官网首页 › 研究观点 › 观点正文

【楼市复盘 013】温州楼市1-2月:政策托底下的价值重构与客户预期博弈

发布于 2025-02-21

<p style="-webkit-tap-highlight-color: transparent;outline: 0px;text-align: center;line-height: 2em;visibility: visible;"><br /></p><p style="text-align: left;margin-bottom: 0px;margin-left: 16px;margin-right: 16px;"><span style="font-size: 17px;"><strong><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;text-align: left;background-color: rgb(255, 255, 255);visibility: visible;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;font-size: 45px;letter-spacing: 0px;visibility: visible;">01&nbsp;</span></strong></strong></span><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;text-align: justify;"><span style="font-size: 20px;letter-spacing: 0.578px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);">市场走势</span></strong></p><p style="text-align: left;margin-bottom: 0px;margin-left: 16px;margin-right: 16px;"><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;text-align: justify;"><span style="font-size: 20px;letter-spacing: 0.578px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);"></span></strong></p><p style="text-align: left;margin-bottom: 0px;margin-left: 16px;margin-right: 16px;"><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;text-align: justify;"><span style="letter-spacing: 0px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);"></span></strong><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;background-color: rgb(255, 255, 255);letter-spacing: 0.5px;font-size: 16px;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(136, 136, 136);letter-spacing: 3px;font-family: Optima-Regular, PingFangTC-light;">—</span></strong></strong><span style="background-color: rgb(255, 255, 255);font-size: var(--articleFontsize);letter-spacing: 0.034em;text-align: justify;"></span></p><p><strong><span style="font-family: 宋体;font-size: 12pt;letter-spacing: 0.034em;"></span></strong></p><p><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">&nbsp; 成交量:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;"></span><span style="font-family:宋体;">1月温州市区二手房成交1515套,环比下降31.21%</span></span><span style="font-family: 宋体;font-size: 12pt;letter-spacing: 0.034em;">,呈现</span><span style="font-family: 宋体;font-size: 12pt;letter-spacing: 0.034em;">“缩量&nbsp; &nbsp; 调整”态势;新房备案799套,市场流动性集中于存量房。2月上半月延续&nbsp; &nbsp; 低迷,鹿城区房价从1月均价3.76万元/㎡(文献2)跌至1.7万元/㎡,部&nbsp; &nbsp; 分区域价格“破位下行”,但核心区高端项目(如滨江CBD)仍维持高认&nbsp; &nbsp; 筹率,形成“结构性分化”。</span></p><p><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">&nbsp; 价格波动:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;"></span><span style="font-family:宋体;">1月二手房均价环比上涨6.19%至16296元/㎡,受高端大宅成&nbsp; &nbsp; 交拉动(如森悦锦园登顶成交榜),但2月上半月鹿城、瓯海等区域房价&nbsp; &nbsp; 跌幅达15%-20%,反映市场情绪波动加剧。</span></span></p><p><strong style="letter-spacing: 0.578px;text-align: left;font-size: var(--articleFontsize);"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);visibility: visible;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;font-size: 45px;letter-spacing: 0px;visibility: visible;">02&nbsp;</span></strong></strong><strong style="letter-spacing: 0.034em;font-size: var(--articleFontsize);"><span style="font-size: 20px;letter-spacing: 0.578px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);">资金流向</span></strong></p><p><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;text-align: left;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;background-color: rgb(255, 255, 255);letter-spacing: 0.5px;font-size: 16px;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(136, 136, 136);letter-spacing: 3px;font-family: Optima-Regular, PingFangTC-light;">—</span></strong></strong></p><p style="margin-left: 36pt;"><strong><span style="font-family:Symbol;mso-fareast-font-family:宋体;mso-bidi-font-family:宋体;font-size:10.0000pt;mso-font-kerning:1.0000pt;">·</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">主力资金:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">高净值人群聚焦核心区稀缺资产(如滨江</span><span style="font-family:宋体;">CBD、中央绿轴),144㎡以上户型成交占比提升11%;</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;"><strong><span style="font-family:Symbol;mso-fareast-font-family:宋体;mso-bidi-font-family:宋体;font-size:10.0000pt;mso-font-kerning:1.0000pt;">·</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">散户撤离:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">远郊及高库存区域(如龙湾)出现</span><span style="font-family:宋体;">“踩踏式抛售”,总价100万以下房源占比超40%。</span></span></p><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span></span><strong><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-family: 微软雅黑;font-size: 16px;letter-spacing: normal;"><o:p></o:p></span></span></strong></section><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span></span><strong><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-family: 微软雅黑;font-size: 16px;letter-spacing: normal;"><o:p></o:p></span></span></strong></section><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span></span><strong><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-family: 微软雅黑;font-size: 16px;letter-spacing: normal;"><o:p></o:p></span></span></strong></section><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span></span><strong><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-family: 微软雅黑;font-size: 16px;letter-spacing: normal;"><o:p></o:p></span></span></strong></section><section style="line-height: 1.6em;text-align: justify;margin: 0px 0px 24px;text-indent: 0em;"><span style="font-size: 16px;letter-spacing: normal;text-decoration: none solid rgba(0, 0, 0, 0.9);"></span></section><p style="margin-left: 16px;margin-right: 16px;margin-bottom: 0px;"><span style="font-size: var(--articleFontsize);letter-spacing: 0.578px;text-align: left;color: rgb(0, 122, 170);"><strong><strong style="letter-spacing: 0.578px;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);visibility: visible;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;font-size: 45px;letter-spacing: 0px;visibility: visible;">03</span></strong></strong></strong></span><strong style="font-size: var(--articleFontsize);letter-spacing: 0.578px;text-align: left;"><strong style="letter-spacing: 0.578px;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);visibility: visible;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;font-size: 45px;letter-spacing: 0px;visibility: visible;">&nbsp;</span></strong></strong></strong><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="font-size: 20px;letter-spacing: 0.578px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);">客户态度与观点</span></strong></p><p style="margin-left: 16px;margin-right: 16px;margin-bottom: 0px;"><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="font-size: 20px;letter-spacing: 0.578px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);"></span></strong></p><p style="margin-left: 16px;margin-right: 16px;margin-bottom: 0px;"><strong style="letter-spacing: 0.578px;text-align: left;font-size: var(--articleFontsize);"><strong style="letter-spacing: 0.034em;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;background-color: rgb(255, 255, 255);letter-spacing: 0.5px;font-size: 16px;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(136, 136, 136);letter-spacing: 3px;font-family: Optima-Regular, PingFangTC-light;">—</span></strong></strong></strong></p><p style="margin-left: 36pt;"><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">理性刚需主导:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">年轻购房者以自住需求为主,偏好</span><span style="font-family:宋体;">60-90㎡小户型及现房/准现房,对“15分钟生活圈”配套敏感;</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;"><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">改善型置换升温:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">二手房置换周期缩短至</span><span style="font-family:宋体;">6.8个月,120-144㎡改善房源成交占比提升,但业主普遍“以价换量”;</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;"><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">投资情绪分化:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">高净值人群持续加码核心区豪宅(单价</span><span style="font-family:宋体;">5万+成交占比7.2%),中小投资者转向杭州、上海等外溢市场。</span></span></p><p style="margin-right: 0pt;margin-left: 21pt;padding: 0pt;vertical-align: baseline;"><strong style="text-indent: 0em;font-size: var(--articleFontsize);letter-spacing: 0.578px;text-align: left;"><strong style="letter-spacing: 0.578px;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;visibility: visible;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;font-size: 45px;letter-spacing: 0px;visibility: visible;">04&nbsp;</span></strong></strong></strong><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="font-size: 20px;letter-spacing: 0.578px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);">机构观点</span></strong><span style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"></span></p><p style="margin-right: 0pt;margin-left: 21pt;padding: 0pt;vertical-align: baseline;"><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;text-indent: 0em;"><span style="letter-spacing: 0px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);">—</span></strong></p><p style="margin-left: 36pt;"><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">政策托底预期:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">政府通过</span><span style="font-family:宋体;">“白名单”融资、公积金利率三连降等政策稳定市场,预计Q2房贷利率再降10BP;</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;"><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">价值分化加剧:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">机构建议</span><span style="font-family:宋体;">“核心区稀缺资产+强品牌项目”为配置主线(如鹿城学区房、滨江CBD大平层),警惕远郊非理性投资;</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p style="margin-left: 36pt;"><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">中长期研判:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">楼市进入</span><span style="font-family:宋体;">“存量博弈”阶段,真实居住需求(改善、城市更新)驱动结构性复苏,房价普涨难现。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p style="margin-right: 0pt;margin-left: 21pt;padding: 0pt;letter-spacing: 0.578px;vertical-align: baseline;"><strong style="text-indent: 0em;font-size: var(--articleFontsize);letter-spacing: 0.578px;text-align: left;"><strong style="letter-spacing: 0.578px;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;visibility: visible;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;font-size: 45px;letter-spacing: 0px;visibility: visible;">05&nbsp;</span></strong></strong></strong><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="font-size: 20px;letter-spacing: 0.578px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);">风险提示</span></strong><span style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"></span></p><p style="margin-right: 0pt;margin-left: 21pt;padding: 0pt;letter-spacing: 0.578px;vertical-align: baseline;"><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;text-indent: 0em;"><span style="letter-spacing: 0px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);">—</span></strong></p><p style="margin-left: 36pt;"><strong><span style="font-family:Symbol;mso-fareast-font-family:宋体;mso-bidi-font-family:宋体;font-size:10.0000pt;mso-font-kerning:1.0000pt;">·</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;">库存高压:</span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;">温州商品房去化周期延长,部分区域库存风险需政策对冲;</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;">&nbsp; &nbsp; <strong><span style="font-family: Symbol;font-size: 13.3333px;letter-spacing: 0.578px;">·</span>政策传导滞后:</strong>房企融资宽松与市场需求复苏存在时间差,中小房企&nbsp; &nbsp; &nbsp; 现金流压力未解。</span></p><section style="margin: 0px 16px;vertical-align: baseline;background: rgb(255, 255, 255);line-height: 1.6em;text-align: justify;text-indent: 0em;"><span style="mso-spacerun:&#39;yes&#39;;font-family:&#39;Segoe UI&#39;;mso-fareast-font-family:宋体;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;"></span></span></section><section style="margin: 16px 0px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-left: 8px;outline: 0px;font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;text-align: center;min-height: 1em;line-height: 1.75em;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;letter-spacing: 0.544px;color: rgb(127, 127, 127);font-family: PingFangTC-Light;font-size: 12px;caret-color: red;background-color: rgb(255, 255, 255);">*</span><br style="-webkit-tap-highlight-color: transparent;outline: 0px;" /></section></section><section data-role="outer" label="Powered by 135editor.com" style="-webkit-tap-highlight-color: transparent;margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;"><section data-role="outer" label="Powered by 135editor.com" style="-webkit-tap-highlight-color: transparent;outline: 0px;"><section data-role="paragraph" style="color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;-webkit-tap-highlight-color: transparent;outline: 0px;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);"><section data-role="outer" label="Powered by 135editor.com" style="-webkit-tap-highlight-color: transparent;outline: 0px;"><section data-role="paragraph" style="-webkit-tap-highlight-color: transparent;outline: 0px;"><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-left: 8px;outline: 0px;letter-spacing: 0.544px;min-height: 1em;text-align: center;font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;"><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-left: 8px;outline: 0px;min-height: 1em;color: rgb(0, 0, 0);font-size: 14px;line-height: 1.75em;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(127, 127, 127);font-size: 12px;letter-spacing: 0.544px;font-family: PingFangTC-Light;">关注分享</span></section><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-left: 8px;outline: 0px;line-height: 1.75em;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;caret-color: red;color: rgb(127, 127, 127);font-size: 12px;font-family: PingFangTC-Light;">FOLLOW US &amp; SHARE ON MOMENTS</span></section><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-left: 8px;outline: 0px;line-height: 1.75em;"><br /></section><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-left: 8px;outline: 0px;line-height: 1.75em;"><span style="font-size: 14px;color: rgb(127, 127, 127);font-family: PingFangTC-Light;letter-spacing: 0.544px;">土拍交流群</span></section></section></section></section></section><section data-role="outer" style="-webkit-tap-highlight-color: transparent;outline: 0px;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);"><section data-role="paragraph" style="-webkit-tap-highlight-color: transparent;outline: 0px;"><p style="text-align: center;"><img class="rich_pages wxw-img" data-galleryid="" data-imgfileid="100035190" data-ratio="0.9763313609467456" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwl2VMPo5Qco6GDiaFrD2HHORKkqQ8WYGbb3mjzcezd08RRBeoB46kyEcbcg4B3wPaTpMic8cacvMwqA/640?wx_fmt=png&amp;from=appmsg" data-type="png" data-w="338" style="width: 207px;height: auto !important;"></p></section></section></section></section><section data-role="paragraph" style="-webkit-tap-highlight-color: transparent;margin-bottom: 0px;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);"><section data-role="paragraph" style="-webkit-tap-highlight-color: transparent;outline: 0px;"><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-left: 8px;outline: 0px;min-height: 1em;"><br style="-webkit-tap-highlight-color: transparent;outline: 0px;" /></section></section></section><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-bottom: 0px;margin-left: 8px;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);text-align: right;line-height: 1.75em;"><br style="-webkit-tap-highlight-color: transparent;outline: 0px;" /></section><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-bottom: 0px;margin-left: 8px;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);text-align: right;line-height: 1.75em;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(89, 89, 89);letter-spacing: 1.5px;text-align: center;-webkit-text-stroke-width: 0.2px;font-size: 12px;font-family: 微软雅黑, &quot;Microsoft YaHei&quot;;">感谢你的每一个分享 | 点赞 | 在看</span></section><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-bottom: 0px;margin-left: 8px;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);text-align: right;line-height: 1.75em;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(89, 89, 89);letter-spacing: 1.5px;text-align: center;-webkit-text-stroke-width: 0.2px;font-size: 12px;font-family: 微软雅黑, &quot;Microsoft YaHei&quot;;">SPECIAL THANKS</span></section><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-bottom: 0px;margin-left: 8px;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);text-align: right;line-height: 1.75em;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(89, 89, 89);letter-spacing: 1.5px;text-align: center;-webkit-text-stroke-width: 0.2px;font-size: 12px;font-family: 微软雅黑, &quot;Microsoft YaHei&quot;;">▼▼▼</span></section><p><o:p></o:p></p><section style="line-height: 1.6em;text-align: justify;margin: 0px 0px 24px;text-indent: 0em;"><br /></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>

← 返回观点全库