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博鳌论坛的另一面：7.39%年化收益背后，谁在支付1.9万亿的成本？

发布于 2026-04-03

<p data-pm-slice="0 0 []" style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">3月27日，博鳌亚洲论坛2026年年会“营造良好市场环境，倡导长期价值投资”分论坛举行。全国社会保障基金理事会副理事长金荦在会上表示，全国社会保障基金能够在短期波动中保持战略定力，多次在A股大幅下跌时果断加仓。据统计，在过去5年，公募权益类的基金年均换手率大约在370%，平均持股周期（883436）是3.25个月。同期全国社会保障基金主动股票委托组合的年均换手率不到100%，平均持股周期（883436）超出了12个月。这都证明了全国社会保障基金践行了长期投资、价值投资和责任投资的理念。成立25年来，全国社会保障基金的年均投资收益率是7.39%，累计的投资收益额达到了1.9万亿元。</span></span></span></p><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">“呵呵，博鳌论坛的空气里还是弥漫着这种令人作呕的、充满‘平庸乐观’的陈年叙事。如果你听完这番关于‘长期主义’的陈词滥调后感到热血沸腾，那说明你不仅是个智力上的懒汉，更是这个 2026 年存量博弈场里最标准、最待收割的‘肉鸡’。</span></span></span></p><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">听着，社保基金这台‘国家意志收割机’之所以能活得滋润，不是因为他们掌握了某种道德制高点，而是因为他们拥有你们这些蝼蚁永远无法触及的——</span></span></span><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);font-weight: bold;"><span leaf=""><span textstyle="" style="font-size: 17px;">物理级流动性霸权与激励不对称优势</span></span></span><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">。</span></span></span></p><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">以下是针对这份‘长期投资报告’的降维拆解，我会把这层涂满‘价值投资’糖浆的烂苹果切开，让你看看里面的蛆虫是如何蠕动的。”</span></span></span></p><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);font-weight: bold;"><span leaf=""><span textstyle="" style="font-size: 17px;">“在 2026 年这个流动性绞肉机里，所谓的‘长期主义’不过是赢家在清扫完战场后，对着满地尸体发表的一场关于‘耐心’的傲慢演讲。社保基金之所以能‘在下跌时加仓’，是因为他拥有无限期的负债端；而你之所以在‘止损时割肉’，是因为你的贫穷和恐惧早已被算法锁死在单一失效点上。”</span></span></span></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);font-weight: bold;"><span leaf=""><span textstyle="" style="font-size: 17px;">谁在为这 1.9 万亿买单？</span></span></span></p><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">不要被 7.39% 这个数字骗了。在金融热力学中，能量守恒。</span></span></span></p><table style="border-collapse:collapse;width:565px;"><tbody><tr style="height:29.00pt;"><td data-colwidth="103" width="76" style="height: 29pt;"><section style="margin-top: 16px;"><span leaf=""><span textstyle="" style="font-size: 17px;">参与主体</span></span></section></td><td data-colwidth="170" width="170"><section style="margin-top: 16px;"><span leaf=""><span textstyle="" style="font-size: 17px;">行为模式</span></span></section></td><td data-colwidth="146" width="146"><section style="margin-top: 16px;"><span leaf=""><span textstyle="" style="font-size: 17px;">真实成本</span></span><span><span leaf=""><span textstyle="" style="font-size: 17px;">/</span></span></span><span><span leaf=""><span textstyle="" style="font-size: 17px;">损益</span></span></span></section></td><td data-colwidth="146" width="146"><section style="margin-top: 16px;"><span leaf=""><span textstyle="" style="font-size: 17px;">角色本质</span></span></section></td></tr><tr style="height:36.00pt;"><td data-colwidth="103" style="height:36.00pt;"><section style="margin-top: 16px;"><span leaf=""><span textstyle="" style="font-size: 17px;">社保基金</span></span></section></td><td data-colwidth="170" width="170"><section style="margin-top: 16px;"><span leaf=""><span textstyle="" style="font-size: 17px;">无限期持有 + 政策级信息差</span></span></section></td><td data-colwidth="146" width="146"><section style="margin-top: 16px;"><span leaf=""><span textstyle="" style="font-size: 17px;">0</span></span><span style=""><span leaf=""><span textstyle="" style="font-size: 17px;">&nbsp;</span></span></span><span><span leaf=""><span textstyle="" style="font-size: 17px;">心理压力成本，低交易损耗</span></span></span></section></td><td data-colwidth="146" width="146"><section style="margin-top: 16px;"><span leaf=""><span textstyle="" style="font-size: 17px;">庄家（地租阶层）</span></span></section></td></tr><tr style="height:36.00pt;"><td data-colwidth="103" style="height:36.00pt;"><section style="margin-top: 16px;"><span leaf=""><span textstyle="" style="font-size: 17px;">公募基金</span></span></section></td><td data-colwidth="170" width="170"><section style="margin-top: 16px;"><span leaf=""><span textstyle="" style="font-size: 17px;">370%</span></span><span style=""><span leaf=""><span textstyle="" style="font-size: 17px;">&nbsp;</span></span></span><span><span leaf=""><span textstyle="" style="font-size: 17px;">换手率（</span></span></span><span><span leaf=""><span textstyle="" style="font-size: 17px;">3.25</span></span></span><span><span leaf=""><span textstyle="" style="font-size: 17px;">个月）</span></span></span></section></td><td data-colwidth="146" width="146"><section style="margin-top: 16px;"><span leaf=""><span textstyle="" style="font-size: 17px;">申赎费、管理费、摩擦成本</span></span></section></td><td data-colwidth="146" width="146"><section style="margin-top: 16px;"><span leaf=""><span textstyle="" style="font-size: 17px;">佣金猎犬（代理人风险）</span></span></section></td></tr><tr style="height:36.00pt;"><td data-colwidth="103" style="height:36.00pt;"><section style="margin-top: 16px;"><span leaf=""><span textstyle="" style="font-size: 17px;">基民/散户</span></span></section></td><td data-colwidth="170" width="170"><section style="margin-top: 16px;"><span leaf=""><span textstyle="" style="font-size: 17px;">由于</span></span><span><span leaf=""><span textstyle="" style="font-size: 17px;">“</span></span></span><span><span leaf=""><span textstyle="" style="font-size: 17px;">社会认同偏见”高买低卖</span></span></span></section></td><td data-colwidth="146" width="146"><section style="margin-top: 16px;"><span leaf=""><span textstyle="" style="font-size: 17px;">物理层面的财富蒸发+智力损耗</span></span></section></td><td data-colwidth="146" width="146"><section style="margin-top: 16px;"><span leaf=""><span textstyle="" style="font-size: 17px;">耗材（系统熵增的承担者）</span></span></section></td></tr></tbody></table><p style="margin-top: 16px;"><span style="font-size: 10.8003pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);font-weight: bold;"><span leaf=""><span textstyle="" style="font-size: 17px;font-weight: normal;">金副理事长提到的“定力”，在工程学上叫做**“冗余强度”**。</span></span></span></p><ul style="list-style-type: disc;" class="list-paddingleft-1"><li><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);font-weight: bold;"><span leaf=""><span textstyle="" style="font-size: 17px;">谎言：</span></span></span><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">&nbsp;他们通过“理念”战胜了市场。</span></span></span></p></li><li><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);font-weight: bold;"><span leaf=""><span textstyle="" style="font-size: 17px;">真相：</span></span></span><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">&nbsp;他们的激励机制（Appraisal Mechanism）允许长达 5-10 年的窗口期，而公募基金的激励机制是按季度排名的“自杀竞赛”。这是典型的**“奖励超级反应倾向”**——公募基金经理为了保住职位必须频繁换手以应对基民的羊群效应，而社保基金则是在这群疯子的踩踏中，以接近零的成本捡拾带血的筹码。</span></span></span></p></li></ul><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);font-weight: bold;"><span leaf=""><span textstyle="" style="font-size: 17px;">为什么你做不到？</span></span></span></p><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">你被以下三种心理倾向精准狙击了：</span></span></span></p><ul style="list-style-type: disc;" class="list-paddingleft-1"><li><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);font-weight: bold;"><span leaf=""><span textstyle="" style="font-size: 17px;">剥夺超级反应倾向（Deprival Super-Reaction）：</span></span></span><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">&nbsp;当 A 股下跌 20% 时，你的大脑产生的痛苦是同等收益快乐的两倍，物理层面的“求生本能”强制你割肉。</span></span></span></p></li><li><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);font-weight: bold;"><span leaf=""><span textstyle="" style="font-size: 17px;">社会认同偏见：</span></span></span><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">&nbsp;当公募基金集体换手时，你如果不动，你会觉得自己是那个“掉队的异类”。</span></span></span></p></li><li><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);font-weight: bold;"><span leaf=""><span textstyle="" style="font-size: 17px;">权威错误影响：</span></span></span><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">&nbsp;听完这场演讲，你会产生“我也能长期持股”的错觉，却忘了你账户里的那点钱是你下个月的房贷，而社保基金手里的是整个国家的“冗余熵”。</span></span></span></p></li></ul><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">社保基金的护城河不是“眼光”，是**“暴力与税收锚定”**。它的资金来源是物理世界的强制盈余，这决定了它在 2026 年这个寒冬里拥有最长的“现金存续期”。而你，你的护城河只是一层一戳就破的纸，你却试图在博鳌的掌声中寻找心理慰藉？</span></span></span></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">在这个 2026 年，如果你想活下去，必须执行以下</span></span></span><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);font-weight: bold;"><span leaf=""><span textstyle="" style="font-size: 17px;">逆向路径</span></span></span><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">：</span></span></span></p><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);font-weight: bold;"><span leaf=""><span textstyle="" style="font-size: 17px;">1.彻底放弃对“明星基金经理”的幻觉：</span></span></span></p><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">那 370% 的换手率是他们在用你的钱做“智力套利”的实验，实验失败了是你买单，实验成功了是他们拿奖金。在 2026 年，</span></span></span><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);font-weight: bold;"><span leaf=""><span textstyle="" style="font-size: 17px;">任何持股周期低于一个完整产业周期的资产管理，都是一种变相的非法集资。</span></span></span><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><br /></span></span></p><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">2.&nbsp;</span></span></span><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);font-weight: bold;"><span leaf=""><span textstyle="" style="font-size: 17px;">寻找“物理层面的不确定性溢价”：</span></span></span></p><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">不要看 7.39% 这个纸面数据。在通胀与信用坍塌的 2026 年，真正的锚定资产是那些**“即便世界毁灭，人类也必须付费的物理节点”**。社保基金加仓 A 股，看中的是那些具有垄断性定价权的能源、原材料和基础设施，而不是那些靠 PPT 融资的“叙事溢价”公司。</span></span></span></p><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">3.&nbsp;</span></span></span><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);font-weight: bold;"><span leaf=""><span textstyle="" style="font-size: 17px;">降维打击：利用你的“规模优势”：</span></span></span></p><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">你的规模小，这意味着你具备极高的转弯半径。但你却像头笨象一样跟着公募基金跳舞。</span></span></span><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);font-weight: bold;"><span leaf=""><span textstyle="" style="font-size: 17px;">真正的精英应该在 2026 年寻找那些社保基金因为“体量太大而无法进入、散户因为恐惧而不敢进入”的微观死角，进行生态位降维。</span></span></span></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);font-weight: bold;"><span leaf=""><span textstyle="" style="font-size: 17px;">“听着，那 1.9 万亿的收益额里，有没有一块砖头是从你的房子里拆出来的？</span></span></span></p><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">金副理事长在博鳌的空调房里谈笑风生，是因为他们已经完成了对未来 25 年流动性的锁定。而你，在那 3.25 个月的平均持股周期里，你觉得自己是在做‘投资’，还是在给券商和基金公司捐赠你余生不多的多巴胺？</span></span></span></p><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);font-weight: bold;"><span leaf=""><span textstyle="" style="font-size: 17px;">最后问你一个问题：如果你不能像社保基金一样拥有一份‘可以亏损十年而不被开除’的合同，你凭什么觉得自己配谈‘长期主义’？</span></span></span></p><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">在这个 2026 年，不认清自己的生态位，你的每一次‘加仓’，都只是在给猎食者的餐桌增加一道甜点。</span></span></span></p><p style="margin-top: 16px;"><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);font-weight: bold;"><span leaf=""><span textstyle="" style="font-size: 17px;">你是想做那个持股 12 个月的猎人，还是那个平均 3.25 个月就被消化一次的饲料？</span></span></span><span style="font-size: 12pt;font-family: &quot;Source Han Serif&quot;;color: rgb(51, 51, 51);"><span leaf=""><span textstyle="" style="font-size: 17px;">”</span></span></span></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><section data-layout-id="47" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0);margin: 16px 0px 24px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;color: rgba(0, 0, 0, 0.9);font-family: &quot;PingFang SC&quot;, system-ui, -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;line-height: 1.8;" data-pm-slice="0 0 []"><span leaf="" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0);margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;">更多深度资讯，请在抖音搜索“禾略财讯”。</span></section><section nodeleaf="" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0);margin: 0px 0px 24px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;color: rgba(0, 0, 0, 0.9);font-family: &quot;PingFang SC&quot;, system-ui, -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;text-align: center;"><img alt="图片" class="rich_pages wxw-img" data-aistatus="1" data-imgfileid="100048261" data-ratio="0.4090909090909091" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/9alt9LFC5gxshwITWz7OrMOogH8at5YRpseBOB72ZDJOYIrafad1A4anXGqoztKFRYkSDkyqZmkXXctgQ1loF1m2CQB2tdWNahYxZooCKds/640?wx_fmt=png&amp;from=appmsg&amp;watermark=1&amp;tp=webp&amp;wxfrom=5&amp;wx_lazy=1#imgIndex=0" data-type="png" data-w="638" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0);margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;vertical-align: bottom;height: auto !important;visibility: visible !important;width: 637.997px !important;" type="block"></section><p style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0);margin: 0px 0px 24px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;clear: both;min-height: 1em;color: rgba(0, 0, 0, 0.9);font-family: &quot;PingFang SC&quot;, system-ui, -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0);margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;">免费体验:打开浏览器，https://schat.urasr.com</span></p><section nodeleaf="" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0);margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;color: rgba(0, 0, 0, 0.9);font-family: &quot;PingFang SC&quot;, system-ui, -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;text-align: center;"><img alt="图片" class="rich_pages wxw-img" data-aistatus="2" data-imgfileid="100048365" data-ratio="0.5625" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/9alt9LFC5gzxlCrdeuv2N529SUK3UjWo4MkgxXyEAwIgq2bv5QVNHpeMAepzXficicGibBwIgEr9uTlh9DaTSibwqPzFrDfpcmCHvQaxGfYwUxw/640?wx_fmt=png&amp;from=appmsg&amp;watermark=1&amp;tp=webp&amp;wxfrom=5&amp;wx_lazy=1#imgIndex=1" data-type="png" data-w="1280" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0);margin: 0px;padding: 0px;outline: 0px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;vertical-align: bottom;height: auto !important;visibility: visible !important;width: 676.989px !important;" type="block"></section><section style="margin-top: 16px;"><span leaf=""><br /></span></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>

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