据上半年利润排行榜的前10名,均为货币型基金,其中天弘余额宝货币以93.45亿元的利润占据首位。另外今年上半年,机构资金从打新策略混合型基金中撤出,大举涌入债券型基金,持有债券型基金比例为73.87%,同比上升15.35个百分点;相比之下,混合型基金持有比例大幅下滑24.40个百分点,这也显示出,基金公司上半年就一直看淡目前持续震荡的A股走势。   “上半年基金利润水平的分化,除了股票市场、债券市场行情波动等因素之外,也有互联网金融泡沫被挤压、避险情绪增加等因素,因此公募基金中的固定收益类品种重新受到青睐。此外,基金销售摆脱传统银行渠道以来,呈现电商化、直销化趋势,也是基金业绩和规模变化的重要因素。”金牛理财网研究员何法杰表示。   正是由于固收类基金受热捧以及权益基金大幅亏损,也使得公募基金机构出现规模暴涨暴跌的奇特现象。   根据Wind数据显示,截至6月30日,包括东兴证券基金、金元顺安基金、圆信永丰基金、方正富邦基金、北信瑞丰基金在内的5家公司旗下公募规模相较年初出现倍增。其中,东兴证券旗下公募规模由年初的4.8亿元增长至45.24亿元,增长幅度达到842.5%;金元顺安基金旗下公募规模由年初的13.91亿元增长至117.28亿元,增长743.13%。   但是,与上述5家基金公司截然不同的是,7家公司旗下公募的规模被狠狠“腰斩”,包括中金基金、华融证券、长安基金、光大保德信基金、新沃基金、华宸未来基金、银河基金等。其中,中金基金旗下公募规模由年初的51.43亿元递减至13.53亿元,缩水73.69%;华融证券旗下公募规模由年初的17.14亿元递减至5.2亿元,缩水69.66%。缩水规模令人咂舌。   基金也调仓   经历了一轮牛熊转换之后,国内公募基金业也出现了新的变化,这种变化在上半年的基金半年报中尤为明显。过去以低门槛、散户多和零售为主要特点的公募基金,正在被越来越多的金融机构持有。   “在基金半年报中,机构占比小幅下降至52.3%,但仍达50%以上,债券基金机构占比最高,混合基金下滑明显,公募基金的机构投资者占比从2007年开始逐渐上升,于2015年超过50%,取代散户成为公募基金的主要持有者,达到55.7%。其中,债券型基金、另类投资基金和货币市场型基金份额中机构均超过一半。” 凯石金融产品研究中心高级分析师桑柳玉指出。   在桑柳玉看来,债券基金和货币基金由于收益稳定长期深受机构喜爱,上半年债市相对股市表现出色,机构大举增持债券型基金,使债券型基金的机构占比进一步上升,达到75.6%的历史最高点。   记者了解到,与2015年底相比,有49家基金公司机构占比上升,另有多家基金公司机构占比出现跃升,其中金元顺安基金和圆信永丰基金表现较强劲,2家公司机构占比分别提升了68.30%和61.27%。   值得一提的是,上半年机构大幅减持了混合型基金,机构占比从47.7%下滑到37.3%,下降10.4%。从基金公司角度看,各家基金公司旗下基金机构总体占比分化较明显,其中有3家公司机构占比在99%以上,分别为嘉合基金、新沃基金和华福基金。在107家基金公司中共有746家基金管理人旗下基金机构整体占比超过50%,其中39家管理人机构份额占比超过70%,15家机构占比超过90%。相关的主题文章:

Limit the temptation of China Merchants Bank frequently bet on shares privatization 白袜正太吧

China Merchants Bank frequently bet trading board too tempting the privatization concept stocks weekly Times reporter Shi Lu 20 trading board from Shanghai giant network return to A shares hit to the shares in a myriad of reverie. Takes stock return business has become the capital to compete for the meat and potatoes. China Merchants Bank also vigorously undertake the stock return business in 2015, trying to profit in the capital feast. Tang Zhihong, vice president of China Merchants Bank in 2015 investment bank forum said: "2015 takes stock privatization return enthusiasm, the funds required for large scale, complex transaction structure, China Merchants Bank to undertake a number of large stocks delisting acquisitions, bank financing has become the most professional in this field." In order to vigorously develop the stock market, the investment department of China Merchants Bank has been vigorously recruiting people, doubling the size of personnel." A person close to China Merchants Bank said to the weekly times reporter. According to the weekly Times reporter to incomplete statistics, since the shares start delisting business since the bank has a number of shares shall continue to undertake the return of business, including Qihoo 360, rural based, perfect world, giant network, Air Media, iSoftStone etc.. Share shares return bonus, with the past year bets on stocks return business, cross-border finance has become China Merchants Bank new growth point. In 2015, China Merchants Bank participated in a number of private equity trading in China, and its main role was to provide private debt financing for China securities. Not only that, China Merchants Bank to participate in the privatization of the consortium, and even participate in shares backdoor A shares set by the business, market share dividend stocks return to the local. The breakdown of China Merchants Bank participation shares return business, Qihoo 360 privatization delisting business is so far the largest single. At the end of January this year, the privatization process continues to advance 360. According to the 360 SEC documents show that it has completed the $9 billion 400 million privatization and obtain the final agreement, China Merchants Bank and other bank led 360 privatization transactions to provide $3 billion 400 million of debt financing, in addition to the privatization Consortium for the privatization of 360 of its own funds. To provide private financing for China stock exchange is only part of the privatization of China Merchants bank. The weekly Times reporter learned that one of the privatization concept stocks the biggest difficulty in the process of delisting is the privatization of funding problems, have a larger voice and other business funding party often takes shares in return in. The joint-stock bank shares to participate in the privatization of delisting has existed only for debt financing is more generally involved in financing the bank will also in its own name or the name of related parties, takes stock equity intervention." Beijing zhongzi law firm Chen Xingeng told the weekly Times reporter said. Times weekly reporter found that, in addition to providing debt financing, China Merchants Bank related parties also participated in the 360 privatization of the buyer consortium. Statistics show that, in the list of 360 private enterprises in the investment fortune Asset Management Co., Ltd., after the transformation of 1.7% shareholding. Public information shows that China Merchants wealth Asset Management Co., Ltd. shareholders are China Merchants Fund Co, the registered capital of 100 million

涨停板太诱惑 招行频频押注中概股私有化   时代周报记者 施露 发自上海   巨人网络回归A股创下的20个涨停板带给了中概股无数的遐想。中概股回归业务也成为各路资本争相角逐的香饽饽。招商银行也在2015年大力承接中概股回归业务,试图在这场资本盛宴中获利。   招商银行副行长唐志宏在2015投资银行高峰论坛上表示:“2015年中概股私有化回归热情高涨,所需资金规模巨大,交易结构复杂,招行承接了一批大型美股退市并购项目,已成为这一领域最为专业的融资银行。”   “为了大力发展中概股业务,招行的投行部门一直在大力招人,人员规模扩大了一倍。”一位接近招商银行的人士向时代周报记者表示。   据时代周报记者不完全统计,自中概股启动退市业务以来,招商银行已陆续承接多个中概股回归业务,包括奇虎360、乡村基、完美世界、巨人网络、航美传媒、软通动力等。   分享中概股回归红利   随着过去一年押注中概股回归业务,跨境金融已成招行新业绩增长点。   2015年招行参与了多起中概股私有化业务,其扮演的主要角色是为中概股提供私有化债务融资。不仅如此,招行也参与到私有化的买方财团中,甚至参与中概股借壳A股的定增业务,分享中概股回归本土的市值红利。   细数招行参与的中概股回归业务中,奇虎360私有化退市业务是截至目前规模最大的一单。   截至今年1月底,360的私有化进程在持续推进。据360的SEC文件显示,其已完成94亿美元的私有化最终协议,并获得招行等银行牵头为360私有化交易提供的34亿美元债务融资,此外还有私有化财团用于私有化360的自有资金。   为中概股提供私有化融资只是招行承接中概股私有化退市业务的一部分。时代周报记者了解到,中概股私有化退市过程中面临的最大困难之一便是私有化资金问题,而提供资金的一方往往在中概股回归的其他业务中拥有较大的话语权。   “股份制银行参与中概股私有化退市一直存在,只不过做债务融资的比较多,一般参与融资的银行会同时以自身名义或者关联方名义,进行中概股股权介入。”北京中咨律所陈新庚对时代周报记者称。   时代周报记者发现,除了提供债务融资,招行的关联方也参与了360私有化的买方财团。资料显示,参加360私有化企业名单中就有招商财富资产管理有限公司,转化后持股1.7%。   公开资料显示,招商财富资产管理有限公司股东为招商基金管理有限公司,注册资本1亿元,招商基金管理有限公司为招商银行与招商证券联合成立,因此招商财富资产管理有限公司为招行的关联公司。   按照77美元 ADS的私有化价格(总股本为12894万),360此次私有化退市估值为99.28亿美元。招行关联方持有的1.7%股份价值约为1.68亿美元。而日后若360登陆A股后估值像巨人网络般市值翻番,那么招行等买方财团参与者则收益可观。   “因为中概股是境外公司,为其私有化提供融资收益与国内债务融资并无太大差距,关键是借此介入股权层面,利用中概股国内外估值的剪刀差获取丰厚利润。”陈新庚称。   除360之外,招商银行同样以提供私有化融资参与了乡村基、完美世界的私有化退市中。与参与360私有化略有不同的是,招行及关联方并未出现在完美世界买方财团的名单中,而是在完美世界借助完美环球登陆A股之时参与了定增交易。   根据完美环球2015年7月的资产重组预案,完美世界拟以23.56元 股向公司实控人池宇峰、两个员工持股计划及招商财富-招商银行-完美1号专项资管计划定增不超2.12亿股,配套募资不超过50亿元,用于影视剧投资、游戏的研发运营与代理等项目。   此外,在2015年4月完美世界“私有化”交易中,招行纽约分行、招行离岸金融中心及永隆银行将提供9亿美元贷款融资,位于香港的永隆银行早已于2008年被招行全资收购,为招行海外业务的重要平台之一。   同样,招行以参与融资的方式介入了乡村基的私有化退市中。根据2015年12月17日乡村基的贷款承诺函,公司买方集团计划用招行纽约分行的贷款完成私有化。招行纽约分行扮演的是一个离岸金融的角色,招行重庆分行则扮演了一个境内配合者,而招行纽约分行为乡村基私有化提供了不超过5000万美元的定期贷款。   利润险中求   从完美世界私有化回归的进展来看,在曲线借助完美环球登陆A股之时,其估值较私有化退市之时溢价412倍。这一数字足以让所有参与中概股回归的买方财团赚足银两,也足以让其他欲回归的中概股眼红。   招行作为定增的参与方,也同样在此轮交易中获利颇丰。完美世界资产注入完美环球之后,后者股价复牌至今一路攀升,最高收盘价至37.6元 股。   此前,招行关联方参与完美环球定增价格仅为23.56元 股。按照完美环球1月29日收盘价36元 股来看,招行关联方每股浮盈12.4元,浮盈率高达52%。   中概股私有化业务的高额利润使得招行在此项业务上倾注了相当的人力物力。一位接近招行投行部的人士对时代周报记者称:“公司近期投行部门一直在招人,甚至对国内外名校优秀毕业生敞开大门,投行部门的规模扩大了一倍以上。”   对于招行为何如此重视中概股私有化退市业务,上述接近招行投行部的人士称,主要由于近年来银行普通业务收益逐渐下滑,风险逐渐上升,招行开始寻求新的业务增长点,而中概股因在国外长期估值偏低,而回归国内,登陆A股的几只中概股估值翻番,其中丰厚的利润也使得招行押宝中概股私有化业务。   从当前已回归的中概股来看,巨人网络、完美世界、分众传媒返回A股后市值都大幅提升。但参与中概股回归A股也潜藏着巨大的风险。   在著名投行人士黄立冲看来,商业银行为中概股私有化回归业务提供融资属于高风险的杠杆融资,如果成功,回报也高,但这取决于A股市场的好坏。招行发力中概股业务与其投行化战略息息相关。   对于参与中概股业务的风险,陈新庚指出,中概股回归之后,实现国内上市或者重组并购没有成功,最后它融资的资金需要股东方偿还,如果股东方现金流和负债压力较大无法偿还,提供融资的一方就面临着坏账的风险。   各路资本齐赌中概股   风险虽高,但高回报诱惑之下,依然有众多银行及各路资本竞相争夺中概股私有化业务。   与招行相比,民生银行参与中概股私有化业务的范畴更广。在分众传媒私有化退市并回归A股的进程中,民生银行投资银行部参与度极高。彼时,分众传媒借壳上市之时估值就较纽交所上涨2倍。   2013年5月,分众传媒完成私有化退市,民生银行牵头并提供私有化转项银团贷款15.25亿美元;2014年11月,分众传媒筹划A计划,需重组银团贷款并转让部分老股,民生银行提出包含全部贷款+股权投资的一整套金融解决方案。   民生银行投资银行部总经理张立洲曾在公开场合表示,民生投行启动其A计划,旨在为中概股提供私有化、拆结构、回归A股、境内外股权融资等。   “国内的股份制商业银行中,招商银行机制灵活,业务创新能力较强,加上跨境的相关资源,其也在致力于做大做强中概股退市并购业务,并承接了不少中概股业务。”一位上海私募界人士对时代周报记者称。   “私有化以后,股权结构还是境外的,需要拆除VIE架构,要根据监管机构的要求要把原来的股权架构重新梳理一遍,然后再进行整合。这个过程中,过去有的外资基金想退出的可以退出,不想退出的要转化成境内股权。说起来简单,其实是复杂而艰难的过程。”上述私募人士指出。   除了民生银行、招行之外,浦发银行、花旗银行、平安银行也参与到中概股私有化业务中。据路透社报道,在巨人网络私有化退市并回归A股的进程中,有5家银行参与了巨人网络30亿美元私有化的杠杆收购案。其中,招行和平安银行分别承贷5000万美元。 进入【新浪财经股吧】讨论相关的主题文章:

一是深入学习习近平总书记系列重要讲话精神 朝朝暮暮云五

Zhou Xiaochuan: further promote the central bank to perform their duties efficiently, the central sixth inspection team recently returned to the people’s Bank of China Party committee feedback special inspection situation. The central bank governor Zhou Xiaochuan on behalf of the people’s bank statement stressed that the party committees, the first in-depth study series important speech of general secretary Xi Jinping, to effectively enhance political concentration and discipline consciousness. To contact the ideological and practical work, consolidate and develop the mass line of educational practice, three strict three special education results, do a good job this year upcoming "learn" learning education, ideals and faith, enhance political concentration, firmly establish the sense of discipline and rules, resolutely thinking and action with the central requirements, unified to the central inspection teams went up to the task and the opinions of the people’s Bank of the proposed rectification, and earnestly about loyalty and political sense of obedience, discipline, moral action for example. The two is to discipline and rules in front of the nail spirit to do a good job of inspection and rectification work. Three is to strictly implement the main responsibility, unswervingly grasp the Party style and clean government construction and anti-corruption work. Four is to take the special inspection as an opportunity to further promote the central bank to perform their duties efficiently. We must consciously patrol rectification and implement the central decision-making arrangements on the economic and financial work together, continue to strengthen the leadership and cadres, actively adapt to the new normal economic development, insist on maintaining stability in the general work guideline, continue to implement prudent monetary policy, and constantly improve the macro-control system, deepen the reform of key areas, sustained release bonus reform, prevent and defuse financial risks, improve financial services and management level, to create a good monetary and financial environment for the steady growth, adjusting structure, promoting reform, anti risk, improve people’s livelihood. (Ren Xiao) go into [Sina Financial shares] discussion

周小川:进一步推动央行高效履职   中央第六巡视组近日向中国人民银行党委反馈专项巡视情况。央行行长周小川代表人民银行党委表态时强调,一是深入学习习近平总书记系列重要讲话精神,切实增强政治定力和纪律意识。要联系思想和工作实际,巩固拓展群众路线教育实践活动、“三严三实”专题教育成果,抓好今年即将开展的“两学一做”学习教育,坚定理想信念,增强政治定力,牢固树立纪律和规矩意识,坚决把思想和行动统一到中央要求上来,统一到中央巡视组对人民银行提出的整改意见和任务上来,切实做到政治上讲忠诚、组织上讲服从、行动上讲纪律、道德上作表率。      二是把纪律和规矩挺在前面,以钉钉子的精神抓好巡视整改工作。     三是严格落实主体责任,坚定不移地抓好党风廉政建设和反腐败工作。      四是以此次专项巡视整改为契机,进一步推动中央银行高效履职。要自觉把巡视整改与贯彻落实中央关于经济金融工作的决策部署结合起来,不断加强领导班子和干部队伍建设,主动适应经济发展新常态,坚持稳中求进工作总基调,继续实施稳健的货币政策,不断完善宏观调控体系,深化重点领域改革,持续释放改革红利,防范化解金融风险,提升金融服务和管理水平,为“稳增长、调结构、促改革、防风险、惠民生”创造良好的货币金融环境。(任晓) 进入【新浪财经股吧】讨论相关的主题文章:

但是大家不要仅仅局限于休闲装与运动鞋 白袜正太吧

The reader | see you wear this new year, I don’t trust you. – I know you Sohu recently and small like me, want to have the new year’s mood just like channeling day monkey, it ~ ~ ~, it can scarcely wait to heaven for a holiday, New Year holiday is coming (you may more than a small part fortunately, had a holiday, they were…)… But the problem also came, and finally have time, can not find an excuse to see parents see parents, classmates gathering to meet, to blind date, how to go out to wear clothes? This year is no better than going out to work and meeting so many old acquaintances. How to do it without looking at the face? (at least it seems to be better than others)? Xiaobian to make everyone feel at ease and have a good year, specially invited everyone to send new year (pack) will win (forced) new (will) put (prepare) proved by Zaopian, Twippo small series for a whole year of talking, regardless of gender, regardless of climate, regardless of figure, Twippo readers to hum to really not (non) with (often) paragraph (bar). You are so beautiful, I do not trust you go out the best series of lazy people, 2 colors casually hit a big long legs, there is also a value of Yan, the angle can not be more perfect. Who says you can’t wear high-heeled shoes in winter, you can see the reader sister paper ~ Twippo how awesome. I really want to give 10 points, but I still have to be deducted 2 points, the photographer is not to face, for close range! Eiffel Tower, even if it is, after all, and the tower of a shadow is not easy, sitting in the park, why does not this come to a pleasant high-definition photo? Follow the tide and make sure it doesn’t go wrong. Look at this girl’s paper, bathrobe, long coat, wide leg pants, big scarf, brown + black, soft and more gold to the whole body color is more than 3 kinds, so with this kind of thing, there is no specific criterion, is to look at pleasing to the eye on the line. Xiao Bian always thought that it was difficult to sprout in dark color in winter, but it was wrong. Why would you think that you were a lovely student party? It must be the reason for this set of Japanese and Korean lines to be reduced to age, and everyone should learn from you! Have a sister paper asked Twippo small winter in the background, how to wear pants, as well, she wore, usually in the interior of a turtleneck a bib, go out with a coat to be good to the sister paper of the problem is that in not significantly higher, Xiaobian want to say is that a high waisted, bag also back so that the proportion of 37 opened, but also feel short? May you find a pair of pointed short boots will be worthy of your clothes, but in view of the bag so Sen female gesture so lovely, but it’s not changed to say that modern man is not afraid of the cold, I believe that even if there is no aura million, coat, was still sharp and domineering. And just caught a cold, camel + black without any problems, but Xiaobian feel what is probably the weather is too dark, shortcomings of bright colors come out to let the camel coat so what are you waiting for, go to collect your bags! PS: same person, one looks shorter, one looks higher, O

读者| 看到你们新年这样穿,我不放心你们出去-搜狐      我知道大家最近和小编我一样,想要过新年的心情简直就跟窜天猴一样,咻~~~的一下,简直急不可耐要上天求放假,新年假期就要到了(可能你比小编幸运,早就放假了,嘤嘤嘤……),但难题也来了,终于有时间了吧,找不到借口了吧~要见家长的见家长,要同学聚会的同学聚会,要相亲的相亲,那出门怎么穿衣服啊?这年可不比出去上班学习,要见那么多老熟人,不做好面子工作怎么行(至少看起来要过得比别人好吧)?   小编为了让大家安心过个好年,专门邀请大家发来新年必(装)胜(逼)新(必)装(备)皂片,事实证明,受了Twippo小编们整整一年的念叨,不管男女,不管气候,不管身材,Twippo的读者~哼哼~真的不(非)同(常)款(棒)呢。 你们这么美,我不放心你出去系列   懒人的最佳搭配,2个颜色随便撞一撞~大长腿有了,颜值也有了,角度不能更完美。谁说冬天不能穿高跟鞋,你看Twippo的读者妹纸~多么给力。虽然我很想给10分,但我还是要扣掉2分,摄影师实在是不给面子,求近景!埃菲尔铁塔那张也就算了,毕竟和铁塔合个影不容易,坐在公园里这张为什么不来个痛快的高清写真?         跟着潮流走,准不出错。看这位妹纸的,浴袍长大衣,阔腿裤,超大围巾,棕+黑,温柔又多金~全身的颜色还超过了3种,所以搭配这种东西,没有一个具体准则,就是看着顺眼就行。      小编一直都以为,冬天穿深色很难萌起来,可是小编错了,为什么会觉得你是可爱的学生党呢,一定是这套日韩系搭配的原因~减龄,大家要向你学习!      有妹纸在后台问Twippo小编,冬天怎么穿背带裤,喏,就像她这样穿,平时在室内一件高领毛衣一件背带裤,出门再配一件外套就好了嘛~      这位妹纸的问题是这样穿显不显高,小编想说的是,有了高腰,包包也背得那么上,整个人比例都三七开了,还会觉得矮吗?虽然个人觉得来一双尖头短靴子会更配你的衣服,但鉴于包包如此森女,手势如此可爱,倒也不必换了~      都说时髦的人不怕冷,我一百万个相信,就算没有气场大衣,依旧又犀利又霸气。      又随手抓到了一个不怕冷的,驼色+黑色没有任何问题,但素小编总觉得少了点什么,大概就是天气太阴暗,缺点鲜亮的颜色让驼色大衣跳出来吧~所以还等什么,赶紧去搜罗你的包包!ps:同样一个人,一张看起来显矮,一张看起来显高,要么是妹纸pose没摆对,要么就去海扁一顿摄影师。         如果小编没猜错的话,这是婚礼现场的照片吧,我想说的是,这种不出错又美丽又不怎么抢风头的搭配,去见家长也挺nice的。      Caroline妹纸,Twippo的小编已经把你的名字认熟了,这回总算对上长相了,小编认为最棒的就是这一套,虽然大家身上的流行元素差不多,阔腿裤、大衣,但每个人演绎的方式都各有千秋呢~ps:总在询问如何在秋冬穿得保暖又时髦的,一定是看Twippo的推送不认真,你看这位北方妹纸的范例,温暖又大气。      还记得Twippo的推送《谁说裙子不能冬天穿》     冬天穿衣一般分为三个派系,大衣、羽绒、棉服。大多数有拗造型需求的都选择了大衣,但是棉服派、羽绒派也能很潮的,不过前提是你能像她一样穿出大长腿还一点都不臃肿~      你们离时尚博主还差一步系列   也许就差这一步,你就能Get满分晋级时尚博主的行列~想知道为什么?跟着小编来~   其实过膝靴没有错,可是为什么要穿如此犀利的皮质过膝靴呢?可能换成绒面的都能契合这可爱的A字廓形外套呢~      今年穿灰色外套的很多呢,一看就是个文艺妹纸,一定是摄影师的角度不够好,否则这双鞋为什么看起来这么巨大又抢眼?      妹纸虽然腿长,但是差一招就能伪装腿长一米八,比如把上衣的下摆塞一部分到裙子的腰身里去,人看起来就不会五五分了。就和旁边这位博主一样,调整好比例超重要呢。      同样是比例的问题,虽然有腰带强调了腰身,但可惜针织衫的存在感太强,倒不如放开那条腰带,当成开衫来穿,把衬衫塞到裙子里去来显腰身,也许看起来更有文艺范呢。      其实妹纸的颜色没有错,款式也没有错,就是裹得太实诚,明明时髦的过膝靴被搭得有些老气,感觉像上半身在过春天,而下半身在过冬天,这种露大腿的好机会居然没有展示,也是可惜了。      小编我一直都敬佩穿Oversize款衣服的人(大概是因为小编没钱买买买)这款毛衣包括搭配都超时髦!为何还差一步?恩,快快调整你包包的背带,让它呆在你的腰的上方而不是腰的下方,这样就不会感觉好像毛衣把你的人给衬矮了。      超爱这位姑娘橄榄绿大衣和酒红帽子的穿搭,就是因为大家都不敢红配绿而你搭得好好看,给你8分,还有2分保留,为什么?惩罚你应该早点出现给大家做范例~      自从看了粉丝照片,身体真是每况愈下,感觉每一个人都是大长腿,这一定是上天给Twippo爱的奖赏。这位姑娘身材不是一点好,而且还是位混搭的高手,潮流的仿皮草和复古裤子也敢穿,但由于这条Prada的裤子其实能搭出更多的可能性,所以惩罚你可以再去试试印花mix印花的搭配,也许比搭配纯色更出彩呢。      作为一名学生党?(如果小编没猜错的话)不要让围巾和纸袋子撞色了啦~      发现可爱的妹纸一枚,其实妹纸并不需要很依赖高腰蓬松的裙子,其实你已经是大长腿了呢。      如此文艺的姑娘,都有点忍不住下嘴(其实是小编不知道哪里有问题)这一定是分类错了的烦恼。      要过年了,有红色就是打眼,一眼就相中了妹纸的搭配,有红有白,色调格局清晰,还有今年超流行的贝雷帽,可能就是那副墨镜衬得人太前卫了,和文艺的妹纸有点不符合。      接下来是汉纸们的专场,首先恭喜三位脱离了直男审美,至少我还没看到格子衫。但是大家不要仅仅局限于休闲装与运动鞋,还有各型格款的服饰等着你们去挖掘呢~         不要怪你女票给你挑了挑红围巾,就算是围巾里面范着金光也和沉闷的黑色搭得挺好(至少照片是这样告诉我们的),直男改造的第一步,首先丢弃之前自己认为的一套审美吧!从零开始学,如果抱着自己固有的一套审美,总有局限,会难以进步。      也许你们缺的就是一款配饰系列   比如这位全身黑色的姑娘,如果真的要去见老同学,去KTV去聚餐,虽然很耐脏啊,但是人群中谁能发现你呢,听小编的,要么去加一款围巾,要么去换一款亮色包包,要么包包和围巾搭配成一套。      虽然像素有限,但姑娘热爱时尚的心小编已经Get到了,并不是小编看不起大衣或者阔腿裤,这样的搭配绝对不出错,但是满大街都有,稍不注意就撞衫,为什么有的能搭配得特别抢眼,可能就是一双好看的鞋子,包包,腰带,穿衣看全套,少了哪一环节都像路人甲。         这位“灰姑娘”,黑+灰的搭配在我们《谁说性冷淡寿命将至,全灰搭配你还没试过呢》  白色+紫色也是超级美的说,偷偷告诉妹纸,也许半高领毛衣可以再搭配一些细细的链子在外面,就能看起来更精致呢。      红色的节日氛围小编已经Get,参加年会什么的很不错,但妹子不要太依赖于颜色,服装的款式也是很重要的。    你们这么有缘,你知道吗系列   当然你们也很潮!   我都不相信,你们居然能这么有缘!   虽然一个是红+黑,一个是红蓝配,但是相似度也有百分之70了,高腰,包臀裙,哈哈,你们可以凑成一个服装的系列。         这就是为什么我说藏青大衣容易撞的原因了,因为基本上都是牛仔裤的搭配,但好在大家穿的鞋子包包不一样,可算是另外一种安慰,但最下面的两位,你们连围巾都撞了,是不是应该交个朋友呢~            我很羡慕你沐浴的阳光(但不是系列)   虽然妹纸在后台留言这是标准的游客照,但此刻小编的内心是痛苦的,小编还在啊啊啊啊啊的疯狂赶稿中,而你们已经抛下小编去了温暖的地方度假,哼,才不告诉你哪里不对呢~(因为搭得不错)         小编的话:不管大家穿什么款式的衣服,什么颜色的衣服,过年嘛~开心就好了~   预祝大家新春愉快,封侯挂印步步高,生活美满岁岁甜。   编辑:Kaye L.   本文系Twippo法国时尚传媒原创   转载必须注明微信id:Twippo   申请授权请联系jasmine@twippo相关的主题文章:

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