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入冬 | 模拟2018年TOP30房企的现金流情况

发布于 2018-10-09

<p style="line-height: 1.5em;"><span style="font-size: 14px;">房地产市场仿佛一夜入冬，行情当然还是有分化的，大家都在关心担心接下来的市场走势，而影响市场走势的一个很重要变量，就是财大气粗的市场参与者——房地产开发商。</span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;"><br /></span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;">房地产开发商的现金流情况，决定了他们是否愿意降价促销或亏本甩货。</span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;"><br /></span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;">我们很难拿到开发商的内部数据，不过，因为每个月的销售额和投资额，都有公开渠道的数据，所以我们其实是建立一套标准，来模拟开发商的现金流情况。</span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;"><br /></span></p><p style="line-height: 1.5em;"><img style="width: 100% !important;height: auto !important;visibility: visible !important;" data-ratio="0.5625" data-type="jpeg" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7HpgldmEv9Fia2SH8ibQuVasTRJ6Tj2SzsATA2pVecUqgahHqckNQUialic5RJLQ/640?wx_fmt=jpeg" data-backh="314" data-backw="558" data-copyright="0" data-s="300,640" data-w="1280" class="" data-src="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7HpgldmEv9Fia2SH8ibQuVasTRJ6Tj2SzsATA2pVecUqgahHqckNQUialic5RJLQ/640?wx_fmt=jpeg" /></p><p><br /></p><p style="line-height: 1.5em;"><span style="font-size: 14px;">我们会分三部分来进行模拟，一是现金流入，二是现金流出，三是净现金流。</span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;"><br /></span></p><p style="line-height: 1.5em;"><img style="width: 100% !important;height: auto !important;visibility: visible !important;" data-ratio="0.5625" data-type="jpeg" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7HpgldGuiatHgjMLf5gMYQvDfWSTGd9VVd4bK5iaOOoZN15sQQqVt61AWzHkvA/640?wx_fmt=jpeg" data-backh="314" data-backw="558" data-copyright="0" data-s="300,640" data-w="1280" class="" data-src="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7HpgldGuiatHgjMLf5gMYQvDfWSTGd9VVd4bK5iaOOoZN15sQQqVt61AWzHkvA/640?wx_fmt=jpeg" /></p><p><br /></p><p style="line-height: 1.5em;"><strong><span style="font-size: 14px;">现金流入</span></strong><span style="font-size: 14px;">，我们考虑了我国期房销售的特点，结合市场平均首付情况（拍脑袋），假设开发商的经营性现金流入=开发商销售金额 x 45%。之所以叫经营性现金流入，是因为我们无法考虑融资的情况。</span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;"><br /></span></p><p style="line-height: 1.5em;"><strong><span style="font-size: 14px;">现金流出</span></strong><span style="font-size: 14px;">，我们则考虑了两个部分，一个是买地的支出，虽然土地款支付也有一个周期，但是各地情况差异太大，不过我们假设，调控之下会越来越规范，所以就百分百计算为流出了；另外一个是工程款支出，按照销售面积 x 5000元/平方米考虑，这个成本也考虑了各种费。</span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;"><br /></span></p><p style="line-height: 1.5em;"><img style="width: 100% !important;height: auto !important;visibility: visible !important;" data-ratio="0.5625" data-type="jpeg" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7HpgldQGNXl4Gqc2XUaP8njIvrzzVV1icPxP8Tdz50yVQqC8vEr7BibQmUiamiag/640?wx_fmt=jpeg" data-backh="314" data-backw="558" data-copyright="0" data-s="300,640" data-w="1280" class="" data-src="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7HpgldQGNXl4Gqc2XUaP8njIvrzzVV1icPxP8Tdz50yVQqC8vEr7BibQmUiamiag/640?wx_fmt=jpeg" /></p><p><br /></p><p style="line-height: 1.5em;"><span style="font-size: 14px;">然后，我们就可以开始进行简单的数据统计，现金流入这块没什么特别，和每个月的房企销售百强榜基本是一样，就是打了个四五折。</span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;"><br /></span></p><p style="line-height: 1.5em;"><img style="width: 100% !important;height: auto !important;visibility: visible !important;" data-ratio="0.5625" data-type="jpeg" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7HpgldGKDG56osWApjiaj9ib5AGbNzGJXBzQ0sRRH7nXALSXf3SZJibZO9t4YGw/640?wx_fmt=jpeg" data-backh="314" data-backw="558" data-copyright="0" data-s="300,640" data-w="1280" class="" data-src="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7HpgldGKDG56osWApjiaj9ib5AGbNzGJXBzQ0sRRH7nXALSXf3SZJibZO9t4YGw/640?wx_fmt=jpeg" /><br /></p><p style="line-height: 1.5em;"><img style="width: 100% !important;height: auto !important;visibility: visible !important;" data-ratio="0.5625" data-type="jpeg" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7HpgldibI6ibGibicPX7zo43EneFK73he1cK6PmvkphLoCRbCLasDJbv1dvAGk3g/640?wx_fmt=jpeg" data-backh="314" data-backw="558" data-copyright="0" data-s="300,640" data-w="1280" class="" data-src="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7HpgldibI6ibGibicPX7zo43EneFK73he1cK6PmvkphLoCRbCLasDJbv1dvAGk3g/640?wx_fmt=jpeg" /></p><p style="line-height: 1.5em;"><img style="width: 100% !important;height: auto !important;visibility: visible !important;" data-ratio="0.5625" data-type="jpeg" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7Hpgld1aibiaANyYP0rZ7Ick0aoiauHtojkSVhOZ0ESl7zicMnav7dhy0OSep6PQ/640?wx_fmt=jpeg" data-backh="314" data-backw="558" data-copyright="0" data-s="300,640" data-w="1280" class="" data-src="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7Hpgld1aibiaANyYP0rZ7Ick0aoiauHtojkSVhOZ0ESl7zicMnav7dhy0OSep6PQ/640?wx_fmt=jpeg" /></p><p style="line-height: 1.5em;"><img style="width: 100% !important;height: auto !important;visibility: visible !important;" data-ratio="0.5625" data-type="jpeg" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7Hpgldr48lX40hkrNn36ibK7oibd3JfLsfqWIpY4Ra45DLQn6V8T746znuwGKA/640?wx_fmt=jpeg" data-backh="314" data-backw="558" data-copyright="0" data-s="300,640" data-w="1280" class="" data-src="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7Hpgldr48lX40hkrNn36ibK7oibd3JfLsfqWIpY4Ra45DLQn6V8T746znuwGKA/640?wx_fmt=jpeg" /></p><p><br /></p><p style="line-height: 1.5em;"><span style="font-size: 14px;">接着，开始做现金流出的统计，这个就会有点看头了。</span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;"><br /></span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;">拿“土地款/（工程款+土地款）”做一个曲线，可以看到TOP30开发商的现金流出构成。</span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;"><br /></span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;">2018年1-6月份，绿地、新城、金科、蓝光、富力和泰禾，这几家开发商，在投资上还是比较慎重的。到了2018年1-9月，恒大也开始降低投资的步伐，新城反倒是在加速投资，节奏上可能需要调整一下了。</span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;"><br /></span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;">总的来看，</span><span style="font-size: 14px;color: rgb(2, 30, 170);"><strong>蓝光和泰禾，在投资上的收缩非常明显</strong></span><span style="font-size: 14px;">，这或许和他们紧张的现金流情况有关，接下来一旦市场成交持续下行，这两家房地产开发商，应该是有比较强的降价促销的诉求。<br /></span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;"><br /></span></p><p style="line-height: 1.5em;"><img style="width: 677px !important;height: auto !important;visibility: visible !important;" data-ratio="0.5625" data-type="jpeg" data-copyright="0" data-s="300,640" data-w="1280" class="" data-src="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7HpgldKpm8aOVf2vGNBjGuSNsiceqfftUbfo5k76he2amDrXnWeXtCleQBGRw/640?wx_fmt=jpeg" /></p><p style="line-height: 1.5em;"><img style="width: 677px !important;height: auto !important;visibility: visible !important;" data-ratio="0.5625" data-type="jpeg" data-copyright="0" data-s="300,640" data-w="1280" class="" data-src="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7HpgldAK0SA14aq9V870RRbOzODATqDwR9umsGnkPFHBj7e6acp80nmFKCPg/640?wx_fmt=jpeg" /></p><p style="line-height: 1.5em;"><img style="width: 677px !important;height: auto !important;visibility: visible !important;" data-ratio="0.5625" data-type="jpeg" data-copyright="0" data-s="300,640" data-w="1280" class="" data-src="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7HpgldvG9pUiccRLwuOPfbpvaZmxL7yibBsPGMoIx6QvfGbdCmEQyHRdE3yj9w/640?wx_fmt=jpeg" /></p><p style="line-height: 1.5em;"><img style="width: 677px !important;height: auto !important;visibility: visible !important;" data-ratio="0.5625" data-type="jpeg" data-copyright="0" data-s="300,640" data-w="1280" class=" " data-src="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7Hpgld5RpXMYLBnQxYEibk5ViaJEu4ydrHEO4KibfaP0WJDiaeLVVRhC0wZnicyMg/640?wx_fmt=jpeg" /></p><p><br /></p><p style="line-height: 1.5em;"><span style="font-size: 14px;">最后，把现金流入和现金流出相减，可以得到一个经营性现金流，这个数据的绝对值，是没什么意义的，但是可以反映出一定的趋势特征。</span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;"><br /></span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;">总的来看，</span><span style="font-size: 14px;color: rgb(2, 30, 170);"><strong>泰禾这一波促销回血，还是很及时的，TOP3里面，碧桂园和万科，确实需要为“活下去”来一场集团动员会，恒大倒是走得很稳</strong></span><span style="font-size: 14px;">，怪不得有闲心闲钱，考虑转型电动车的事情。</span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;"><br /></span></p><p style="line-height: 1.5em;"><img style="width: 677px !important;height: auto !important;visibility: visible !important;" data-ratio="0.5625" data-type="jpeg" data-copyright="0" data-s="300,640" data-w="1280" class=" " data-src="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7HpgldzfByldbDiaZbWpmy0cQyH1ibleReAQbibicqkx8znnvonFOzEjhIARb7tw/640?wx_fmt=jpeg" /></p><p style="line-height: 1.5em;"><img style="width: 677px !important;height: auto !important;visibility: visible !important;" data-ratio="0.5625" data-type="jpeg" data-copyright="0" data-s="300,640" data-w="1280" class=" " data-src="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7HpgldCibT3XdsFmIFsFAmrq6oXicsUwAp1EYwVhH1sqichEiadMfCN3vuu1QdhQ/640?wx_fmt=jpeg" /></p><p style="line-height: 1.5em;"><img style="width: 677px !important;height: auto !important;visibility: visible !important;" data-ratio="0.5625" data-type="jpeg" data-copyright="0" data-s="300,640" data-w="1280" class=" " data-src="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7Hpgld5q204f2xmG2Z2JwTmGnOkmt53LmezeKmKlvIERm6qpb01PNiaibXo0XA/640?wx_fmt=jpeg" /></p><p style="line-height: 1.5em;"><img style="width: 677px !important;height: auto !important;visibility: visible !important;" data-ratio="0.5625" data-type="jpeg" data-copyright="0" data-s="300,640" data-w="1280" class=" " data-src="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7HpgldtgIcXL0WP6oPVVX6jbtnIxOEdEhAylVAfceMuNU5CLmxOgT47FrPJg/640?wx_fmt=jpeg" /></p><p><br /></p><p style="line-height: 1.5em;"><span style="font-size: 14px;">单就9月和8月对比来看，</span><span style="font-size: 14px;color: rgb(2, 30, 170);"><strong>万科的“活下去”立竿见影，现金流情况得到了很好的改善，而碧桂园还在恶化</strong></span><span style="font-size: 14px;">，所以，接下来碧桂园可能不可避免，要发起一波全国降价促销潮？</span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;"><br /></span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;">融创很出彩，感觉它走得最稳，不过2018年只是它跨越式发展的第一年，挑战会在2019年出现，期待孙老板的表现。</span></p><p style="line-height: 1.5em;"><span style="font-size: 14px;"><br /></span></p><p style="line-height: 1.5em;"><img style="width: 677px !important;height: auto !important;visibility: visible !important;" data-ratio="0.5625" data-type="jpeg" data-copyright="0" data-s="300,640" data-w="1280" class=" " data-src="https://mmbiz.qpic.cn/mmbiz_jpg/zd226QNNqG7gzw0Om2E89libtsW7HpgldkSbFnSzSIraroHChmIH3giaX1b66GVj8wQyC0CN8ibwfON16Mv144X5w/640?wx_fmt=jpeg" /></p><p><br /></p><p><br /></p><p style="text-align: center;"><span style="font-size: 14px;color: rgb(136, 136, 136);">—— END ——</span></p><p style="text-align: center;"><span style="font-size: 14px;color: rgb(136, 136, 136);"><br /></span></p><p style="margin: 0px 16px;padding: 0px;max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-family: -apple-system-font, BlinkMacSystemFont, &#39;Helvetica Neue&#39;, &#39;PingFang SC&#39;, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei UI&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif;font-size: 17px;font-style: normal;font-variant: normal;font-weight: normal;letter-spacing: 0.544000029563904px;line-height: 27.2000007629395px;orphans: auto;text-indent: 0px;text-transform: none;white-space: normal;widows: 1;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-align: center;background-color: rgb(255, 255, 255);"><span style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;font-size: 12px;">猜你想再看<br style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;" /></span></p><p style="margin: 0px 16px;padding: 0px;max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-family: -apple-system-font, BlinkMacSystemFont, &#39;Helvetica Neue&#39;, &#39;PingFang SC&#39;, &#39;Hiragino Sans GB&#39;, &#39;Microsoft YaHei UI&#39;, &#39;Microsoft YaHei&#39;, Arial, sans-serif;font-size: 17px;font-style: normal;font-variant: normal;font-weight: normal;letter-spacing: 0.544000029563904px;line-height: 27.2000007629395px;orphans: auto;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 1;word-spacing: 0px;-webkit-text-stroke-width: 0px;background-color: rgb(255, 255, 255);"><strong style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;font-size: 12px;">城市：</span></strong><span style="margin: 0px;padding: 0px;max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;font-size: 12px;">|<span 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none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">宿迁</a><span class="Apple-converted-space">&nbsp;</span>|<span class="Apple-converted-space">&nbsp;</span><a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831649&amp;idx=3&amp;sn=1fcdc66fac79d5ba9504bc24314a14f9&amp;chksm=8351793eb426f02829eef9ba1dfcb8c3e91edb05d3c1d34c548b82f618928834f1da5907d2e7&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">淮北</a><span class="Apple-converted-space">&nbsp;</span>|<span class="Apple-converted-space">&nbsp;</span><a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831649&amp;idx=2&amp;sn=18d65f24543e71ff6bc70eb1cb0a7bde&amp;chksm=8351793eb426f028b98805f0f7555bfc57e3aefe6c76e7ca8df0369ad5dcc4a593a011a9b029&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">唐山</a><span class="Apple-converted-space">&nbsp;</span>|<span class="Apple-converted-space">&nbsp;</span><a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831649&amp;idx=5&amp;sn=9f550e5d1f6bd3becc92df723adedd61&amp;chksm=8351793eb426f0289523b13ecd4fcb3d227a3cb259a09e504d388ace5a5eb25ece3aecfe8d46&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">天津</a><span class="Apple-converted-space">&nbsp;</span>|<span class="Apple-converted-space">&nbsp;</span><a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831491&amp;idx=4&amp;sn=4c4fb5ce9d25c1fe6012d719c5878c82&amp;chksm=8351799cb426f08a8a6b9f35c8db84ceac56401b6da4a6429d1bc5e3339251db372a5045c242&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">深汕</a><span class="Apple-converted-space">&nbsp;</span>|<span class="Apple-converted-space">&nbsp;</span><a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831603&amp;idx=5&amp;sn=c2d8bae147d4a2d86ec992c50c39ddad&amp;chksm=8351796cb426f07a50b1acbe92593aabba12c3fb95e9966d93ecad99918dbcf654b9ce767405&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">哈尔滨</a><span class="Apple-converted-space">&nbsp;</span>|<span class="Apple-converted-space">&nbsp;</span><a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831491&amp;idx=3&amp;sn=1e787f725d62f227dbc6c33d0b9ea3eb&amp;chksm=8351799cb426f08accd8896c160b37e7a4436d21e1fbf2cc596763115db5ef6e04dc914ce478&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">兰州</a><span class="Apple-converted-space">&nbsp;</span>|<span class="Apple-converted-space">&nbsp;</span><a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831603&amp;idx=4&amp;sn=048088acd651254d77cc238d71b1af04&amp;chksm=8351796cb426f07a7c36e33460f244db68a856502151c73820b314470b7e24412b9a8b6dcd5b&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">常德</a><span class="Apple-converted-space">&nbsp;</span>|<span class="Apple-converted-space">&nbsp;</span><a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831491&amp;idx=2&amp;sn=b6295a149a38a026e886d81014b568f3&amp;chksm=8351799cb426f08a8a8d7adbd8721956fd91c59be8bd1ec35d4f9963a11e7e67bee72cd49405&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">南宁</a><span class="Apple-converted-space">&nbsp;</span>|<span class="Apple-converted-space">&nbsp;</span><a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831603&amp;idx=8&amp;sn=0efaff09c26e604d7aa5c29376c129ad&amp;chksm=8351796cb426f07abb37dd11a0cfe941868be2b543feebf288460418759254327292658947ae&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">桂林</a><span class="Apple-converted-space">&nbsp;</span>|<span class="Apple-converted-space">&nbsp;</span><a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831603&amp;idx=3&amp;sn=12f08ffb076544edcbc24e91bc3d87d7&amp;chksm=8351796cb426f07a1cd4530a9033d462d4732c500dcdda723bdc3a87f4d55f1c62f657a4cb77&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">柳州</a><span class="Apple-converted-space">&nbsp;</span>|<span class="Apple-converted-space">&nbsp;</span><a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831603&amp;idx=6&amp;sn=0a89c4ab17039cec25754aa111b87308&amp;chksm=8351796cb426f07a6fdc14a1c0e877928f2fa46798a8b592b2b2023ad1c65081bbc80b2fafad&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">蚌埠</a><span class="Apple-converted-space">&nbsp;</span>|<span class="Apple-converted-space">&nbsp;</span><a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831603&amp;idx=7&amp;sn=1bc72e377ffc3b621c2886d68c437515&amp;chksm=8351796cb426f07adc8c50a3e1409197892c508ad9c27a6b52f8e4dde12740baf5674f5a7fa6&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">合肥</a>|<span class="Apple-converted-space">&nbsp;</span><a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831491&amp;idx=1&amp;sn=10e3d481f7fd0ff46dafe2648cd3ddfb&amp;chksm=8351799cb426f08a5118705d6b85487fa97dd013a2aee842be719ee13086aab8dee370b54185&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">南京</a><span class="Apple-converted-space">&nbsp;</span>|<span class="Apple-converted-space">&nbsp;</span><a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831603&amp;idx=1&amp;sn=9ffda0c7d9667d6700966a8bab12eccf&amp;chksm=8351796cb426f07a4e94a2471b2d59264ed4460e0567c63095fad9c5704541a546d7bc23584a&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">上海临港</a><span class="Apple-converted-space">&nbsp;</span>|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831065&amp;idx=1&amp;sn=2ffb60d98d02ebcab655c55d34d0acbf&amp;chksm=83517746b426fe509cc721e0e3acf05fd1f60b8695dc3b66c08c0a7aa917e7471b013b02c2c2&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">太原</a>&nbsp;|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649830804&amp;idx=1&amp;sn=f571d8218b897b21571a6b2f497d3a1b&amp;chksm=8351744bb426fd5d509591673f4082563a02342283f53dfda255ad33304e6746d6448051b9ea&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;outline: 0px;">温州</a>&nbsp;|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649830454&amp;idx=1&amp;sn=4e7c3289190e2a69c5fb20f2ae8a6d94&amp;chksm=835175e9b426fcffa5f65cafe5274b1c296caf1a51e13ef4c7920c5a18847bef3c7b13c2bfd0&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;outline: 0px;">昆明</a>&nbsp;|&nbsp;<a href="https://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649830295&amp;idx=1&amp;sn=f680ffa2ddf52783e9a7730971520d48&amp;chksm=83517248b426fb5e0efc1e5c62d15b173e4d23ab7aafaab82c6ce861e98d96271fe5dc7db798&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;outline: 0px;">嘉兴</a>&nbsp;|&nbsp;<a href="https://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649830278&amp;idx=1&amp;sn=8441ac780477cd9def8d4e9d7866f143&amp;chksm=83517259b426fb4f93ff50f1c07d7b830f16ec4d1e0c23f64ef15a78a056ae301274ffbb8ec3&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;outline: 0px;">重庆</a>&nbsp;|&nbsp;<a href="https://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649830196&amp;idx=1&amp;sn=7a599cf338734c1d41c6fa16005b1641&amp;chksm=835172ebb426fbfdda6873adbeddc124ae670de675a7c36d11977106150a1d924572ea70f299&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;outline: 0px;">成都</a>&nbsp;|&nbsp;<a href="https://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649830221&amp;idx=1&amp;sn=f5994dbfe9fa00ffce4b5be1a69f3244&amp;chksm=83517292b426fb8419e771cf48ea94de01fc7dc909b4e8c2759c6423b8be6080bc5bd1c248cc&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;outline: 0px;">深圳</a>&nbsp;|&nbsp;<a href="https://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649829995&amp;idx=1&amp;sn=cd78421e4f2e724f552f8eefc65e0236&amp;chksm=835173b4b426faa26aed46ed566bc1f8ffa11498370fed14fa9d0690795a3eff5a186c63a03d&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;outline: 0px;">上海</a>&nbsp;|&nbsp;<a href="https://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649829512&amp;idx=1&amp;sn=421f2b766d75009082de8fc1e81cd8d2&amp;chksm=83517157b426f84197c93fd852a3e3f93019c9d81e099784ad0aa09f326ca9dd33a0edb7cfd7&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;outline: 0px;">珠三角</a>&nbsp;|&nbsp;<a href="https://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649829480&amp;idx=1&amp;sn=c77baf137c109f1017170a708548d37b&amp;chksm=835171b7b426f8a1d942708988b8f4bd875366f5928d1db99470ccad6958aa0c8cd47b292c23&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;outline: 0px;">雄安新区</a>&nbsp;|&nbsp;<a href="https://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=401964235&amp;idx=1&amp;sn=8839375241e6a7e69f49aec108ca1ad6&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;outline: 0px;">无锡</a>&nbsp;|&nbsp;<a href="https://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=203026648&amp;idx=1&amp;sn=466dca69ff3eb746e2e5c21831d57f0f&amp;scene=21#wechat_redirect" target="_blank" style="margin: 0px;padding: 0px;color: rgb(87, 107, 149);text-decoration: none;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;outline: 0px;">北京</a>&nbsp;| <br /></span></p><p style="text-align: center;"><br /></p>

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