官网首页 › 研究观点 › 观点正文

对数周期幂率模型

发布于 2021-03-10

<section data-role="outer" label="Powered by 135editor.com"><section style="color: rgb(0, 0, 0);font-size: 14px;letter-spacing: 1px;background-color: rgb(255, 255, 255);max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;font-family: Optima-Regular, PingFangTC-light;margin-left: 8px;margin-right: 8px;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;max-width: 100%;display: inline-block;vertical-align: top;width: 100%;align-self: flex-start;height: auto;overflow-wrap: break-word !important;"><section style="margin-top: 10px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;font-size: 18px;letter-spacing: -1px;overflow-wrap: break-word !important;"><p style="text-align:center;margin: 5px 8px;max-width: 100%;min-height: 1em;line-height: 2em;overflow-wrap: break-word !important;box-sizing: border-box !important;"><img data-backh="68" data-backw="546" data-cropselx1="0" data-cropselx2="546" data-cropsely1="0" data-cropsely2="68" data-src="https://mmbiz.qpic.cn/mmbiz_gif/AJkYaTAujIwiacwUuLZhuG2UTkkh5vIS2gJCSobk7BlHDyKh3KIicB37rvfJt43libKf8SmJEyQ3iadf4oEEyNaiaMQ/640?wx_fmt=gif" data-type="gif" style="box-sizing: border-box;width: 546px;overflow-wrap: break-word !important;" data-ratio="0.12406716417910447" data-w="1072" /><img data-src="https://mmbiz.qpic.cn/mmbiz_png/1jr85I4zLwjtQFxehsE01uwXXV3JUVGVmLop9EBHyZN5GhlV6YfoRGWK8W0jppE4Via2JI3yxWacTP4J9gzjfsA/640?wx_fmt=png" data-type="png" style="box-sizing: border-box;overflow-wrap: break-word !important;" data-ratio="0.04242424242424243" data-w="165" /></p><p style="text-align:center;margin: 5px 8px;max-width: 100%;min-height: 1em;line-height: 2em;overflow-wrap: break-word !important;box-sizing: border-box !important;"><span style="font-size: 12px;letter-spacing: 0.544px;caret-color: rgb(255, 0, 0);background-color: rgb(102, 102, 102);color: rgb(255, 255, 255);font-family: 微软雅黑, &quot;Microsoft YaHei&quot;;">· 禾略 中国 ·&nbsp;</span></p><p style="text-align:center;margin: 5px 8px;max-width: 100%;min-height: 1em;line-height: 2em;overflow-wrap: break-word !important;box-sizing: border-box !important;"><span style="color: rgb(72, 72, 72);font-size: 20px;font-weight: 700;letter-spacing: 1px;font-family: PingFangTC-Light;">×××</span></p><p style="text-align:center;margin: 5px 8px;max-width: 100%;min-height: 1em;line-height: 2em;overflow-wrap: break-word !important;box-sizing: border-box !important;"><br /></p></section><section style="margin-right: 8px;margin-left: 8px;max-width: 100%;box-sizing: border-box;text-align: center;line-height: 2;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;max-width: 100%;display: inline-block;width: 100%;vertical-align: top;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;justify-content: center;transform: translate3d(-10px, 0px, 0px);overflow-wrap: break-word !important;"><section style="box-sizing: border-box;max-width: 100%;display: inline-block;vertical-align: top;width: 100%;height: auto;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;max-width: 100%;display: inline-block;width: 100%;vertical-align: top;height: auto;border-width: 0px;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;text-align: center;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;max-width: 100%;display: inline-block;vertical-align: top;width: 19.9643%;height: auto;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;text-align: justify;overflow-wrap: break-word !important;"><p style="max-width: 100%;box-sizing: border-box;min-height: 1em;overflow-wrap: break-word !important;"><br /></p><p style="max-width: 100%;box-sizing: border-box;min-height: 1em;overflow-wrap: break-word !important;"><br /></p></section><section style="max-width: 100%;box-sizing: border-box;transform: translate3d(7px, 0px, 0px);overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;font-size: 56px;overflow-wrap: break-word !important;"><p style="max-width: 100%;box-sizing: border-box;min-height: 1em;overflow-wrap: break-word !important;"><br /></p></section></section><section style="max-width: 100%;box-sizing: border-box;text-align: justify;overflow-wrap: break-word !important;"><p style="max-width: 100%;box-sizing: border-box;min-height: 1em;overflow-wrap: break-word !important;"><br /></p></section><section style="max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;max-width: 100%;display: inline-block;width: 67.6875px;vertical-align: top;height: auto;border-left: 1px solid rgba(0, 0, 0, 0.5);border-bottom-left-radius: 0px;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;text-align: justify;overflow-wrap: break-word !important;"><p style="max-width: 100%;box-sizing: border-box;min-height: 1em;overflow-wrap: break-word !important;"><br /></p></section><section style="max-width: 100%;box-sizing: border-box;text-align: justify;overflow-wrap: break-word !important;"><p style="max-width: 100%;box-sizing: border-box;min-height: 1em;overflow-wrap: break-word !important;"><br /></p></section></section></section></section><section style="box-sizing: border-box;max-width: 100%;display: inline-block;vertical-align: top;width: 80.0357%;height: auto;background-color: rgba(250, 251, 254, 0);overflow-wrap: break-word !important;"><section style="margin-top: 10px;margin-bottom: 10px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;vertical-align: middle;display: inline-block;line-height: 0;overflow-wrap: break-word !important;"><p style="margin: 5px 8px;line-height: 2em;"><img data-ratio="1.5476190476190477" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIyyLt0SFrnz8liacfiadh7OagSuaZ8d5ylFKJ4BHqEPmPmwe1yg8NDsv1t1aMKaLLdoSRD3VyV64jiaQ/640?wx_fmt=png" data-type="png" data-w="378" style="box-sizing:border-box;width:&quot;auto&quot;;" title="why1.png" /></p></section></section></section></section></section></section></section></section></section></section><p style="max-width: 100%;min-height: 1em;letter-spacing: 0.544px;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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></p></section></section></section><section style="color: rgb(0, 0, 0);font-size: 14px;letter-spacing: 1px;background-color: rgb(255, 255, 255);max-width: 100%;box-sizing: border-box;text-align: right;justify-content: flex-end;margin-left: 8px;margin-right: 8px;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;max-width: 100%;display: inline-block;width: 100%;vertical-align: top;height: auto;border-width: 0px;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;text-align: justify;font-family: Optima-Regular, PingFangTC-light;overflow-wrap: break-word !important;"><p style="text-align:center;margin: 5px 8px;max-inline-size: 100%;min-height: 1em;cursor: text;font-size: 18px;letter-spacing: -1px;caret-color: rgb(255, 0, 0);max-width: 100%;line-height: 2em;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><span style="max-inline-size: 100%;cursor: text;font-size: 12px;letter-spacing: 0.544px;background-color: rgb(0, 0, 0);color: rgb(255, 255, 255);font-family: 微软雅黑, &quot;Microsoft YaHei&quot;;box-sizing: border-box !important;outline: none 0px !important;"></span></p><section style="max-inline-size: 100%;letter-spacing: -1px;text-align: right;caret-color: rgb(255, 0, 0);max-width: 100%;font-size: 16px;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><section style="margin-top: -20px;max-inline-size: 100%;border-width: 0px;border-style: none;border-color: initial;z-index: 0;max-width: 100%;text-align: center;justify-content: center;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;max-inline-size: 100%;max-width: 100%;display: inline-block;width: 270.797px;vertical-align: top;height: auto;outline: none 0px !important;overflow-wrap: break-word !important;"><section style="max-inline-size: 100%;max-width: 100%;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;max-inline-size: 100%;max-width: 100%;display: inline-block;vertical-align: top;width: 89.3594px;outline: none 0px !important;overflow-wrap: break-word !important;"><section style="margin-top: 10px;max-inline-size: 100%;max-width: 100%;justify-content: center;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;max-inline-size: 100%;max-width: 100%;display: inline-block;vertical-align: top;overflow: hidden;height: 20px;width: 20px;background-color: rgb(160, 160, 160);border-width: 3px;border-radius: 100%;border-style: none;border-color: rgb(227, 125, 106);box-shadow: rgb(247, 212, 114) 0px 0px 0px;outline: none 0px !important;overflow-wrap: break-word !important;"><section style="max-inline-size: 100%;max-width: 100%;text-align: justify;font-size: 30px;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><p style="max-inline-size: 100%;min-height: 1em;cursor: text;max-width: 100%;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><br /></p></section></section></section><section style="max-inline-size: 100%;max-width: 100%;text-align: justify;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><p style="max-inline-size: 100%;min-height: 1em;cursor: text;max-width: 100%;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><br /></p></section></section><section style="box-sizing: border-box;max-inline-size: 100%;max-width: 100%;display: inline-block;vertical-align: top;width: 89.3594px;outline: none 0px !important;overflow-wrap: break-word !important;"><section style="margin-top: 10px;max-inline-size: 100%;max-width: 100%;justify-content: center;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;max-inline-size: 100%;max-width: 100%;display: inline-block;vertical-align: top;overflow: hidden;height: 20px;width: 20px;background-color: rgb(62, 62, 62);border-width: 3px;border-radius: 100%;border-style: none;border-color: rgb(227, 125, 106);box-shadow: rgb(247, 212, 114) 0px 0px 0px;outline: none 0px !important;overflow-wrap: break-word !important;"><section style="max-inline-size: 100%;max-width: 100%;text-align: justify;font-size: 30px;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><p style="max-inline-size: 100%;min-height: 1em;cursor: text;max-width: 100%;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><br /></p></section></section></section><section style="max-inline-size: 100%;max-width: 100%;text-align: justify;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><p style="max-inline-size: 100%;min-height: 1em;cursor: text;max-width: 100%;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><br /></p></section></section><section style="box-sizing: border-box;max-inline-size: 100%;max-width: 100%;display: inline-block;vertical-align: top;width: 89.3594px;outline: none 0px !important;overflow-wrap: break-word !important;"><section style="margin-top: 10px;max-inline-size: 100%;max-width: 100%;justify-content: center;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;max-inline-size: 100%;max-width: 100%;display: inline-block;vertical-align: top;overflow: hidden;height: 20px;width: 20px;background-color: rgb(160, 160, 160);border-width: 3px;border-radius: 100%;border-style: none;border-color: rgb(227, 125, 106);box-shadow: rgb(247, 212, 114) 0px 0px 0px;outline: none 0px !important;overflow-wrap: break-word !important;"><section style="max-inline-size: 100%;max-width: 100%;text-align: justify;font-size: 30px;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><p style="max-inline-size: 100%;min-height: 1em;cursor: text;max-width: 100%;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><br /></p></section></section></section></section></section></section></section></section><p style="text-align:right;max-inline-size: 100%;min-height: 1em;cursor: text;font-size: 18px;letter-spacing: -1px;caret-color: rgb(255, 0, 0);max-width: 100%;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><br /></p><p style="text-align:right;max-inline-size: 100%;min-height: 1em;cursor: text;font-size: 18px;letter-spacing: -1px;caret-color: rgb(255, 0, 0);max-width: 100%;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><br /></p></section></section></section><section style="margin-bottom: 5px;padding-right: 2em;padding-left: 2em;max-width: 100%;background-color: rgb(255, 255, 255);text-align: center;min-height: 1em;font-size: 16px;letter-spacing: 0.5px;font-family: Futura-Medium;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="margin: 5px 8px;line-height: 2em;"><span style="max-width: 100%;background-color: rgb(136, 136, 136);font-size: 17px;font-family: PingFangSC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(255, 255, 255);box-sizing: border-box !important;overflow-wrap: break-word !important;"><em style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;">&nbsp;+预计阅读时间10分钟&nbsp;</em></span></strong></span></section></section><section style="max-width: 100%;background-color: rgb(255, 255, 255);font-size: 16px;letter-spacing: 0.5px;text-align: center;font-family: Optima-Regular, PingFangTC-light;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="margin: 5px 8px;line-height: 2em;"><span style="max-width: 100%;color: rgb(73, 73, 73);font-size: 14px;font-family: PingFangSC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;">「 本文共1035字 」</span></section></section><section style="max-width: 100%;min-height: 1em;letter-spacing: 0.544px;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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><section style="max-width: 100%;min-height: 1em;letter-spacing: 0.544px;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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><section style="max-width: 100%;min-height: 1em;letter-spacing: 0.544px;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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><section data-tools="135编辑器" data-id="95192" data-width="70%" style="box-sizing: border-box;margin-right: auto;margin-left: auto;max-width: 100%;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);width: 70%;flex: 0 0 70%;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;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;max-width: 100%;width: 100%;margin-left: 8px;margin-right: 8px;overflow-wrap: break-word !important;"><section style="max-width: 100%;display: flex;justify-content: center;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;max-width: 100%;width: 12px;height: 12px;border-width: 2px;border-style: solid;border-color: rgb(102, 102, 102);border-radius: 100%;overflow: hidden;overflow-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;" /></section><section style="box-sizing: border-box;margin-right: 1em;margin-left: 1em;max-width: 100%;width: 12px;height: 12px;background: rgb(102, 102, 102);border-radius: 100%;overflow: hidden;overflow-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;" /></section><section style="box-sizing: border-box;max-width: 100%;width: 12px;height: 12px;border-width: 2px;border-style: solid;border-color: rgb(102, 102, 102);border-radius: 100%;overflow-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;" /></section></section></section></section><section data-role="outer" style="max-width: 100%;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="margin-right: 8px;margin-left: 8px;max-width: 100%;box-sizing: border-box;min-height: 1em;text-align: center;letter-spacing: 0.544px;font-size: 16px;font-family: Optima-Regular, PingFangTC-light;overflow-wrap: break-word !important;"><section style="margin-right: 8px;margin-left: 8px;max-width: 100%;box-sizing: border-box;min-height: 1em;letter-spacing: 0.544px;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;font-size: 14px;color: rgb(0, 0, 0);letter-spacing: 1px;line-height: 2;margin-left: 8px;margin-right: 8px;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;max-width: 100%;display: inline-block;width: 100%;vertical-align: top;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;transform: translate3d(-25px, 0px, 0px);overflow-wrap: break-word !important;"><section style="box-sizing: border-box;max-width: 100%;display: inline-block;vertical-align: top;width: 273px;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><p style="text-align:right;max-width: 100%;box-sizing: border-box;min-height: 1em;overflow-wrap: break-word !important;"><br /></p><p style="text-align:right;max-width: 100%;box-sizing: border-box;min-height: 1em;overflow-wrap: break-word !important;"><br /></p></section></section></section></section></section></section></section></section></section><section style="margin-left: 8px;margin-right: 8px;"><br /></section><section style="margin: 5px 8px;text-indent: 0em;line-height: 2em;box-sizing: border-box;"><span style="line-height: 22.5px;font-size: 15px;font-family: 微软雅黑, &quot;Microsoft YaHei&quot;;"><p style="margin: 5px 8px;text-indent: 0em;line-height: 2em;box-sizing: border-box;"><span style="color: rgb(102, 102, 102);font-size: 14px;letter-spacing: 2px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-family: PingFangSC-Light;">对数周期幂率(Log-Periodic Power Law,LPPL)模型原常用于研究地震数据的模型,Sornette教授将此模型用于金融市场泡沫的分析。他认为金融市场和地震系统有很多相似之处,都是由小级别的共振引发大级别的共振,而在金融市场中,此“共振”就是金融泡沫。</span></p><p style="margin: 5px 8px;text-indent: 0em;line-height: 2em;box-sizing: border-box;"><span style="text-align: center;color: rgb(136, 136, 136);font-family: PingFangSC-Light;font-size: 12px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);"><br /></span></p><p style="margin: 5px 8px;text-indent: 0em;line-height: 2em;box-sizing: border-box;"><span style="text-align: center;color: rgb(136, 136, 136);font-family: PingFangSC-Light;font-size: 12px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);">Everything You Always Wanted to Know Ab</span><span style="text-align: center;color: rgb(136, 136, 136);font-family: PingFangSC-Light;font-size: 12px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);">out Log Periodic Power L</span><span style="text-align: center;color: rgb(136, 136, 136);font-family: PingFangSC-Light;font-size: 12px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);">aws for Bubble Modelling But Were Afraid to A</span><span style="text-align: center;color: rgb(136, 136, 136);font-family: PingFangSC-Light;font-size: 12px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);">s</span><span style="text-align: center;color: rgb(136, 136, 136);font-family: PingFangSC-Light;font-size: 12px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);">k.</span></p><p style="margin: 5px 8px;text-indent: 0em;line-height: 2em;box-sizing: border-box;"><span style="text-align: center;color: rgb(136, 136, 136);font-family: PingFangSC-Light;font-size: 12px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);"><br /></span></p><p style="margin: 5px 8px;text-indent: 0em;line-height: 2em;box-sizing: border-box;text-align: center;"><span style="letter-spacing: 2px;text-align: center;color: rgb(136, 136, 136);font-family: PingFangSC-Light;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-size: 12px;">本文可配合相关视频食用&nbsp;</span></p><p style="margin: 5px 8px;text-indent: 0em;line-height: 2em;box-sizing: border-box;text-align: center;"><span style="line-height: 22.5px;letter-spacing: 2px;text-align: center;color: rgb(136, 136, 136);font-family: PingFangSC-Light;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-size: 12px;">▽</span></p><section class="channels_iframe_wrp"><mpvideosnap class="js_uneditable custom_select_card channels_iframe" data-pluginname="videosnap" data-id="export/UzFfAgtgekIEAQAAAAAA33It4CbalgAAAAstQy6ubaLX4KHWvLEZgBPE04IYIypxQ5r4zNPgMIuCi9u9zF5NdqyMV7W9CHjB" data-url="https://findermp.video.qq.com/251/20304/stodownload?encfilekey=jEXicia3muM3GjTlk1Z3kYCefzc4VU4EASxuCrN9fwQk7kfjAMZibnjVDVmy55w8fJz6QPrnI6L7Xh3KMh47zXmqtpm9SdialsHqzCE4ABQrTFJeedicfFuEjNrn6rQ7aFn3fXDa4dOhKClDdAda5C2eED5e3PWTK9ibfxH6qPRyDws9A&amp;adaptivelytrans=0&amp;bizid=1023&amp;dotrans=0&amp;hy=SH&amp;idx=1&amp;m=5f525334c299bab4c3cc63cb1803cbe3&amp;token=x5Y29zUxcibA8OUawCN97XsC6rzS0P1cMywXnuCLJnCibHwph2Zx4icnnm6dnn6tBZ2" data-headimgurl="http://wx.qlogo.cn/finderhead/WAibKjHvK5nH8vQfZJqhgU8iaf6rKibyr5AaK8a0uDtYWDlGuhQ8LIhPg/0" data-username="v2_060000231003b20faec8c4e18d10cbd6c80dee34b07736396e416723fd5650a5715e7448b841@finder" data-nickname="禾略" data-desc="对数周期幂率模型 #LPPL模型 #数学 #投资 #房价" data-nonceid="9124801228055637500" data-type="video"></mpvideosnap></section><p style="margin: 5px 8px;text-indent: 0em;line-height: 2em;box-sizing: border-box;text-align: center;"><br /><span style="line-height: 22.5px;letter-spacing: 2px;text-align: center;color: rgb(136, 136, 136);font-family: PingFangSC-Light;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-size: 12px;"></span></p></span></section><section data-tools="135编辑器" data-id="93717" style="max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;background-image: url(&quot;https://mmbiz.qpic.cn/mmbiz_png/7QRTvkK2qC6tIGvc3ozCHcBonywI7fDV4Ksmoy5hWQHibq7TQpAQ5tricOQ7dnLg81iapxGeoUkic5Ob8vHOSI24xQ/640?wx_fmt=png&quot;);background-size: 100%;overflow-wrap: break-word !important;"><section style="padding: 1em;max-width: 100%;box-sizing: border-box;line-height: 1.75em;letter-spacing: 1px;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;color: rgb(0, 0, 0);font-size: 14px;text-align: left;margin-left: 8px;margin-right: 8px;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-family: PingFangTC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;">▷&nbsp;具体对数周期幂率有着下列假设前提:</strong></span></section><section style="max-width: 100%;text-align: left;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(123, 127, 131);caret-color: red;font-size: 12px;font-family: PingFangTC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;"></span></section><section style="text-indent: 0em;margin-left: 8px;margin-right: 8px;"><span style="color: rgb(123, 127, 131);font-size: 12px;caret-color: red;text-indent: 28px;font-family: PingFangTC-Light;">1.资产没有派息;</span></section><section style="text-indent: 0em;margin-left: 8px;margin-right: 8px;"><span style="color: rgb(123, 127, 131);font-size: 12px;caret-color: red;text-indent: 28px;font-family: PingFangTC-Light;">2.银行利率为零;</span></section><section style="text-indent: 0em;margin-left: 8px;margin-right: 8px;"><span style="color: rgb(123, 127, 131);font-size: 12px;caret-color: red;text-indent: 28px;font-family: PingFangTC-Light;">3.市场极度厌恶风险;</span></section><section style="text-indent: 0em;margin-left: 8px;margin-right: 8px;"><span style="color: rgb(123, 127, 131);font-size: 12px;caret-color: red;text-indent: 28px;font-family: PingFangTC-Light;">4.并且市场有着充足的流动性。</span></section></section></section></section></section><section style="max-width: 100%;min-height: 1em;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><section style="margin: 5px 8px;text-indent: 0em;line-height: 2em;box-sizing: border-box;"><section style="margin-left: 8px;margin-right: 8px;"><span style="color: rgb(102, 102, 102);font-size: 14px;letter-spacing: 2px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-family: PingFangSC-Light;">显然,在此前提下金融资产没有任何价值,也就是其基础价值为零。在这样的背景下,市场中会出现两类投资者:一类是理性投资者,一类是非理性的噪声投资者。</span></section><section style="margin-left: 8px;margin-right: 8px;"><br /></section><section style="margin-left: 8px;margin-right: 8px;"><span style="color: rgb(102, 102, 102);font-size: 14px;letter-spacing: 2px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-family: PingFangSC-Light;">后者具有羊群效应,交易者彼此之间相互“模仿”,使得金融资产价格偏离其基础价值,在没有足够的做空机制下,该结果导致少数的理性投资者也不得不跟随噪声投资者的行为,通过享受泡沫来获得收益。</span></section><section style="margin-left: 8px;margin-right: 8px;"><br /></section><section style="margin-left: 8px;margin-right: 8px;"><span style="color: rgb(102, 102, 102);font-size: 14px;letter-spacing: 2px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-family: PingFangSC-Light;">大多数交易者在同一时刻给出相同的市场订单,这样群体性行为不可避免地导致市场中资金流动的周期性变化,反映到资产价格形成周期性变化的规律。最终当趋势达到某一临界值时,大量投资者没有足够的头寸维持该趋势,于是手中的卖单导致了市场的崩盘。</span></section><section style="margin-left: 8px;margin-right: 8px;"><br /></section><section style="margin-left: 8px;margin-right: 8px;"><span style="color: rgb(102, 102, 102);font-size: 14px;letter-spacing: 2px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-family: PingFangSC-Light;">临界状态理论认为,当泡沫不断膨胀,我们可以检测到交易拥挤的程度,但却不可能知道此泡沫会继续膨胀多久,以及什么时候破裂。如果这些信息都可以被推断出来的话,那有效市场假说就不成立了。</span></section><section style="margin-left: 8px;margin-right: 8px;"><br /></section><section style="margin-left: 8px;margin-right: 8px;"><span style="color: rgb(102, 102, 102);font-size: 14px;letter-spacing: 2px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-family: PingFangSC-Light;">但是LPPL模型可以估计和预测出泡沫破灭的大致时间和概率,投资者可以据此进行风险规避、应对泡沫,以减少损失或者获取收益。</span></section><section style="margin-left: 8px;margin-right: 8px;"><br /></section><section style="margin-left: 8px;margin-right: 8px;"><span style="color: rgb(102, 102, 102);font-size: 14px;letter-spacing: 2px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-family: PingFangSC-Light;">实际上,此模型也成功预测出了历史上数个金融资产泡沫。</span></section><section style="text-align: center;max-width: 100%;min-height: 1em;line-height: 25.5px;text-indent: 0em;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><section style="text-align: center;line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><img data-ratio="0.5224299065420561" data-src="https://mmbiz.qpic.cn/mmbiz_jpg/AJkYaTAujIyyLt0SFrnz8liacfiadh7OagbbUwYgXwt3iamVkzA3I6lf3BJSaQ09UNmLLR10Kn9DJMibfwomiaAOpSw/640?wx_fmt=jpeg" data-type="jpeg" data-w="1070" style="box-sizing:border-box;width:&quot;auto&quot;;" /><span style="max-width: 100%;color: rgb(102, 102, 102);font-size: 14px;letter-spacing: 2px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-family: PingFangSC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;"></span></section></section><section data-role="paragraph"><section style="text-align: right;margin-left: 8px;margin-right: 8px;"><span style="color: rgb(136, 136, 136);font-size: 12px;letter-spacing: 1px;font-family: Optima-Regular, PingFangTC-light;">对数周期幂率增长图&nbsp;© 天天基金研究中心</span></section><section style="margin-left: 8px;margin-right: 8px;"><br /></section><section style="line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><span style="line-height: 22.5px;max-width: 100%;color: rgb(102, 102, 102);font-size: 14px;letter-spacing: 2px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-family: PingFangSC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;">上图为对数周期幂率增长图,可以看到,随着时间增长,资产价格有着近似指数增长的特点,但同时也伴随着不断的振荡,随着时间越来越接近临界时间,振荡的幅度逐渐减小,增长速度逐渐增大,进入超指数的增长状态,最终市场在临界时间点附近崩盘。</span></section><section style="line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><br /></section><section style="line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><br /></section><section style="line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><span style="line-height: 22.5px;max-width: 100%;color: rgb(102, 102, 102);font-size: 14px;letter-spacing: 2px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-family: PingFangSC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;">下面是运用LPPL模型预测金融市场泡沫的几个成功案例:</span></section><section style="line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><br /></section><section style="line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><span style="line-height: 22.5px;max-width: 100%;color: rgb(102, 102, 102);font-size: 14px;letter-spacing: 2px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-family: PingFangSC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;">用LPPL模型对美国房价的数据The S&amp;P/Case-Shiller Home Price Indices(Composite-10)进行分析,该模型在2004年8月预测未来的峰值在2006年5月左右。而最终的泡沫破灭发生在2006年4月。</span></section><section style="line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><br /></section><section style="line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><img data-ratio="0.579155672823219" data-src="https://mmbiz.qpic.cn/mmbiz_jpg/AJkYaTAujIyyLt0SFrnz8liacfiadh7OagibFibEGc4pAIsbSCANGY3jXs6FViaJBq5mibh5zcEUkQSJWoFliauhaErYA/640?wx_fmt=jpeg" data-type="jpeg" data-w="758" style="box-sizing:border-box;width:&quot;auto&quot;;" /></section><section style="text-align: right;line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><span style="line-height: 22.5px;max-width: 100%;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);color: rgb(136, 136, 136);font-size: 12px;letter-spacing: 1px;font-family: Optima-Regular, PingFangTC-light;box-sizing: border-box !important;overflow-wrap: break-word !important;">美国房地产泡沫预测&nbsp;© 天天基金研究中心</span></section><section style="line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><br /></section><section style="line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><span style="line-height: 22.5px;max-width: 100%;color: rgb(102, 102, 102);font-size: 14px;letter-spacing: 2px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-family: PingFangSC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;">始于1991年的马来西亚股市泡沫,该泡沫于1994年1月破裂。</span></section><section style="line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><br /></section><section style="line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><img data-ratio="0.7381404174573055" data-src="https://mmbiz.qpic.cn/mmbiz_jpg/AJkYaTAujIyyLt0SFrnz8liacfiadh7OagkM7Miaa31gk8xAeHYlxnMUdzH0rKJGo82DycQdqKKMXHMXCX60YJtMg/640?wx_fmt=jpeg" data-type="jpeg" data-w="1054" style="box-sizing:border-box;width:&quot;auto&quot;;" /></section><section style="text-align: right;line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><span style="line-height: 22.5px;max-width: 100%;color: rgb(102, 102, 102);font-size: 14px;letter-spacing: 2px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-family: PingFangSC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="line-height: 22.5px;max-width: 100%;color: rgb(136, 136, 136);font-size: 12px;letter-spacing: 1px;font-family: Optima-Regular, PingFangTC-light;">马来西亚股市泡沫&nbsp;</span><span style="line-height: 22.5px;max-width: 100%;color: rgb(136, 136, 136);font-size: 12px;letter-spacing: 1px;font-family: Optima-Regular, PingFangTC-light;">© 天天基金研究中心</span></span></section><section style="line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><br /></section><section style="line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><span style="line-height: 22.5px;max-width: 100%;color: rgb(102, 102, 102);font-size: 14px;letter-spacing: 2px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-family: PingFangSC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;">始于1991年的香港股市泡沫,该泡沫于1994年1月破裂。</span></section><section style="line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><br /></section><section style="line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><img data-ratio="0.6655172413793103" data-src="https://mmbiz.qpic.cn/mmbiz_jpg/AJkYaTAujIyyLt0SFrnz8liacfiadh7OagWGyP6DStqZOROSm2hmyWJhGMnhtEneibK8xgExqxBxL0Nu7xicXQzhXQ/640?wx_fmt=jpeg" data-type="jpeg" data-w="870" style="box-sizing:border-box;width:&quot;auto&quot;;" /></section><section style="text-align: right;line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><span style="line-height: 22.5px;max-width: 100%;color: rgb(102, 102, 102);font-size: 14px;letter-spacing: 2px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-family: PingFangSC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="line-height: 22.5px;max-width: 100%;color: rgb(136, 136, 136);font-size: 12px;letter-spacing: 1px;font-family: Optima-Regular, PingFangTC-light;">1991年香港股市泡沫&nbsp;</span><span style="line-height: 22.5px;max-width: 100%;color: rgb(136, 136, 136);font-size: 12px;letter-spacing: 1px;font-family: Optima-Regular, PingFangTC-light;">© 天天基金研究中心</span>&nbsp;</span></section><section style="line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><br /></section><section style="line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><span style="line-height: 22.5px;max-width: 100%;color: rgb(102, 102, 102);font-size: 14px;letter-spacing: 2px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-family: PingFangSC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;">最后,对数周期幂率模型并不是能够适用于任何情况,要成功地应用LPPL模型预测泡沫破灭需要遵循下面几个准则:</span></section><section style="line-height: 150%;text-indent: 0em;margin-left: 8px;margin-right: 8px;"><span style="line-height: 22.5px;max-width: 100%;color: rgb(102, 102, 102);font-size: 14px;letter-spacing: 2px;text-indent: 28px;widows: 1;caret-color: rgb(102, 102, 102);font-family: PingFangSC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></span></section><section data-tools="135编辑器" data-id="93717" style="max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;background-image: url(&quot;https://mmbiz.qpic.cn/mmbiz_png/7QRTvkK2qC6tIGvc3ozCHcBonywI7fDV4Ksmoy5hWQHibq7TQpAQ5tricOQ7dnLg81iapxGeoUkic5Ob8vHOSI24xQ/640?wx_fmt=png&quot;);background-size: 100%;overflow-wrap: break-word !important;"><section style="padding: 1em;max-width: 100%;box-sizing: border-box;line-height: 1.75em;letter-spacing: 1px;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;color: rgb(0, 0, 0);font-size: 14px;text-align: left;margin-left: 8px;margin-right: 8px;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-family: PingFangTC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;">▷&nbsp;准则:</strong></span></section><section style="max-width: 100%;text-align: left;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(123, 127, 131);caret-color: red;font-size: 12px;font-family: PingFangTC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;"></span></section><section style="text-indent: 0em;margin-left: 8px;margin-right: 8px;"><span style="color: rgb(123, 127, 131);font-size: 12px;caret-color: red;text-indent: 28px;font-family: PingFangTC-Light;">1.</span><span style="color: rgb(123, 127, 131);font-size: 12px;caret-color: red;text-indent: 28px;font-family: PingFangTC-Light;">数据最好采用月度数据,不能用太高频的数据,此准则是周期幂率模型的假定之一,即泡沫破灭在一个单位时间附近内完成。</span></section><section style="text-indent: 0em;margin-left: 8px;margin-right: 8px;"><span style="color: rgb(123, 127, 131);font-size: 12px;caret-color: red;text-indent: 28px;font-family: PingFangTC-Light;">2.</span><span style="color: rgb(123, 127, 131);font-size: 12px;caret-color: red;text-indent: 28px;font-family: PingFangTC-Light;">选定新一轮上涨周期的低点作为LPPL模型的起始点。只有确定了市场走出一波大行情后,我们才能应用对数周期幂率模型进行泡沫预测。</span></section><section style="text-indent: 0em;margin-left: 8px;margin-right: 8px;"><span style="color: rgb(123, 127, 131);font-size: 12px;caret-color: red;text-indent: 28px;font-family: PingFangTC-Light;"></span></section></section></section></section></section><section style="max-width: 100%;min-height: 1em;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><section style="max-width: 100%;min-height: 1em;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><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-role="outer" label="Powered by 135editor.com" style="white-space: normal;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section data-role="outer" label="Powered by 135editor.com" style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="max-width: 100%;letter-spacing: 0.544px;min-height: 1em;background-color: rgb(255, 255, 255);text-align: left;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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(136, 136, 136);font-size: 12px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="color: rgb(136, 136, 136);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;font-size: 12px;letter-spacing: 0.544px;text-align: left;white-space: normal;background-color: rgb(255, 255, 255);max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;">▷</strong>往期文章彩蛋:戳开阅读&nbsp;</strong></span></section><section style="max-width: 100%;letter-spacing: 0.544px;min-height: 1em;background-color: rgb(255, 255, 255);text-align: left;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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247500175&amp;idx=1&amp;sn=3fbc713076ba2e704a952e4120a67d92&amp;chksm=9756bbaba02132bd07b859fe11735db5d52e58a5e455044302d7c3aafe915c58a0534199eda0&amp;scene=21#wechat_redirect" textvalue="你已选中了添加链接的内容" data-itemshowtype="0" tab="innerlink" data-linktype="1" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(136, 136, 136);font-size: 15px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span class="js_jump_icon h5_image_link" data-positionback="static" style="max-width: 100%;line-height: 0;box-sizing: border-box !important;overflow-wrap: break-word !important;"><img data-ratio="0.15350877192982457" data-type="png" data-w="912" data-backw="562" data-backh="86" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIzjjPtmJcV7uZNz2VicrZFklE7jJve3f8ayiaMhtD0NnXJCewDDMyRjAwc16iau6qLy16wnxmZUlVTKQ/640?wx_fmt=png" style="border-width: 0px;border-style: initial;border-color: initial;box-sizing: border-box;width: 100%;overflow-wrap: break-word !important;visibility: visible !important;height: auto;" /></span></strong></span></a></section><section style="max-width: 100%;letter-spacing: 0.544px;min-height: 1em;background-color: rgb(255, 255, 255);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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247499381&amp;idx=1&amp;sn=65ff2e55fb2c181f7f7aebcc218a80cf&amp;chksm=97568451a0210d4710bceae1d3db966cab0d48d1dfd5aed0bbf3e1e4af45b49c8d0e2129dc79&amp;scene=21#wechat_redirect" textvalue="你已选中了添加链接的内容" data-itemshowtype="0" tab="innerlink" data-linktype="1" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;line-height: 0;inset: auto;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span class="js_jump_icon h5_image_link" data-positionback="static" style="max-width: 100%;line-height: 0;inset: auto;box-sizing: border-box !important;overflow-wrap: break-word !important;"><img data-ratio="0.15350877192982457" data-type="png" data-w="912" data-backw="562" data-backh="86" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIzjjPtmJcV7uZNz2VicrZFklhrsPz01CH0tic43enIibEPfcUmoXVhdicq1tpg244GDQC8QBjyhpfy7qw/640?wx_fmt=png" style="border-width: 0px;border-style: initial;border-color: initial;box-sizing: border-box;width: 100%;overflow-wrap: break-word !important;visibility: visible !important;height: auto;" /></span></span></a></section><section style="max-width: 100%;letter-spacing: 0.544px;min-height: 1em;background-color: rgb(255, 255, 255);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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247498973&amp;idx=1&amp;sn=1aaab084cd6af3f485939e3482eb3675&amp;chksm=975686f9a0210fef007ad7bb7de9d38f8ca1d2dd3daffecf7dc8c3d1453b282341cc9aaaa256&amp;scene=21#wechat_redirect" textvalue="你已选中了添加链接的内容" data-itemshowtype="0" tab="innerlink" data-linktype="1" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;line-height: 0;inset: auto;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span class="js_jump_icon h5_image_link" data-positionback="static" style="max-width: 100%;line-height: 0;inset: auto;box-sizing: border-box !important;overflow-wrap: break-word !important;"><img data-ratio="0.15350877192982457" data-type="png" data-w="912" data-backw="562" data-backh="86" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIzjjPtmJcV7uZNz2VicrZFklibSN8FChPk0GROCreic0HH6BrNXBXspiar0ISZhcHXR59icxQCGqnjPiaFQ/640?wx_fmt=png" style="border-width: 0px;border-style: initial;border-color: initial;box-sizing: border-box;width: 100%;overflow-wrap: break-word !important;visibility: visible !important;height: auto;" /></span></span></a></section><section style="max-width: 100%;letter-spacing: 0.544px;min-height: 1em;background-color: rgb(255, 255, 255);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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247498768&amp;idx=1&amp;sn=b33c01777e072220f954de526615c45d&amp;chksm=97568634a0210f22ffa9650953c4042a5ef6d67edee515233c81583ac92d0a804a88aad6dc2e&amp;scene=21#wechat_redirect" textvalue="你已选中了添加链接的内容" data-itemshowtype="0" tab="innerlink" data-linktype="1" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;line-height: 0;inset: auto;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span class="js_jump_icon h5_image_link" data-positionback="static" style="max-width: 100%;line-height: 0;inset: auto;box-sizing: border-box !important;overflow-wrap: break-word !important;"><img data-ratio="0.15350877192982457" data-type="png" data-w="912" data-backw="562" data-backh="86" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIzjjPtmJcV7uZNz2VicrZFkl10ia5Zs3Mj6zCH51WZJLYRxLLibbWbtncMEE7ztuU3iaSQpPV3dqKJy1w/640?wx_fmt=png" style="border-width: 0px;border-style: initial;border-color: initial;box-sizing: border-box;width: 100%;overflow-wrap: break-word !important;visibility: visible !important;height: auto;" /></span></span></a></section><section style="max-width: 100%;letter-spacing: 0.544px;min-height: 1em;background-color: rgb(255, 255, 255);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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247498458&amp;idx=1&amp;sn=23b88732c3e88088fd96a65a939d3b02&amp;chksm=975680fea02109e8f99f5f7feced95901624f2e3d42ce02985f7103988c4f0d3c2d71a0d295f&amp;scene=21#wechat_redirect" textvalue="你已选中了添加链接的内容" data-itemshowtype="0" tab="innerlink" data-linktype="1" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;line-height: 0;inset: auto;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span class="js_jump_icon h5_image_link" data-positionback="static" style="max-width: 100%;line-height: 0;inset: auto;box-sizing: border-box !important;overflow-wrap: break-word !important;"><img class="rich_pages" data-s="300,640" data-type="png" data-ratio="0.1583610188261351" data-w="903" data-backw="562" data-backh="89" data-src="https://mmbiz.qpic.cn/mmbiz_png/6hyaE7lBTM4KHBib9JZ7ia4WAzh4pWXGzEP9pJMzzLtxM9XIDhOsPosnsySDfPvETumiaAgCOt2iaFZe3UrVY0P11w/640?wx_fmt=png" style="border-width: 0px;border-style: initial;border-color: initial;box-sizing: border-box;width: 100%;overflow-wrap: break-word !important;visibility: visible !important;height: auto;" /></span></span></a></section></section></section><section data-role="paragraph" style="white-space: normal;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="max-width: 100%;min-height: 1em;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;color: rgb(62, 62, 62);font-size: 18px;background-color: rgb(255, 255, 255);text-align: center;line-height: 1.5em;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section></section><section style="text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><section style="margin-bottom: 0.1px;text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;caret-color: rgb(51, 51, 51);text-size-adjust: auto;line-height: normal;background-color: white;font-family: -apple-system-font, system-ui, &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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><section style="margin-bottom: 0.1px;text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;text-size-adjust: auto;line-height: normal;background-color: white;font-family: -apple-system-font, system-ui, &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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;letter-spacing: 0.5px;color: rgb(136, 136, 136);font-size: 18px;text-decoration: underline;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;box-sizing: border-box !important;overflow-wrap: break-word !important;">&nbsp; &nbsp;&nbsp;</span></strong></section><section style="margin-bottom: 0.1px;text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;text-size-adjust: auto;line-height: normal;background-color: white;font-family: -apple-system-font, system-ui, &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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><section style="margin-bottom: 0.1px;text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;text-size-adjust: auto;line-height: normal;background-color: white;font-family: -apple-system-font, system-ui, &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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><section style="margin-bottom: 0.1px;text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;text-size-adjust: auto;line-height: normal;background-color: white;font-family: -apple-system-font, system-ui, &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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 12px;color: black;letter-spacing: 2px;box-sizing: border-box !important;overflow-wrap: break-word !important;">「 2021,真好野&nbsp;」</span></strong></section><section style="margin-bottom: 0.1px;text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;text-size-adjust: auto;line-height: normal;background-color: white;font-family: -apple-system-font, system-ui, &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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 12px;color: black;letter-spacing: 0.5px;font-family: Futura-Medium, serif;box-sizing: border-box !important;overflow-wrap: break-word !important;">#BE TRUE&nbsp; #BE WELL&nbsp; #BE WILD</span></section><section style="margin-bottom: 0.1px;text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;text-size-adjust: auto;line-height: normal;background-color: white;font-family: -apple-system-font, system-ui, &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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><section style="text-align: center;max-inline-size: 100%;min-height: 1em;cursor: text;color: rgb(0, 0, 0);caret-color: rgb(255, 0, 0);font-family: 微软雅黑, &quot;Microsoft YaHei&quot;, Arial, sans-serif;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;outline: none 0px !important;"><br /></section><section style="text-align: center;max-inline-size: 100%;min-height: 1em;cursor: text;color: rgb(0, 0, 0);caret-color: rgb(255, 0, 0);font-family: 微软雅黑, &quot;Microsoft YaHei&quot;, Arial, sans-serif;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;outline: none 0px !important;"><br /></section><section style="margin-bottom: 0.1px;text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;text-size-adjust: auto;line-height: normal;background-color: white;font-family: -apple-system-font, system-ui, &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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><img data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIwVnKPSLDs897SLborCullbRgOC0Nj1LHMNj77ia4aibsWb0XmzK5diaoggUAhCFQPiadI2bLoe5GUaiaA/640?wx_fmt=png" data-ratio="1.4142857142857144" data-w="630" data-type="png" style="box-sizing: border-box;max-inline-size: 100%;z-index: -1;cursor: pointer;letter-spacing: 0.544px;caret-color: rgb(255, 0, 0);outline: none 0px !important;" /></section><section data-role="paragraph"><section style="text-align: center;max-inline-size: 100%;min-height: 1em;cursor: text;caret-color: rgb(255, 0, 0);max-width: 100%;letter-spacing: 0.544px;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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;outline: none 0px !important;overflow-wrap: break-word !important;"><br /></section><section style="max-width: 100%;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);margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><section style="max-width: 100%;letter-spacing: 0.544px;font-family: -apple-system, system-ui, &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);line-height: 1.75em;text-align: center;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><img data-width="100%" data-type="gif" data-ratio="0.75" data-w="320" class="__bg_gif" data-src="https://mmbiz.qpic.cn/mmbiz_gif/Ljib4So7yuWia41icW5iatgQh1wlSLzhaia9X0FcAPiaQHLVW8W4QI0CbAyI1rIKuCb2LWIMibQ7W7PibiasA11BV9Ujnnw/640?wx_fmt=gif" style="box-sizing: border-box;vertical-align: middle;overflow-wrap: break-word !important;width: 104px !important;visibility: visible !important;" /></section><section style="max-width: 100%;letter-spacing: 0.544px;font-family: -apple-system, system-ui, &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);line-height: 1.75em;text-align: center;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section></section><section data-role="paragraph"><section style="margin-bottom: 0.1px;text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;line-height: normal;background-color: white;font-family: -apple-system-font, system-ui, &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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><section data-role="outer" label="Powered by 135editor.com"><section data-role="paragraph"><section style="margin-bottom: 0.1px;text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;line-height: normal;background-color: white;font-family: -apple-system-font, system-ui, &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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><section data-role="paragraph"><section style="margin-bottom: 0.1px;text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;line-height: normal;background-color: white;font-family: -apple-system-font, system-ui, &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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;color: rgb(53, 53, 53);letter-spacing: 0.5px;box-sizing: border-box !important;overflow-wrap: break-word !important;">·</span></strong></section><section style="margin-bottom: 0.1px;text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;line-height: normal;background-color: white;font-family: -apple-system-font, system-ui, &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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><section style="margin-bottom: 0.1px;text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;line-height: normal;background-color: white;font-family: -apple-system-font, system-ui, &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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><section style="margin-bottom: 0.1px;text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;line-height: normal;background-color: white;font-family: -apple-system-font, system-ui, &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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 12px;color: black;letter-spacing: 2px;box-sizing: border-box !important;overflow-wrap: break-word !important;">关注分享</span></strong></section><section style="margin-bottom: 0.1px;text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;line-height: normal;background-color: white;font-family: -apple-system-font, system-ui, &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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 12px;color: black;letter-spacing: 0.5px;font-family: Futura-Medium, serif;box-sizing: border-box !important;overflow-wrap: break-word !important;">FOLLOW US &amp; SHARE ON MOMENTS</span></section><section style="margin-bottom: 0.1px;text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;caret-color: rgb(51, 51, 51);text-size-adjust: auto;line-height: normal;background-color: white;font-family: -apple-system-font, system-ui, &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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><section style="margin-bottom: 0.1px;text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;caret-color: rgb(51, 51, 51);text-size-adjust: auto;line-height: normal;background-color: white;font-family: -apple-system-font, system-ui, &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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><table width="100%" align="center"><tbody><tr><td valign="middle" align="center" style="margin: 5px 10px;border-color: rgb(255, 255, 255);text-align: center;"><section style="margin-left: 8px;margin-right: 8px;"><img data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIy3kArrxGazyPIK26bO7zZfp598QbUebDeFWnWrxWY7icibic69LiaVRm6zVeg1Rl22yMbicEibticqroSKA/640?wx_fmt=png" data-type="png" data-width="40px" height="50" width="40px" data-ratio="0.9880952380952381" data-w="84" style="box-sizing: border-box;max-inline-size: 100%;color: rgb(0, 0, 0);caret-color: rgb(255, 0, 0);background-color: rgb(255, 255, 255);width: 40px;font-family: 微软雅黑, &quot;Microsoft YaHei&quot;, Arial, sans-serif;outline: none 0px !important;" /></section></td><td valign="middle" align="center" style="margin: 5px 10px;border-color: rgb(255, 255, 255);text-align: center;"><section style="margin-left: 8px;margin-right: 8px;"><img data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIy3kArrxGazyPIK26bO7zZfK9Jicco2IIjWJ6VSuib2hkteP3TB36042Sicv894jqS6pHCgrDcMfwCXg/640?wx_fmt=png" data-type="png" data-width="40px" height="49" width="40px" data-ratio="0.9456521739130435" data-w="92" style="box-sizing: border-box;max-inline-size: 100%;color: rgb(0, 0, 0);caret-color: rgb(255, 0, 0);background-color: rgb(255, 255, 255);width: 40px;font-family: 微软雅黑, &quot;Microsoft YaHei&quot;, Arial, sans-serif;outline: none 0px !important;" /></section></td><td valign="middle" align="center" style="margin: 5px 10px;border-color: rgb(255, 255, 255);text-align: center;"><section style="margin-left: 8px;margin-right: 8px;"><img data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIy3kArrxGazyPIK26bO7zZficnZnnFd7pw8bicfEL1Fia2Vh9nr2qiaDhOc9jExFVOTDc69S4bI5RsXicg/640?wx_fmt=png" data-type="png" data-width="40px" height="43" width="40px" data-ratio="0.8378378378378378" data-w="74" style="box-sizing: border-box;max-inline-size: 100%;color: rgb(0, 0, 0);caret-color: red;background-color: rgb(255, 255, 255);width: 40px;font-family: 微软雅黑, &quot;Microsoft YaHei&quot;, Arial, sans-serif;outline: none 0px !important;" /></section></td><td valign="middle" align="center" style="margin: 5px 10px;border-color: rgb(255, 255, 255);text-align: center;"><section style="margin-left: 8px;margin-right: 8px;"><img data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIy3kArrxGazyPIK26bO7zZfboBzMngMwO8RXU7u3xCMQg0GjeM8JojlW1Y9Z5vaeQcGm27y14Te0Q/640?wx_fmt=png" data-type="png" data-width="40px" height="50" width="40px" data-ratio="0.9836065573770492" data-w="61" style="box-sizing: border-box;max-inline-size: 100%;color: rgb(0, 0, 0);caret-color: rgb(255, 0, 0);background-color: rgb(255, 255, 255);width: 40px;font-family: 微软雅黑, &quot;Microsoft YaHei&quot;, Arial, sans-serif;outline: none 0px !important;" /></section></td></tr><tr><td valign="middle" align="center" style="margin: 5px 10px;border-color: rgb(255, 255, 255);text-align: center;"><section style="margin-left: 8px;margin-right: 8px;"><img class="rich_pages js_insertlocalimg" data-cropselx1="0" data-cropselx2="98" data-cropsely1="0" data-cropsely2="99" data-ratio="1" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIy3kArrxGazyPIK26bO7zZfePMA0icWaMOcic9iaFd0YibT6dLicOM9hrnZhKPdRVATv4Q0zf0411ZlFCA/640?wx_fmt=png" data-type="png" data-w="300" style="box-sizing: border-box;max-inline-size: 100%;color: rgb(0, 0, 0);caret-color: rgb(255, 0, 0);background-color: rgb(255, 255, 255);width: 99px;font-family: 微软雅黑, &quot;Microsoft YaHei&quot;, Arial, sans-serif;outline: none 0px !important;" /></section></td><td valign="middle" align="center" style="margin: 5px 10px;border-color: rgb(255, 255, 255);text-align: center;"><section style="margin-left: 8px;margin-right: 8px;"><img class="rich_pages" data-cropselx1="1" data-cropselx2="103" data-cropsely1="0" data-cropsely2="104" data-ratio="1" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIy3kArrxGazyPIK26bO7zZfQibibfZGIkjRNwTHwQ4KNp3zu2sgMcS5VLib1OHNDwOibjnPpUoribI5IcQ/640?wx_fmt=png" data-type="png" data-w="300" data-width="99px" width="99px" style="box-sizing: border-box;max-inline-size: 100%;color: rgb(0, 0, 0);caret-color: rgb(255, 0, 0);background-color: rgb(255, 255, 255);width: 99px;font-family: 微软雅黑, &quot;Microsoft YaHei&quot;, Arial, sans-serif;outline: none 0px !important;" /></section></td><td valign="middle" align="center" style="margin: 5px 10px;border-color: rgb(255, 255, 255);text-align: center;"><section style="margin-left: 8px;margin-right: 8px;"><img class="rich_pages" data-cropselx1="0" data-cropselx2="99" data-cropsely1="0" data-cropsely2="99" data-ratio="1" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIy3kArrxGazyPIK26bO7zZfRDpD1Gr2uH9MNYxSao5AibkVlkLjLcHibvG6yR93VJDibnRXOiaqFiccOdg/640?wx_fmt=png" data-type="png" data-w="300" data-width="99px" title="3.png" style="box-sizing: border-box;max-inline-size: 100%;color: rgb(0, 0, 0);caret-color: rgb(255, 0, 0);background-color: rgb(255, 255, 255);width: 99px;font-family: 微软雅黑, &quot;Microsoft YaHei&quot;, Arial, sans-serif;outline: none 0px !important;" /></section></td><td valign="middle" align="center" style="margin: 5px 10px;border-color: rgb(255, 255, 255);text-align: center;"><section style="margin-left: 8px;margin-right: 8px;"><img class="rich_pages" data-ratio="1" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIy3kArrxGazyPIK26bO7zZficyibw72OWmSMvgNNjSWoDHlf7aSgplp7dtCDAEFtJKHBnC8qaLHSIeQ/640?wx_fmt=png" data-type="png" data-w="300" data-width="99px" width="99px" style="box-sizing: border-box;max-inline-size: 100%;z-index: -1;cursor: pointer;color: rgb(0, 0, 0);caret-color: rgb(255, 0, 0);background-color: rgb(255, 255, 255);width: 99px;font-family: 微软雅黑, &quot;Microsoft YaHei&quot;, Arial, sans-serif;outline: none 0px !important;" /></section></td></tr></tbody></table><section style="text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;caret-color: rgb(51, 51, 51);text-size-adjust: auto;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;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section></section></section></section><section style="text-align: right;margin-left: 8px;margin-right: 8px;"><br /></section><section style="text-align: right;margin-left: 8px;margin-right: 8px;"><span style="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="text-align: right;margin-left: 8px;margin-right: 8px;"><span style="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="text-align: right;margin-left: 8px;margin-right: 8px;"><span style="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></section></section></section>

← 返回观点全库