官网首页 › 研究观点 › 观点正文

小军怼城 | “郭嘉”的钱去哪了?

发布于 2022-06-02

<section data-role="outer" label="Powered by 135editor.com" data-mpa-powered-by="yiban.io"><section style="margin: 5px 8px;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: center;justify-content: flex-end;line-height: 1.5em;text-indent: 0em;font-family: Optima-Regular, PingFangTC-light;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;max-width: 100%;display: inline-block;vertical-align: top;width: 562px;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;"><section style="max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><p><img class="rich_pages wxw-img" data-backh="121" data-backw="370" data-cropselx1="0" data-cropselx2="390" data-cropsely1="0" data-cropsely2="575" data-ratio="1.5197740112994351" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIwVOaA7FAucfGlibkoEcfqDjjlI7IymK65uUkxYZTeb3HrX4X4enfbMbk1VDeR2ib2q7IwGOTuSq0xA/640?wx_fmt=png" data-type="png" data-w="354" style="height: 383px;color: rgb(0, 0, 0);font-family: Optima-Regular, PingFangTC-light;font-size: 18px;letter-spacing: 1px;text-align: center;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box;caret-color: rgb(255, 0, 0);text-indent: 36px;width: 252px;"></p></section></section></section></section></section><section style="margin: 5px 8px;max-width: 100%;box-sizing: border-box;color: rgb(0, 0, 0);font-size: 14px;letter-spacing: 1px;background-color: rgb(255, 255, 255);text-align: right;justify-content: flex-end;line-height: 1.5em;overflow-wrap: break-word !important;"><section style="box-sizing: border-box;max-width: 100%;display: inline-block;width: 562px;vertical-align: top;height: auto;border-width: 0px;overflow-wrap: break-word !important;"><section><p style="margin: 5px 15px;text-align: center;min-height: 1em;cursor: text;font-size: 18px;caret-color: rgb(255, 0, 0);letter-spacing: 2px;line-height: 1.5em;max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><br /></p><section style="letter-spacing: -1px;text-align: right;caret-color: rgb(255, 0, 0);font-size: 16px;max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><section style="margin-top: -20px;border-width: 0px;border-style: none;border-color: initial;z-index: 0;text-align: center;justify-content: center;max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><section style="box-sizing: border-box;display: inline-block;width: 270.797px;vertical-align: top;height: auto;max-width: 100%;max-inline-size: 100%;overflow-wrap: break-word !important;outline: none 0px !important;"><section style="max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><section style="box-sizing: border-box;display: inline-block;vertical-align: top;width: 89.3594px;max-width: 100%;max-inline-size: 100%;overflow-wrap: break-word !important;outline: none 0px !important;"><section style="margin-top: 10px;justify-content: center;max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><section style="box-sizing: border-box;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;max-width: 100%;max-inline-size: 100%;overflow-wrap: break-word !important;outline: none 0px !important;"><section style="text-align: justify;font-size: 30px;max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><p style="min-height: 1em;cursor: text;max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><br /></p></section></section></section><section style="text-align: justify;max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><p style="min-height: 1em;cursor: text;max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><br /></p></section></section><section style="box-sizing: border-box;display: inline-block;vertical-align: top;width: 89.3594px;max-width: 100%;max-inline-size: 100%;overflow-wrap: break-word !important;outline: none 0px !important;"><section style="margin-top: 10px;justify-content: center;max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><section style="box-sizing: border-box;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;max-width: 100%;max-inline-size: 100%;overflow-wrap: break-word !important;outline: none 0px !important;"><section style="text-align: justify;font-size: 30px;max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><p style="min-height: 1em;cursor: text;max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><br /></p></section></section></section><section style="text-align: justify;max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><p style="min-height: 1em;cursor: text;max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><br /></p></section></section><section style="box-sizing: border-box;display: inline-block;vertical-align: top;width: 89.3594px;max-width: 100%;max-inline-size: 100%;overflow-wrap: break-word !important;outline: none 0px !important;"><section style="margin-top: 10px;justify-content: center;max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><section style="box-sizing: border-box;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;max-width: 100%;max-inline-size: 100%;overflow-wrap: break-word !important;outline: none 0px !important;"><section style="text-align: justify;font-size: 30px;max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><p style="min-height: 1em;cursor: text;max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><br /></p></section></section></section></section></section></section></section></section><p style="text-align: right;min-height: 1em;cursor: text;font-size: 18px;letter-spacing: -1px;caret-color: rgb(255, 0, 0);max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><br /></p><p style="text-align: right;min-height: 1em;cursor: text;font-size: 18px;letter-spacing: -1px;caret-color: rgb(255, 0, 0);max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><br /></p><p style="text-align: center;"><span style="font-size: 12px;color: rgb(255, 255, 255);background-color: rgb(0, 0, 0);">全文4601字,预计阅读时间12分钟,建议先过节</span></p><p style="text-align: center;"><span style="font-size: 12px;color: rgb(136, 136, 136);">· 预祝大家端午快乐 ·<br /></span></p><p style="text-align: right;min-height: 1em;cursor: text;font-size: 18px;letter-spacing: -1px;caret-color: rgb(255, 0, 0);max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><br /></p><p style="text-align: right;min-height: 1em;cursor: text;font-size: 18px;letter-spacing: -1px;caret-color: rgb(255, 0, 0);max-width: 100%;max-inline-size: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;outline: none 0px !important;"><br /></p></section></section></section><section style="margin: 5px 8px;text-indent: 0em;max-width: 100%;box-sizing: border-box;line-height: 2em;overflow-wrap: break-word !important;"><section style="margin-right: 8px;margin-left: 8px;max-width: 100%;box-sizing: border-box;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);text-align: center;line-height: 2em;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="margin: 5px 8px;max-width: 100%;letter-spacing: 2px;line-height: 1.5em;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%;background-color: rgb(0, 0, 0);color: rgb(255, 255, 255);box-sizing: border-box !important;overflow-wrap: break-word !important;"><em style="max-width: 100%;color: rgb(51, 51, 51);font-size: 20px;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;letter-spacing: 0.544px;color: rgb(178, 178, 178);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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;color: rgb(53, 53, 53);font-size: 12px;letter-spacing: 0.544px;font-family: &quot;Helvetica Neue&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, 黑体, Arial, sans-serif;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 20px;color: rgb(178, 178, 178);text-transform: uppercase;letter-spacing: 1px;font-family: didot;box-sizing: border-box !important;overflow-wrap: break-word !important;">&nbsp;&nbsp; /&nbsp;</span></strong></strong></span></em></span></strong><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%;color: rgb(51, 51, 51);font-size: 20px;letter-spacing: 0.544px;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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;letter-spacing: 0.544px;color: rgb(178, 178, 178);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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;color: rgb(53, 53, 53);font-size: 12px;letter-spacing: 0.544px;font-family: &quot;Helvetica Neue&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, 黑体, Arial, sans-serif;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 20px;color: rgb(178, 178, 178);text-transform: uppercase;letter-spacing: 1px;font-family: didot;box-sizing: border-box !important;overflow-wrap: break-word !important;">CHAPEAU</span></strong></strong></span></em></span></strong><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;background-color: rgb(0, 0, 0);color: rgb(255, 255, 255);box-sizing: border-box !important;overflow-wrap: break-word !important;"><em style="max-width: 100%;color: rgb(51, 51, 51);font-size: 20px;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;letter-spacing: 0.544px;color: rgb(178, 178, 178);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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;color: rgb(53, 53, 53);font-size: 12px;letter-spacing: 0.544px;font-family: &quot;Helvetica Neue&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, 黑体, Arial, sans-serif;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 20px;color: rgb(178, 178, 178);text-transform: uppercase;letter-spacing: 1px;font-family: didot;box-sizing: border-box !important;overflow-wrap: break-word !important;">/</span></strong></strong></span></em></span></strong></section></section><section style="margin: 5px 8px;max-width: 100%;box-sizing: border-box;text-align: center;background-color: rgb(255, 255, 255);letter-spacing: 2px;line-height: 1.5em;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;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 20px;letter-spacing: 0.544px;color: rgb(178, 178, 178);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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;color: rgb(53, 53, 53);font-size: 12px;letter-spacing: 0.544px;font-family: &quot;Helvetica Neue&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, 黑体, Arial, sans-serif;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 20px;color: rgb(178, 178, 178);text-transform: uppercase;letter-spacing: 1px;font-family: didot;box-sizing: border-box !important;overflow-wrap: break-word !important;"><em style="max-width: 100%;color: rgb(51, 51, 51);font-size: 17px;letter-spacing: 0.544px;caret-color: rgb(51, 51, 51);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;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(62, 62, 62);letter-spacing: 2px;font-size: 12px;font-family: didot;box-sizing: border-box !important;overflow-wrap: break-word !important;">前言</span></strong></em></span></strong></strong></span></strong></section><section style="margin: 5px 8px;max-width: 100%;box-sizing: border-box;text-align: center;background-color: rgb(255, 255, 255);letter-spacing: 2px;line-height: 1.5em;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;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 20px;letter-spacing: 0.544px;color: rgb(178, 178, 178);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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;color: rgb(53, 53, 53);font-size: 12px;letter-spacing: 0.544px;font-family: &quot;Helvetica Neue&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, 黑体, Arial, sans-serif;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 20px;color: rgb(178, 178, 178);text-transform: uppercase;letter-spacing: 1px;font-family: didot;box-sizing: border-box !important;overflow-wrap: break-word !important;"><em style="max-width: 100%;color: rgb(51, 51, 51);font-size: 17px;letter-spacing: 0.544px;caret-color: rgb(51, 51, 51);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;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(62, 62, 62);letter-spacing: 2px;font-size: 12px;font-family: didot;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></span></strong></em></span></strong></strong></span></strong></section><section style="margin: 5px 8px;max-width: 100%;box-sizing: border-box;text-align: center;letter-spacing: 2px;line-height: 1.75em;text-indent: 0em;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="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">最近有则新闻挺火的,国家统计局公布的数据显示, </span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>3月全国个人所得税收入同比暴降51.3%</strong></span><span style="font-size: 16px;">(可能引起很多同学内心共鸣,这降幅和房地产top50房企1-4月销售额下降幅度相当)。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">不过,今年1-2月,</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>个人所得税4043亿元,同比增长46.8%</strong></span><span style="font-size: 16px;">,“一增一减“挺有意思的,今天具体聊聊财政收支的一些情况。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><br /></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">无论“个人”,“企业”,还是国家要正常运行,都需要钱,这是基本的规律。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">国家方面,有可能是战争,多数是搞基建,保民生,</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>那么国家的收入从哪里来?又是怎么花?</strong></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><br /></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">说到财政收支,时不时会看到一些新闻,印象比较深的是:</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><em><span style="font-size: 16px;"><br /></span></em></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><em><span style="font-size: 16px;">1.没有产业基础的三四线城市,地方债务严重,公务员发工资都困难;</span></em></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><em><span style="font-size: 16px;">2.随着老龄化,未来社保压力巨大,一个上班的,养2个不上班的;</span></em></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><em><span style="font-size: 16px;">3.中国大部分城市都是土地财政,房地产是收入的核心来源。</span></em></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">包括一些专家也会有这类的观点——前年我国税收12.4万亿,其中土地税收8.2万亿,所以地方政府必须救市。具体情况究竟如何?</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: center;margin-left: 8px;margin-right: 8px;"><span style="font-size: 36px;font-family: CourierNewPS-ItalicMT;color: rgb(136, 136, 136);">01</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: center;margin-left: 8px;margin-right: 8px;"><strong><span style="font-size: 20px;">大局怎么样</span></strong></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: center;margin-left: 8px;margin-right: 8px;"><span style="color: rgb(136, 136, 136);font-size: 12px;text-indent: 0em;">全国</span><span style="color: rgb(136, 136, 136);font-size: 12px;text-indent: 0em;">基</span><span style="color: rgb(136, 136, 136);font-size: 12px;text-indent: 0em;">本</span><span style="color: rgb(136, 136, 136);font-size: 12px;text-indent: 0em;">平衡</span><span style="color: rgb(136, 136, 136);font-size: 12px;text-indent: 0em;">,</span><span style="color: rgb(136, 136, 136);font-size: 12px;text-indent: 0em;">强干弱支,全靠转移支付</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">首先我们建立</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>两个全国宏观认知</strong></span><span style="font-size: 16px;">:</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="color: rgb(0, 122, 170);"><strong><span style="color: rgb(0, 122, 170);font-size: 16px;">1)全国财政“基本平衡”</span></strong></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="color: rgb(0, 122, 170);"><strong><span style="color: rgb(0, 122, 170);font-size: 16px;"><br /></span></strong></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">中国的国家收入,主要来自四大项目:</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">一般公共预算收入,政府性基金,国营资本经营收入和社会保险,对应四个方面的支出。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">2021年收入分别为20.25万亿元,9.8万亿元,0.52万亿元和9.47万亿元。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">就全国2021年的情况而言,总收入40.05万亿,总支出45.05万亿,收支基本平衡,入不敷出的情况,没大家想象那么严重。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><img class="rich_pages wxw-img" data-cropselx1="0" data-cropselx2="514" data-cropsely1="0" data-cropsely2="99" data-ratio="0.1934931506849315" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIyzQyae6rIKzGRV4aibmBVORVmsN60xg1b9z9apRWtCia8modcmfVKFiaKF66AQcvInfN0DYBULaKBdw/640?wx_fmt=png" data-type="png" data-w="1168" style="height: 99px;width: 514px;" /></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><br /></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">具体来看,政府的收入有四个来源,一般</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>公共预算占绝对主导地位,占比50.57%。</strong></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">地产人比较熟知的国有土地使用权出让收入为8.7万亿元,属于政府性基金预算收入,占政府总收入的21.74%,所以全局看,</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>政府口袋里的钱,约1/5来自于卖地。</strong></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">以公共预算为例,我们可以拉长周期看,全国收支情况:</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;margin-bottom: 0em;text-align: left;margin-left: 8px;margin-right: 8px;"><img class="rich_pages wxw-img" data-cropselx1="0" data-cropselx2="514" data-cropsely1="1" data-cropsely2="266" data-ratio="0.5154121863799284" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIyzQyae6rIKzGRV4aibmBVORnZkgA3bRmuJ1rTiaZBJ2V556ERYmWVYk0QbfXczEIeZhgye9FhsDUqw/640?wx_fmt=png" data-type="png" data-w="1395" style="height: 265px;width: 514px;" /></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><br /></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">近20年,绝大多数年份,支出/收入都是处于100%-120%之间,均值为113%,即赚100块,花113块。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">除此之外,值得关注的是2007年是历史低点,之前处于降负债的状态,然后政府潜在债务持续增加,2020年是历史高点(受疫情减费降税影响)。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="color: rgb(0, 122, 170);"><strong><span style="color: rgb(0, 122, 170);font-size: 16px;">2) “强干弱支”是基本国情</span></strong></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">财政收支分为中央与地方,上面说的是全国基本均衡,但细分看差异很大。我们以地方政府一般公共预算收支为例:</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;margin-bottom: 0em;text-align: left;margin-left: 8px;margin-right: 8px;"><img class="rich_pages wxw-img" data-cropselx1="0" data-cropselx2="514" data-cropsely1="0" data-cropsely2="252" data-ratio="0.4916759156492786" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIyzQyae6rIKzGRV4aibmBVORKCDDpjc5OMcM12icNECeAeHGlyCiaysuNj4phibnHBRTnibic4YT4VO4Ygw/640?wx_fmt=png" data-type="png" data-w="1802" style="height: 253px;width: 514px;" /></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><br /></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">近20年,绝大多数年份支出/收入都是处于160%-190%之间,均值为178%,即赚100块,花178块。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><br /></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">所以</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>政府债务问题主要是地方政府,不是中央政府。</strong></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">去年我们在研究哈尔滨这个城市,发现每年都是大幅入不敷出,支出基本是收入的3倍。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;margin-bottom: 0em;text-align: left;margin-left: 8px;margin-right: 8px;"><img class="rich_pages wxw-img" data-cropselx1="0" data-cropselx2="514" data-cropsely1="0" data-cropsely2="302" data-ratio="0.5882917466410749" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIyzQyae6rIKzGRV4aibmBVORJUEBlVY3d3xcFaiaXDmZvz8Xtt3C5WVbW2zqQGpgu0j0Nbh71icWrsfw/640?wx_fmt=png" data-type="png" data-w="1042" style="height: 302px;width: 514px;" /></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><br /></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">于是,领导好奇的问,</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>每年亏这么多,钱从哪来?</strong></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">答案是转移支付,2021年全国地方一般公共预算收入为11.1万亿,其中中央对地方转移收入8.22万亿,占比为42.5%,即</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>地方政府近一半的收入是靠中央救济。</strong></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">很多人会说,哈尔滨是东北城市,经济不行,所以财政收入低,老龄化严重,于是负债高。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">我们仔细看看上海、深圳的数据,这些</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>强一线城市,一般公共预算收支也没有实现收支平衡。</strong></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">上海:2021年全年地方一般公共预算收入7771.80亿元,地方一般公共预算支出8430.86亿元,支出/收入比为108.48%。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">深圳:2021年,全市地方一般公共预算收入4257.76亿元,全市地方一般公共预算支出4570.22亿元,支出/收入比为107.34%。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">所以,</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>强干弱支是基本国情,转移支付是普惠操作</strong></span><span style="font-size: 16px;">,或许是为了共同富裕,至少是阶层分化。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">具体简单看一下2021年的情况,河北、黑龙江这种经济不发达省域,转移支付收入达到3000亿以上,而浙江只有635亿,江苏可能受到苏北落后地区的影响稍微多点,也才1467亿。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">总的来说就是,</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>富的地方少,穷的地方多</strong></span><span style="font-size: 16px;">。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;margin-bottom: 0em;text-align: left;margin-left: 8px;margin-right: 8px;"><img class="rich_pages wxw-img" data-cropselx1="0" data-cropselx2="514" data-cropsely1="0" data-cropsely2="432" data-ratio="0.8418674698795181" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIyzQyae6rIKzGRV4aibmBVOR5shkia5VibvFPeQyLcXR6sicYa7JPy6x0JS5tsukTTT3ZicnXgIY1Z54Zg/640?wx_fmt=png" data-type="png" data-w="1328" style="height: 433px;width: 514px;"></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><br /></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="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;letter-spacing: 2px;text-align: center;white-space: normal;margin-left: 8px;margin-right: 8px;"><span style="font-size: 36px;font-family: CourierNewPS-ItalicMT;color: rgb(136, 136, 136);">02</span></section><section style="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;letter-spacing: 2px;text-align: center;white-space: normal;margin-left: 8px;margin-right: 8px;"><strong><span style="font-size: 20px;">地方财政怎么样</span></strong></section><section style="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;letter-spacing: 2px;text-align: center;white-space: normal;text-indent: 0em;margin-left: 0px;margin-right: 0px;"><span style="color: rgb(136, 136, 136);font-size: 12px;text-indent: 0em;">收支不平衡</span><span style="color: rgb(136, 136, 136);font-size: 12px;text-indent: 0em;">,收入呈3+1结构,支出呈1+2格局</span><span style="color: rgb(136, 136, 136);font-size: 12px;text-indent: 0em;"></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><br /></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">接下来,我们系统聊聊</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>地方财政的收支问题</strong></span><span style="font-size: 16px;">,为了便于理解,借用同事之前整理的数据脑图(数据时间为2020年,未考虑中央财政转移收入):</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;margin-bottom: 0em;text-align: left;margin-left: 8px;margin-right: 8px;"><img class="rich_pages wxw-img" data-cropselx1="0" data-cropselx2="514" data-cropsely1="0" data-cropsely2="664" data-ratio="1.2935779816513762" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIyzQyae6rIKzGRV4aibmBVORqo4M86NjSa4QpEUOcCbWibgdBwOiasNNBuL44D1JWhicscOywStbKvVzg/640?wx_fmt=png" data-type="png" data-w="981" style="height: 665px;width: 514px;"></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><br /></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">具体我们可以洞察出以下几点:</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="color: rgb(0, 122, 170);"><strong><span style="font-size: 16px;">1)整体收入是26.8万亿,支出是40.5万亿</span></strong></span><span style="font-size: 16px;">,地方政府收支不平衡。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">即使考虑到上面所说,2020年中央财政一般公共预算转移支付8.39亿,</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>2020年地方政府收支缺口为5.31万亿,占支出比例为13.1%</strong></span><span style="font-size: 16px;">。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><br /></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">加上地域发展、转移支付的不平衡、时间的累积,于是大家所看到的地方债务问题、工资社保发放问题是存在的,但整体上来说,还是可控的。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="color: rgb(0, 122, 170);"><strong><span style="font-size: 16px;">2)收入呈现3+1的结构</span></strong></span><span style="font-size: 16px;">,即以税收为主的公共预算收入占比37.34%,以卖地为主的政府基金性收入33.53%,职工社保28.02%,除此之外还有来自地方国有企业的收入1.11%。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><ul class="list-paddingleft-1" style="list-style-type: circle;margin-left: 8px;margin-right: 8px;"><li style="background-color: rgb(255, 255, 255);"><p style="white-space: normal;text-align: left;"><span style="color: rgb(255, 255, 255);background-color: rgb(0, 122, 170);font-size: 16px;"><strong><span style="color: rgb(255, 255, 255);font-size: 16px;">税收收入</span></strong></span><span style="font-size: 16px;">:细分名录很多,大体看是</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>企业端口的增值税、所得税占大头</strong></span><span style="font-size: 16px;">,总体达到税收的55.7%。</span></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;"></span></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;">所以一般公共预算收入基本可以理解成就是税收收入,通常加上个税之后,</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>可以反映地区企业的质量水平</strong></span><span style="font-size: 16px;">,这些直接跟收益挂扣。</span></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;"></span></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;">这也是一直很多企业喊税务重的原因,疫情之下更为突出,但很多人也说,企业收入都没有了,不用开票,自然也没有增值税、所得税,所以真正的减税政策下来,是利好那些疫情之下,还能保持稳定收益和增长的企业。</span></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;"><br /></span></p></li><li style="background-color: rgb(255, 255, 255);"><p style="white-space: normal;text-align: left;"><span style="color: rgb(255, 255, 255);background-color: rgb(0, 122, 170);font-size: 16px;"><strong><span style="background-color: rgb(0, 122, 170);color: rgb(255, 255, 255);font-size: 16px;">房地产相关税费</span></strong></span><span style="font-size: 16px;text-indent: 0em;">:</span><span style="font-size: 16px;text-indent: 0em;">房地产持有及交易相关的税费比例很高,契税9.46%,土地增值税8.66%,房产税3.81%,印花税1.76%,城镇土地使用税2.76%,加一起占税收收入的26.45%。</span></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;text-indent: 0em;"></span></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;text-indent: 0em;color: rgb(0, 122, 170);"><strong>所以政府不仅关注土地出让,也关注房产的保值、增值及其流动性带来的收益</strong></span><span style="font-size: 16px;text-indent: 0em;">,整体金额是1.97万亿,同国有土地出让8.41万亿相比,占比为23.4%(占总收入比例为7.35%),但其稳定性及可持续性更强。</span></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;text-indent: 0em;"></span></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;text-indent: 0em;">卖地是一次性买卖,值钱的好地只有那么多,这或许也是房产税立法的一个原因,增加稳定性收入来源,地总有卖完的一天,郊区的地都开始流拍了。</span><br /></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;"><br /></span></p></li><li><p style="white-space: normal;text-align: left;"><span style="background-color: rgb(0, 122, 170);color: rgb(255, 255, 255);font-size: 16px;"><strong><span style="background-color: rgb(0, 122, 170);font-size: 16px;">个人所得税</span></strong></span><span style="background-color: rgb(255, 255, 255);font-size: 16px;">:也值得关注,2020年只占税收收入的6.2%,占全部收入侧更低,这块我们看到</span><span style="background-color: rgb(255, 255, 255);font-size: 16px;color: rgb(0, 122, 170);"><strong>政策是一抓一放</strong></span><span style="font-size: 16px;"><span style="background-color: rgb(255, 255, 255);">,一手抓高收入阶层(这几年明星偷税漏税事件层出不穷,薇娅、范冰冰、郑爽、邓伦等),一手放中收入阶层(各种抵扣退税,有纳税资格</span>的<span style="background-color: rgb(255, 255, 255);">人,从全国来看就是中等收入),效果还不错。</span></span></p><p style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;"><span style="font-size: 16px;"></span></p><p style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;"><span style="font-size: 16px;">“一爽”“一<span style="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;font-size: 16px;letter-spacing: 2px;text-align: left;background-color: rgb(255, 255, 255);">伦</span>“等单位出来,其收入确实高得离谱,我想这或许就是今年1-2季度个税增长这么快的主要原因,一个“明星”顶千千万万的普通打工人(2021年12月底,薇娅偷逃税被罚13.41亿元)。</span></p><p style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;"><span style="font-size: 16px;"></span></p><p style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;"><span style="font-size: 16px;">3月份大幅减少主要就是疫情因素+3月份集中个税抵扣。全国目前交纳个税的人数,大概是6000万,占比15%,所以,</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>如果每个城市有缴纳个税的数据,就更能研判出客群的支付力</strong></span><span style="font-size: 16px;">。</span></p><p style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;"><span style="font-size: 16px;"><br /></span></p></li><li style="background-color: rgb(255, 255, 255);"><p style="white-space: normal;text-align: left;"><span style="color: rgb(255, 255, 255);background-color: rgb(0, 122, 170);font-size: 16px;"><strong><span style="background-color: rgb(0, 122, 170);font-size: 16px;">地方土地财政</span></strong></span><span style="font-size: 16px;">:我们地产人喜欢用土地出让金/一般公共预算收入,来定义</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>土地财政依赖度</strong></span><span style="font-size: 16px;">,有其一定的道理,简单理解就是卖地收入/税收收入,但最为准确的计算应该是国有土地出让金/财政总收入,或许是很多地方政府只公布一般公共预算收入,用这个数值来算的话,</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>2020年卖地收入占地方政府总收入的31.3%</strong></span><span style="font-size: 16px;">。</span></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;"></span></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;">回答上面专家的问题,前年地方税收收入是10.01万亿,卖地收入是8.41万亿,旗鼓相当,他们是并列关系。需要补充的是,税收收入,有一大部分得上缴中央国库再分配,同时一般公共预算收入除了收税,还有非税收收入,占比25.4%,不同城市差异也会很大。</span></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;"><br /></span></p></li><li style="background-color: rgb(255, 255, 255);"><p style="white-space: normal;text-align: left;"><span style="color: rgb(255, 255, 255);background-color: rgb(0, 122, 170);font-size: 16px;"><strong><span style="background-color: rgb(0, 122, 170);font-size: 16px;">社保基金</span></strong></span><span style="font-size: 16px;">:我们通常不太会关注它的总金额,因为它本质是个时间差,今天职工交的多,以后拿的也多,反而大家会比较关注</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>缴纳社保的真实人数有多少?</strong></span></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;"></span></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;">常住人口往往不可靠,流动性也大,比如七普一出来,深圳突然多了近500万人。</span></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;"></span></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;">而缴纳社保代表着一个城市真实且稳定的人群基数,而且是赚钱的人,通常</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>反映</strong></span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>一个城市潜在客群的厚度</strong></span><span style="font-size: 16px;">,不上班的人一般是不买房的,不交社保的人一般是买不起房的(或者没资格)。</span></p></li></ul><section style="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;letter-spacing: 2px;text-align: center;white-space: normal;margin-left: 8px;margin-right: 8px;"><span style="color: rgb(136, 136, 136);font-size: 12px;text-indent: 0em;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">关于全国就业及社保的情况,有几个数据值得关注:</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;margin-bottom: 0em;text-align: left;margin-left: 8px;margin-right: 8px;"><img class="rich_pages wxw-img" data-cropselx1="0" data-cropselx2="514" data-cropsely1="0" data-cropsely2="306" data-ratio="0.5945330296127562" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIyzQyae6rIKzGRV4aibmBVORcuoveyIOZH9goeWkHgFlOtZTyV6bTcc0KDGUxVsBkybQpUrt35iaAag/640?wx_fmt=png" data-type="png" data-w="878" style="height: 306px;width: 515px;" /></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><br /></section><p style="text-align:left;"><span style="color: rgb(0, 122, 170);font-size: 16px;"><strong><span style="color: rgb(0, 122, 170);font-family: 华文仿宋;">①&nbsp;</span></strong></span><span style="text-indent: 0em;font-size: 16px;color: rgb(0, 122, 170);"><strong>全国就业到底难不难?</strong></span><span style="text-indent: 0em;font-size: 16px;">3月份失业率5.8%,4月数据估计更严重(疫情前2019年3.62%)。</span></p><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">一般学术上认为,低于5%都正常合理,所以目前看来有困难(核心还是疫情的控制),结构性问题更值得关注:</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>白领失业、蓝领缺工。</strong></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">缺工这方面,具体可看人社部发布的供大于求的排行,一个是缺产业技工、另一个是缺服务蓝领,一个是不会干、一个是不愿干。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;margin-bottom: 0em;text-align: left;margin-left: 8px;margin-right: 8px;"><img class="rich_pages wxw-img" data-cropselx1="0" data-cropselx2="514" data-cropsely1="0" data-cropsely2="316" data-ratio="0.6153846153846154" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIyzQyae6rIKzGRV4aibmBVORrMhy3Tiabj3icOvAIRDmwaGibAclQiaX8fwfOLibYfcnEHSoYggZmROt9UQ/640?wx_fmt=png" data-type="png" data-w="1430" style="height: 316px;width: 514px;" /></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><br /></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-family: 华文仿宋;color: black;font-size: 16px;">②</span><span style="font-size: 16px;">全国城镇职工交纳社保人数已达4.86亿,基本实现全覆盖(2020年公布的城镇就业人数为4.63亿),上面说的不同城市真实潜在客群厚度,指的就是这个数字;</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-family: 华文仿宋;color: black;font-size: 16px;">③</span><span style="font-size: 16px;">目前全国社保收支还是有盈余,比例在14.5%。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-family: 华文仿宋;color: black;font-size: 16px;">④</span><span style="font-size: 16px;">疫情之下,有个数据也挺有意思,国家统计局披露的数字显示,截至2021年年底,中国灵活就业人员已达2亿人。也就是说,</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>当下中国的灵活就业人员数量,占总就业数约27%。</strong></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><ul class="list-paddingleft-1" style="background-color: rgb(255, 255, 255);list-style-type: circle;margin-left: 8px;margin-right: 8px;"><li><p style="white-space: normal;text-align: left;"><span style="color: rgb(255, 255, 255);background-color: rgb(0, 122, 170);font-size: 16px;"><strong><span style="color: rgb(255, 255, 255);font-size: 16px;">地方国企收入</span></strong></span><span style="font-size: 16px;">:我们看到很多地方政府、企业买地托市,整体上看他们对地方财政的贡献比较有限,适度强化、做大蛋糕、保证民生也是情理之中。</span></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;"></span></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;">从2022年1-2月结构数据来看,国有企业中,央企还是占绝对主导地位,地方国企弱很多。</span></p><p style="white-space: normal;text-align: left;"><br /></p><p style="white-space: normal;text-align: left;"><span style="font-size: 16px;">1-2月,国有企业利润总额6118.6亿元,其中央企4852.5亿元,地方国有企业1266.1亿元,</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>从效益规模上看,央企是国企的4倍左右。</strong></span></p></li></ul><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>地方政府收入</strong></span><span style="font-size: 16px;"><strong style="color: rgb(0, 122, 170);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;font-size: 16px;letter-spacing: 2px;text-align: left;white-space: normal;background-color: rgb(255, 255, 255);">三大来源</strong></span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>“收税、卖地、社保”。</strong></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="color: rgb(0, 122, 170);"><strong><span style="font-size: 16px;">3)从支出结构看,呈现1+2的格局</span></strong></span><span style="font-size: 16px;">。即保证民生的公共预算支出达到51.96%,包括教育、医疗、交通、公共安全、文化建设等。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">这里简单聊下,政府基金性支出的国有土地使用权出让收入相关支出达7.55万亿,所以</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>卖地不是大家理解的纯赚钱</strong></span><span style="font-size: 16px;">。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">2020年投入产出比1.13,可以说并不是很高,一是老城的拆迁补偿,二是郊区的“三通一平”基建,都是高成本的玩意。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">所以,准确反映一个地方政府的土地出让意愿,一方面是财政整体是否平衡(一般用公共预算收入支出比);另一方面是看土地出让投入产出比。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: center;margin-left: 8px;margin-right: 8px;"><span style="font-size: 12px;color: rgb(136, 136, 136);">- 小结 -</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">以上就是本次分享的一些内容,核心是梳理财政收支的结构关系。建立两个全国宏观认知,分享</span><span style="font-size: 16px;color: rgb(0, 122, 170);"><strong>地方财政结构脑图</strong></span><span style="font-size: 16px;">,帮助大家系统理解地方政府口袋里的钱,流入的有哪些?流出的有哪些?</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">不局限于房地产及土地出让,用更加全面的视角,将政府作为一个城市的主体,知道其是如何运行。</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;">如果说城市的发展,已经从规模开始转向质量,那么从政府收支角度来说,有几个指标更值得关注:</span></section><section style="background-color: rgb(255, 255, 255);white-space: normal;text-align: left;margin-left: 8px;margin-right: 8px;"><span style="font-size: 16px;"><br /></span></section><ul class="list-paddingleft-1" style="background-color: rgb(255, 255, 255);list-style-type: disc;margin-left: 8px;margin-right: 8px;"><li><p style="white-space: normal;text-align: left;"><span style="color: rgb(0, 122, 170);"><strong><span style="font-size: 16px;">反映企业质量水平</span></strong></span><span style="font-size: 16px;">:(增值税+所得税+个税)/GDP</span></p></li><li><p style="white-space: normal;text-align: left;"><span style="color: rgb(0, 122, 170);"><strong><span style="font-size: 16px;">体现客群支付力</span></strong></span><span style="font-size: 16px;">:纳税人数/常住人口、个人纳税总额/GDP</span></p></li><li><p style="white-space: normal;text-align: left;"><span style="color: rgb(0, 122, 170);"><strong><span style="font-size: 16px;">体现潜</span></strong></span><span style="color: rgb(0, 122, 170);"><strong><span style="font-size: 16px;">在客群厚度</span></strong></span><span style="font-size: 16px;">:社保人数/常住人口</span></p></li><li><p style="white-space: normal;text-align: left;"><span style="color: rgb(0, 122, 170);"><strong><span style="font-size: 16px;">观察城市财政健康度</span></strong></span><span style="font-size: 16px;">:财政支出/(财政收入+转移支付收入)</span></p></li><li><p style="white-space: normal;text-align: left;"><span style="color: rgb(0, 122, 170);"><strong><span style="font-size: 16px;">潜在政府土地出让意愿</span></strong></span><span style="font-size: 16px;">:国有土地政府基金性收入/国有土地政府基金性支出。</span></p></li></ul><section style="background-color: rgb(255, 255, 255);margin: 5px 8px;text-align: left;font-size: 14px;caret-color: rgb(102, 102, 102);color: rgb(102, 102, 102);text-indent: 28px;widows: 1;line-height: 1.5em;font-family: PingFangSC-Light;box-sizing: border-box;"><br /></section></section></section><section data-role="paragraph" style="box-sizing: border-box;"><section style="margin: 5px 8px;text-align: center;max-width: 100%;min-height: 1em;line-height: 1.5em;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="color: rgb(136, 136, 136);font-size: 14px;letter-spacing: 0.544px;font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;">▼</span></section></section><section style="outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;text-indent: 0em;white-space: normal;background-color: rgb(255, 255, 255);text-align: center;line-height: 1.75em;margin-left: 8px;margin-right: 8px;"><strong style="outline: 0px;"><span style="outline: 0px;line-height: 17.1px;color: rgb(68, 114, 196);font-size: 15px;font-family: 华文楷体;"><span style="outline: 0px;color: rgb(136, 136, 136);font-family: PingFangTC-Light;font-size: 12px;letter-spacing: 0.544px;">· 感谢观看 ·</span></span></strong></section><section data-role="outer" style="outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;font-size: 16px;background-color: rgb(255, 255, 255);"><section data-tools="135编辑器" data-id="85791" data-width="90%" style="margin-right: auto;margin-left: auto;outline: 0px;width: 500.4px;flex: 0 0 90%;"><section style="margin-right: auto;margin-left: auto;padding: 20px;outline: 0px;background-image: url(&quot;https://mmbiz.qpic.cn/mmbiz/yqVAqoZvDibGjA6hepZgFegzwp60J0wskibSjJG7V5iaJZkpK6iapgskl2QZvia20tkia7mfkByeM7zc5QC1FOuJjUVw/640?wx_fmt=jpeg&quot;);background-size: cover;background-position: 0% 50%;background-repeat: no-repeat;"><section style="padding: 5px;outline: 0px;"><section style="margin-bottom: 5px;outline: 0px;text-align: center;margin-left: 8px;margin-right: 8px;"><span style="outline: 0px;font-family: PingFangTC-Light;font-size: 13px;letter-spacing: 1px;caret-color: rgb(255, 0, 0);">大家如对城市研究感兴趣,想进一步交流</span></section><section style="margin-bottom: 5px;outline: 0px;text-align: center;margin-left: 8px;margin-right: 8px;"><span style="outline: 0px;font-family: PingFangTC-Light;font-size: 13px;letter-spacing: 1px;caret-color: rgb(255, 0, 0);">欢迎加钟老师微信,期待观点碰撞!</span></section><section style="margin-bottom: 5px;outline: 0px;text-align: center;margin-left: 8px;margin-right: 8px;"><span style="outline: 0px;font-family: PingFangTC-Light;font-size: 13px;letter-spacing: 1px;caret-color: rgb(255, 0, 0);">申请好友时,烦请备注公司+姓名<br style="outline: 0px;" /></span></section><section style="outline: 0px;text-align: center;margin-left: 8px;margin-right: 8px;"><img class="rich_pages wxw-img" data-fileid="100022019" data-ratio="1" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_jpg/AJkYaTAujIwS5riabx0rDcDAxFuaqlIxVDJsVSKBhKLPTncVXuIRkvSFbic1hOb0fyno5O5RenSYsxyYYcYJBCPg/640?wx_fmt=jpeg" data-type="jpeg" data-w="430" style="outline: 0px;letter-spacing: 0.544px;box-sizing: border-box !important;visibility: visible !important;width: 135px !important;" /></section></section></section></section><section data-role="paragraph" style="outline: 0px;"><section style="outline: 0px;margin-left: 8px;margin-right: 8px;"><br /></section></section></section><section style="outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);text-align: center;margin-left: 8px;margin-right: 8px;"><span style="outline: 0px;font-size: 12px;color: rgb(255, 255, 255);background-color: rgb(136, 136, 136);">- 小军怼城系列持续更新中&nbsp;-</span><br style="outline: 0px;" /></section><section style="margin: 5px 8px;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;text-indent: 0em;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;"><section style="margin: 5px 8px;outline: 0px;text-align: center;min-height: 1em;line-height: 1.5em;"><span style="outline: 0px;font-size: 12px;">|&nbsp;<a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247501240&amp;idx=1&amp;sn=9be78e8d6cf412ee6d8fc8a3b50a7725&amp;chksm=9756bf9ca021368affa8145323b472c8db160804658f95227e66f4e02813a30ef3bfc0628d97&amp;scene=21#wechat_redirect" textvalue="城市价值评估" data-itemshowtype="0" tab="innerlink" data-linktype="2" wah-hotarea="click" hasload="1" style="outline: 0px;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;">城市价值评估</a>&nbsp;|&nbsp;<a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247502221&amp;idx=1&amp;sn=482a963668925980a37994a5ed71ca78&amp;chksm=9756b3a9a0213abf8fc9fe023e2b736039dcb4ffd07ca723b45b4a47d6b304c5b7bf948ad4d7&amp;scene=21#wechat_redirect" textvalue="板块价值识别" data-itemshowtype="0" tab="innerlink" data-linktype="2" wah-hotarea="click" hasload="1" style="outline: 0px;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;">板块价值识别</a>&nbsp;|&nbsp;<a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247503141&amp;idx=1&amp;sn=f92488f297ea1b4b74c946428905d367&amp;chksm=9756b701a0213e17bf323cb91417bf821f9d21aa7306c8aff37dc8f477a3557f69905dec9d68&amp;scene=21#wechat_redirect" textvalue="人群特征洞察" data-itemshowtype="0" tab="innerlink" data-linktype="2" wah-hotarea="click" hasload="1" style="outline: 0px;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;">人群特征洞察</a>&nbsp;|&nbsp;</span></section><section style="margin: 5px 8px;outline: 0px;text-align: center;min-height: 1em;line-height: 1.5em;"><span style="outline: 0px;font-size: 12px;">|&nbsp;<a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247503388&amp;idx=1&amp;sn=0f062d813045673d04c4b7be347791ec&amp;chksm=9756b438a0213d2e083602e6515dbb9bb37a733263a836463d7b5a9e43ee92c538be54659260&amp;scene=21#wechat_redirect" textvalue="战略规划理解" data-itemshowtype="0" tab="innerlink" data-linktype="2" wah-hotarea="click" hasload="1" style="outline: 0px;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;">战略规划理解</a>&nbsp;|&nbsp;<a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247503934&amp;idx=1&amp;sn=29dbe853caf4dea0d356e22778a4d966&amp;chksm=9756aa1aa021230c64e6b0447a3208a9136be80b0388f9c85a67816aa8e53537e3e165f8da39&amp;scene=21#wechat_redirect" textvalue="人口结构梳理" data-itemshowtype="0" tab="innerlink" data-linktype="2" wah-hotarea="click" hasload="1" style="outline: 0px;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;">人口结构梳理</a>&nbsp;|&nbsp;<a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247504018&amp;idx=1&amp;sn=269c9d6c2e6915926a4cc240d7ac8dcf&amp;chksm=9756aab6a02123a00b15021f1aa6bcafc9cc1fbb4b049afd92368f33044b67dc22614f96d0a8&amp;scene=21#wechat_redirect" textvalue="价值预判模型" data-itemshowtype="0" tab="innerlink" data-linktype="2" wah-hotarea="click" hasload="1" style="outline: 0px;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;">价值预判模型</a>&nbsp;|&nbsp;</span></section><section style="margin: 5px 8px;outline: 0px;text-align: center;min-height: 1em;line-height: 1.5em;"><span style="outline: 0px;font-size: 12px;">|&nbsp;<a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247504155&amp;idx=1&amp;sn=7a312d239ffb7fd2e75a2005d48f8f1a&amp;chksm=9756ab3fa0212229e07cc62ecb672bcaeac96c08614f73cc0fd16d7de8c4be0785036e6a7156&amp;scene=21#wechat_redirect" textvalue="关于“钱”的理解" data-itemshowtype="0" tab="innerlink" data-linktype="2" wah-hotarea="click" hasload="1" style="outline: 0px;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;">关于“钱”的理解</a>&nbsp;|&nbsp;<a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247504650&amp;idx=1&amp;sn=7dcec8c3ae6ff1208d1350dcd2d544b2&amp;chksm=9756a92ea0212038826a76d5cca153a8d84c42e9d3fdd75a2dcb6278fc34738ecf85e804b614&amp;scene=21#wechat_redirect" textvalue="地产调控理解" data-itemshowtype="0" tab="innerlink" data-linktype="2" wah-hotarea="click" hasload="1" style="outline: 0px;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;">地产调控理解</a>&nbsp;|&nbsp;<a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247505704&amp;idx=1&amp;sn=55a385c1af0e954703505f6322fd772f&amp;chksm=9756ad0ca021241aa7efd20d46cbbb8ec4ac15613d8884a0223267e6737e1ca50c3833c2ff4f&amp;scene=21#wechat_redirect" textvalue="行业天花板" linktype="text" imgurl="" imgdata="null" data-itemshowtype="0" tab="innerlink" data-linktype="2" wah-hotarea="click" hasload="1" style="outline: 0px;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;">行业天花板</a>&nbsp;|</span></section><section style="margin: 5px 8px;outline: 0px;text-align: center;min-height: 1em;line-height: 1.5em;"><span style="outline: 0px;font-size: 12px;">|&nbsp;<a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247506565&amp;idx=1&amp;sn=ab5b81dce66d0311601566e02d9da8ed&amp;chksm=9756a0a1a02129b772e74e36cd5e863c10268b103bf5013bb979da46f8b9ec0c6087ae0712e2&amp;scene=21#wechat_redirect" textvalue="地产淘汰赛" linktype="text" imgurl="" imgdata="null" data-itemshowtype="0" tab="innerlink" data-linktype="2" wah-hotarea="click" hasload="1" style="outline: 0px;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;">地产淘汰赛</a>&nbsp;|<a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247506863&amp;idx=1&amp;sn=58074f66295ca91c36619c122db94caf&amp;chksm=9756a18ba021289dcc7b21ef86b0087cbb4cdb78b9c5140fb47cda8056df098f3b1b3a22a4f0&amp;scene=21#wechat_redirect" textvalue="客户细分第三维度" linktype="text" imgurl="" imgdata="null" data-itemshowtype="0" tab="innerlink" data-linktype="2" wah-hotarea="click" hasload="1" style="outline: 0px;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;">客户细分第三维度</a>&nbsp;|&nbsp;<a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247507155&amp;idx=1&amp;sn=5a6f90919ebe80b9f842386743803dc8&amp;chksm=9756a6f7a0212fe1870773f28512ec30ab372668fa08d6d637e59dd865cb9d522971dcebcb78&amp;scene=21#wechat_redirect" textvalue="城研框架" linktype="text" imgurl="" imgdata="null" data-itemshowtype="0" tab="innerlink" data-linktype="2" wah-hotarea="click" hasload="1" style="outline: 0px;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;">城研框架</a>&nbsp;|</span></section><section style="margin: 5px 8px;outline: 0px;text-align: center;min-height: 1em;line-height: 1.5em;"><span style="outline: 0px;font-size: 12px;">|&nbsp;<a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247507390&amp;idx=1&amp;sn=b6f31ef51d82452033cf5c1fbeff299f&amp;chksm=9756a79aa0212e8c3168d9eb36a129b8febf5100bc5ac924d51cb9078a8fd9236ab6af9df2cc&amp;scene=21#wechat_redirect" textvalue="钱去哪了" linktype="text" imgurl="" imgdata="null" data-itemshowtype="0" tab="innerlink" data-linktype="2" wah-hotarea="click" hasload="1" style="outline: 0px;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;">钱去哪了</a>&nbsp;|&nbsp;<a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247507526&amp;idx=1&amp;sn=4c8ecf033bb9f0b25fc4b25908fe5cdb&amp;chksm=9756a462a0212d746cd15897bc6508ee666d5b07777215cba622358b16bb66b242df32d1544a&amp;scene=21#wechat_redirect" textvalue="大湾区2022" linktype="text" imgurl="" imgdata="null" data-itemshowtype="0" tab="innerlink" data-linktype="2" wah-hotarea="click" hasload="1" style="outline: 0px;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;">大湾区2022</a>&nbsp;|&nbsp;<a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247507570&amp;idx=1&amp;sn=0307248409811ab6679c85284c6baa21&amp;chksm=9756a456a0212d407263136b6c0a272a5263c09361b329d935f0daee75217bd14497b9c2d256&amp;scene=21#wechat_redirect" textvalue="产品逻辑" linktype="text" imgurl="" imgdata="null" data-itemshowtype="0" tab="innerlink" data-linktype="2" wah-hotarea="click" hasload="1" style="outline: 0px;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;">产品逻辑</a>&nbsp;|</span></section><section style="margin: 5px 8px;outline: 0px;text-align: center;min-height: 1em;line-height: 1.5em;"><span style="outline: 0px;font-size: 12px;">|&nbsp;<a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247507694&amp;idx=1&amp;sn=29ba02de26847fdf996203fec3f33b15&amp;chksm=9756a4caa0212ddcedaa35ba4ec6a59fa095ffb2c6d8a4f6357507e4b3f01d5826326e01d9ff&amp;scene=21#wechat_redirect" textvalue="永康房价上涨逻辑" linktype="text" imgurl="" imgdata="null" data-itemshowtype="0" tab="innerlink" data-linktype="2" wah-hotarea="click" style="outline: 0px;-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;">房价上涨逻辑</a>&nbsp;|&nbsp;<a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247508509&amp;idx=1&amp;sn=400be1390222aa11fb0b283ec2766ef3&amp;chksm=9756d839a021512fd6876832b270aba309f7235f48564c6a93d573caf8f960e306c091d7ec39&amp;scene=21#wechat_redirect" textvalue="深沪差别" linktype="text" imgurl="" imgdata="null" data-itemshowtype="0" tab="innerlink" data-linktype="2">深沪差别</a> |</span></section></section><section data-role="paragraph" style="white-space: normal;box-sizing: border-box;"><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;white-space: normal;background-color: rgb(255, 255, 255);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="text-align: center;max-width: 100%;min-height: 1em;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="color: rgb(123, 127, 131);font-family: -apple-system, BlinkMacSystemFont, Arial, sans-serif;font-size: 12px;letter-spacing: 0.544px;text-align: center;caret-color: rgba(0, 0, 0, 0);background-color: rgb(255, 255, 255);">///</span></section><section style="text-align: center;max-width: 100%;min-height: 1em;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="background-color: rgb(136, 136, 136);color: rgb(255, 255, 255);font-family: PingFangTC-Light;font-size: 12px;letter-spacing: 0.544px;caret-color: red;">&nbsp;-&nbsp; 小程序 -&nbsp;</span><br /></section></section></section><section style="max-width: 100%;white-space: normal;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);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;text-align: center;min-height: 1em;line-height: 1.75em;margin-left: 8px;margin-right: 8px;overflow-wrap: break-word !important;box-sizing: border-box !important;"><span style="max-width: 100%;color: rgb(127, 127, 127);font-family: PingFangTC-Light;font-size: 12px;letter-spacing: 0.544px;caret-color: rgb(255, 0, 0);overflow-wrap: break-word !important;box-sizing: border-box !important;">&nbsp;·</span><span style="max-width: 100%;color: rgb(127, 127, 127);font-family: PingFangTC-Light;font-size: 12px;letter-spacing: 0.544px;caret-color: rgb(255, 0, 0);overflow-wrap: break-word !important;box-sizing: border-box !important;">「禾略问答」</span><span style="max-width: 100%;color: rgb(127, 127, 127);font-family: PingFangTC-Light;font-size: 12px;letter-spacing: 0.544px;caret-color: rgb(255, 0, 0);overflow-wrap: break-word !important;box-sizing: border-box !important;">·</span></section><section style="margin-left: 8px;margin-right: 8px;"><a class="weapp_image_link js_weapp_entry" data-miniprogram-appid="wxf051804df9944e68" data-miniprogram-path="pages/index/index" data-miniprogram-nickname="禾略问答" href="" data-miniprogram-type="image" data-miniprogram-servicetype="" href=""><img class="rich_pages wxw-img" data-ratio="0.33830455259026687" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIxgXqtJ7x2ATMbtIm1oBmTM5cLtzxaHKiaJINP1DiaedwSS8oUuQadhFxpcXZiaWxTvWyWxXichXeiaGHw/640?wx_fmt=png" data-type="png" data-w="1274" style="" /></a></section><section style="max-width: 100%;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);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;text-align: center;min-height: 1em;line-height: 1.75em;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;white-space: normal;background-color: rgb(255, 255, 255);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;text-align: center;min-height: 1em;line-height: 1.75em;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;caret-color: red;color: rgb(127, 127, 127);font-family: PingFangTC-Light;font-size: 12px;box-sizing: border-box !important;overflow-wrap: break-word !important;">&nbsp;·<span style="max-width: 100%;font-size: 12px;color: rgb(127, 127, 127);font-family: PingFangTC-Light;letter-spacing: 0.544px;text-align: center;caret-color: rgb(255, 0, 0);background-color: rgb(255, 255, 255);">「HotTina」</span>·</span><br /></section></section><section data-role="paragraph" style="white-space: normal;"><section style="text-align: center;margin-left: 8px;margin-right: 8px;"><a class="weapp_image_link js_weapp_entry" data-miniprogram-appid="wxdcdd1e610d71ae74" data-miniprogram-path="pages/serch/serch" data-miniprogram-nickname="HotTina" href="" data-miniprogram-type="image" data-miniprogram-servicetype="" href=""><img class="rich_pages wxw-img" data-backh="120" data-backw="389" data-ratio="0.30973451327433627" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIxBKiaQNH3yAajSVKNDghYCq5gnROOAWjmdwIqhP9gBLpU9iaicBb19EGQVKpTzeP0lOXYyF5icG1y74Q/640?wx_fmt=png" data-type="png" data-w="791" style="width: 100%;height: auto;" /></a></section><section style="text-align: center;margin-left: 8px;margin-right: 8px;"><span style="color: rgb(123, 127, 131);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;font-size: 12px;letter-spacing: 0.544px;text-align: center;background-color: rgb(255, 255, 255);"><br /></span></section><section style="text-align: center;margin-left: 8px;margin-right: 8px;"><span style="color: rgb(123, 127, 131);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;font-size: 12px;letter-spacing: 0.544px;text-align: center;background-color: rgb(255, 255, 255);"><span style="color: rgb(127, 127, 127);font-family: PingFangTC-Light;font-size: 12px;letter-spacing: 0.544px;text-align: center;caret-color: rgb(255, 0, 0);background-color: rgb(255, 255, 255);">*</span></span></section><section style="text-align: center;margin-left: 8px;margin-right: 8px;"><span style="color: rgb(123, 127, 131);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;font-size: 12px;letter-spacing: 0.544px;text-align: center;background-color: rgb(255, 255, 255);"><br /></span></section><section data-role="outer" label="Powered by 135editor.com" style="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%;box-sizing: border-box;font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);text-align: left;line-height: 1.75em;margin-left: 8px;margin-right: 8px;overflow-wrap: break-word !important;"><span style="max-width: 100%;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;;box-sizing: border-box !important;overflow-wrap: break-word !important;">▷往期文章彩蛋:不要戳开!!!</span></section><section style="margin: 5px 8px;text-align: center;line-height: 1.5em;"><a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247500345&amp;idx=1&amp;sn=93797fca0ea11825bcc9e5e1c0109c52&amp;chksm=9756b81da021310ba7a377bdce7ef2877fb30eb246731c626bffd343008b77703527595ad2ed&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"><span class="js_jump_icon h5_image_link" data-positionback="static" style="inset: auto;"><img class="rich_pages wxw-img" data-backh="86" data-backw="562" data-ratio="0.15350877192982457" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIyWURddlHITkZgKz53a4xugLLibwPxIshPkhYb8rUpx6OiaokEiaiaoQAs4pBYvOk4KlGWhp5OagMyWaw/640?wx_fmt=png" data-type="png" data-w="912" style="width: 100%;height: auto;" /></span></a></section><section style="margin: 5px 8px;text-align: center;line-height: 1.5em;"><a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247500355&amp;idx=2&amp;sn=2c6ce758ab3881befb2fbba0ba3603f1&amp;chksm=9756b867a021317120bad43bc938ebb4cdb2953af8c54167618f6a0d2e10e4a0c0dbbeb90f65&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"><span class="js_jump_icon h5_image_link" data-positionback="static" style="inset: auto;"><img class="rich_pages wxw-img" data-backh="86" data-backw="562" data-ratio="0.15350877192982457" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIyWURddlHITkZgKz53a4xug2z2ZNw3efskOCCTiaR2MZIrkVnqNUUySzc8kPhT5aLfLE1SvHGhoJUw/640?wx_fmt=png" data-type="png" data-w="912" style="width: 100%;height: auto;" /></span></a></section><section style="margin: 5px 8px;text-align: center;line-height: 1.5em;"><a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247500384&amp;idx=1&amp;sn=ce96c211a2ed19ee560b34d30d321292&amp;chksm=9756b844a0213152bb36ae4ebc877ea634416495af8892942074d23f0d1b5581b32b705c0835&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"><span class="js_jump_icon h5_image_link" data-positionback="static" style="inset: auto;"><img class="rich_pages wxw-img" data-backh="86" data-backw="562" data-ratio="0.15350877192982457" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIyWURddlHITkZgKz53a4xugNEZT4DD88icwcAl08ZuziaiadYt82wzZG5n14t7224xWjyeK8SNXNIp8A/640?wx_fmt=png" data-type="png" data-w="912" style="width: 100%;height: auto;" /></span></a></section><section style="margin: 5px 8px;text-align: center;line-height: 1.5em;"><a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247500776&amp;idx=1&amp;sn=6f4fcd10bc90a8f72744416eda3995a4&amp;chksm=9756b9cca02130da9094518319d318ca4fd11413c1213d18be9cc9d8302528b34816fdd34394&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"><span class="js_jump_icon h5_image_link" data-positionback="static" style="inset: auto;"><img class="rich_pages wxw-img" data-backh="86" data-backw="562" data-ratio="0.15350877192982457" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIyWURddlHITkZgKz53a4xugA8lpBib3AWM95x6tIIxu56bryKOYOVyRWzd6jsYRjicIiaF1hohgrpN1w/640?wx_fmt=png" data-type="png" data-w="912" style="width: 100%;height: auto;" /></span></a></section><section style="margin: 5px 8px;text-align: center;line-height: 1.5em;"><a target="_blank" href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247500347&amp;idx=1&amp;sn=dffbd70a87a2f5610cf728e4970ec869&amp;chksm=9756b81fa0213109c740e135c93ac90c20e029871a10bf1ad6d116f9d663d7a26b7d8a673bbe&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"><span class="js_jump_icon h5_image_link" data-positionback="static" style="inset: auto;"><img class="rich_pages wxw-img" data-backh="86" data-backw="562" data-ratio="0.15350877192982457" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIyWURddlHITkZgKz53a4xugMQjVx8C1LeClYXAgR1lKe771SGnJj9TxohSmoF4W79ORTDc52UmmNQ/640?wx_fmt=png" data-type="png" data-w="912" style="width: 100%;height: auto;" /></span></a></section></section></section><section data-role="paragraph" style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section data-tools="135编辑器" data-id="86134" style="max-width: 100%;font-family: -apple-system, BlinkMacSystemFont, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);box-sizing: border-box !important;overflow-wrap: break-word !important;"><section data-tools="135编辑器" data-id="86134" style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="margin: 5px 8px;max-width: 100%;min-height: 1em;text-align: right;letter-spacing: 0.544px;line-height: 1.5em;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="letter-spacing: 0.544px;"></span><br /></section></section></section><section data-tools="135编辑器" data-id="86134" style="max-width: 100%;letter-spacing: 0.544px;font-family: -apple-system, BlinkMacSystemFont, Arial, sans-serif;background-color: rgb(255, 255, 255);box-sizing: border-box !important;overflow-wrap: break-word !important;"><section data-tools="135编辑器" data-id="86134" style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="max-width: 100%;min-height: 1em;text-align: right;letter-spacing: 0.544px;line-height: 1.75em;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);letter-spacing: 0.544px;font-size: 13px;font-family: PingFangTC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;">2022&nbsp;| 有妖气</span></section><section style="max-width: 100%;min-height: 1em;text-align: right;letter-spacing: 0.544px;line-height: 1.75em;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section></section></section><section data-role="outer" label="Powered by 135editor.com" 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);box-sizing: border-box !important;overflow-wrap: break-word !important;"><section data-role="paragraph" style="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="margin-right: 8px;margin-left: 8px;max-width: 100%;letter-spacing: 0.544px;min-height: 1em;text-align: center;font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section data-tools="135编辑器" data-id="93717" data-width="95%" style="margin-right: auto;margin-left: auto;max-width: 100%;box-sizing: border-box;width: 627.938px;flex: 0 0 95%;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 !important;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;min-height: 1em;color: rgb(0, 0, 0);font-size: 14px;line-height: 1.75em;margin-left: 8px;margin-right: 8px;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 13px;caret-color: red;color: rgb(255, 255, 255);background-color: rgb(0, 0, 0);font-family: PingFangTC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;"><img class="rich_pages wxw-img" data-cropselx1="0" data-cropselx2="392" data-cropsely1="0" data-cropsely2="697" data-ratio="1.7777777777777777" data-src="https://mmbiz.qpic.cn/mmbiz_jpg/AJkYaTAujIyzQyae6rIKzGRV4aibmBVORE5wHWA5icl0qlaaAB2kJTBTLa5Z8SvQrWYYibOKHibXWGkZlfr54AUUnw/640?wx_fmt=jpeg" data-type="jpeg" data-w="1080" style="height: 697px;box-sizing: border-box;color: rgb(51, 51, 51);font-size: 17px;letter-spacing: 0.544px;z-index: -1;cursor: pointer;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;width: 392px;max-inline-size: 100%;overflow-wrap: break-word !important;outline: none 0px !important;visibility: visible !important;" title="好.png" /></span></section><section style="max-width: 100%;box-sizing: border-box;min-height: 1em;color: rgb(0, 0, 0);font-size: 14px;line-height: 1.75em;margin-left: 8px;margin-right: 8px;overflow-wrap: break-word !important;"><span style="max-width: 100%;caret-color: red;color: rgb(255, 255, 255);background-color: rgb(0, 0, 0);font-family: PingFangTC-Light;font-size: 12px;box-sizing: border-box !important;overflow-wrap: break-word !important;">&nbsp;「 www.urasr.com」&nbsp;</span></section><section style="max-width: 100%;box-sizing: border-box;min-height: 1em;color: rgb(0, 0, 0);font-size: 14px;line-height: 1.75em;margin-left: 8px;margin-right: 8px;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(127, 127, 127);caret-color: red;font-family: PingFangTC-Light;font-size: 10px;box-sizing: border-box !important;overflow-wrap: break-word !important;">#BE TRUE&nbsp; #BE WELL&nbsp; #BE WILD</span></section><section style="max-width: 100%;box-sizing: border-box;min-height: 1em;color: rgb(0, 0, 0);font-size: 14px;line-height: 1.75em;margin-left: 8px;margin-right: 8px;overflow-wrap: break-word !important;"><br /></section></section></section></section></section><section style="max-width: 100%;color: rgb(163, 163, 163);letter-spacing: 1.5px;font-family: 微软雅黑, Arial, sans-serif;line-height: 1.75em;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section></section></section></section></section><section style="max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;text-align: center;min-height: 1em;line-height: 1.75em;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="letter-spacing: 0.544px;font-size: 0px;font-family: mp-quote, -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;"></span><span style="letter-spacing: 0.544px;color: rgb(127, 127, 127);font-family: PingFangTC-Light;font-size: 12px;caret-color: red;background-color: rgb(255, 255, 255);">*</span><br /></section></section><section data-role="outer" label="Powered by 135editor.com"><section data-role="outer" label="Powered by 135editor.com"><section data-role="paragraph" 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 data-role="outer" label="Powered by 135editor.com" style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section data-role="paragraph" 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%;letter-spacing: 0.544px;min-height: 1em;text-align: center;font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;min-height: 1em;color: rgb(0, 0, 0);font-size: 14px;line-height: 1.75em;margin-left: 8px;margin-right: 8px;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(127, 127, 127);font-size: 12px;letter-spacing: 0.544px;font-family: PingFangTC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;">关注分享</span></section><section style="max-width: 100%;line-height: 1.75em;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;caret-color: red;color: rgb(127, 127, 127);font-size: 12px;font-family: PingFangTC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;">FOLLOW US &amp; SHARE ON MOMENTS</span></section><section style="max-width: 100%;line-height: 1.75em;margin-left: 8px;margin-right: 8px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section></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 data-role="paragraph" style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="margin-left: 8px;margin-right: 8px;"><section data-role="layout" style="flex-flow: row nowrap;display: flex;word-break: break-all;"><section data-role="layout" data-width="20%" style="box-sizing: border-box;width: 115.594px;"><section data-role="layout-inner"><section data-role="paragraph"><p style="text-align: center;"><span style="max-width: 100%;color: rgb(127, 127, 127);font-size: 12px;letter-spacing: 0.544px;font-family: PingFangTC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;">官网</span></p></section></section></section><section data-role="layout" data-width="20%" style="box-sizing: border-box;width: 115.594px;"><section data-role="layout-inner"><section data-role="paragraph"><p style="text-align: center;"><span style="max-width: 100%;color: rgb(127, 127, 127);font-size: 12px;letter-spacing: 0.544px;font-family: PingFangTC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;">微博</span></p></section></section></section><section data-role="layout" data-width="20%" style="box-sizing: border-box;width: 115.594px;"><section data-role="layout-inner"><section data-role="paragraph"><p style="text-align: center;"><span style="max-width: 100%;color: rgb(127, 127, 127);font-size: 12px;letter-spacing: 0.544px;font-family: PingFangTC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;">视频号</span></p></section></section></section><section data-role="layout" data-width="20%" style="box-sizing: border-box;width: 115.594px;"><section data-role="layout-inner"><section data-role="paragraph"><p style="text-align: center;"><span style="max-width: 100%;color: rgb(127, 127, 127);font-size: 12px;letter-spacing: 0.544px;font-family: PingFangTC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;">知乎</span></p></section></section></section><section data-role="layout" data-width="20%" style="box-sizing: border-box;width: 115.594px;"><section data-role="layout-inner"><section data-role="paragraph"><p style="text-align: center;"><span style="max-width: 100%;color: rgb(127, 127, 127);font-size: 12px;letter-spacing: 0.544px;font-family: PingFangTC-Light;box-sizing: border-box !important;overflow-wrap: break-word !important;">b站</span></p></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><section style="margin-left: 8px;margin-right: 8px;"><section data-role="layout" style="flex-flow: row nowrap;display: flex;word-break: break-all;"><section data-role="layout" data-width="20%" style="box-sizing: border-box;width: 115.594px;"><section data-role="layout-inner"><section data-role="paragraph"><p style="text-align: center;"><img class="rich_pages wxw-img" data-backh="13" data-backw="13" data-cropselx1="0" data-cropselx2="50" data-cropsely1="0" data-cropsely2="50" data-ratio="1" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIycoMZjGF8RrRlGEzqzackrSSVqK5SzNApiaN9vmWpNcEuzuMInkGCcu5SiaAn2iba30oI1cPAeJVnqw/640?wx_fmt=png" data-type="png" data-w="300" data-width="50px" style="box-sizing: border-box;color: rgb(0, 0, 0);caret-color: rgb(255, 0, 0);width: 50px;font-family: 微软雅黑, &quot;Microsoft YaHei&quot;, Arial, sans-serif;max-inline-size: 100%;overflow-wrap: break-word !important;outline: none 0px !important;visibility: visible !important;height: 50px;" /></p></section></section></section><section data-role="layout" data-width="20%" style="box-sizing: border-box;width: 115.594px;"><section data-role="layout-inner"><section data-role="paragraph"><p style="text-align: center;"><img class="rich_pages" data-cropselx1="1" data-cropselx2="103" data-cropsely1="0" data-cropsely2="104" data-s="300,640" data-type="png" data-width="50px" width="50px" data-backw="18" data-backh="18" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIy3kArrxGazyPIK26bO7zZfQibibfZGIkjRNwTHwQ4KNp3zu2sgMcS5VLib1OHNDwOibjnPpUoribI5IcQ/640?wx_fmt=png" data-ratio="1" data-w="300" style="box-sizing: border-box;color: rgb(0, 0, 0);caret-color: rgb(255, 0, 0);width: 50px;font-family: 微软雅黑, &quot;Microsoft YaHei&quot;, Arial, sans-serif;max-inline-size: 100%;overflow-wrap: break-word !important;outline: none 0px !important;visibility: visible !important;" /></p></section></section></section><section data-role="layout" data-width="20%" style="box-sizing: border-box;width: 115.594px;"><section data-role="layout-inner"><section data-role="paragraph"><p style="text-align: center;"><img class="rich_pages wxw-img" data-ratio="1.0044247787610618" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIzdKK1pWxDY25IjWC6hzyuZPClD30iaLtAVGt7UszT4kJMlymjsJz0yLneTFRIJS1jvpr56X0OGLrQ/640?wx_fmt=png" data-type="png" data-w="226" data-width="50px" height="71" style="box-sizing: border-box;width: 50px;" width="50px" /></p></section></section></section><section data-role="layout" data-width="20%" style="box-sizing: border-box;width: 115.594px;"><section data-role="layout-inner"><section data-role="paragraph"><p style="text-align: center;"><img class="rich_pages" data-s="300,640" data-type="png" data-width="50px" width="50px" data-backw="47" data-backh="47" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIy3kArrxGazyPIK26bO7zZficyibw72OWmSMvgNNjSWoDHlf7aSgplp7dtCDAEFtJKHBnC8qaLHSIeQ/640?wx_fmt=png" data-ratio="1" data-w="300" style="box-sizing: border-box;z-index: -1;cursor: pointer;color: rgb(0, 0, 0);caret-color: rgb(255, 0, 0);width: 50px;font-family: 微软雅黑, &quot;Microsoft YaHei&quot;, Arial, sans-serif;max-inline-size: 100%;overflow-wrap: break-word !important;outline: none 0px !important;visibility: visible !important;" /></p></section></section></section><section data-role="layout" data-width="20%" style="box-sizing: border-box;width: 115.594px;"><section data-role="layout-inner"><section data-role="paragraph"><p style="text-align: center;"><img class="rich_pages wxw-img" data-backh="13" data-backw="13" data-cropselx1="0" data-cropselx2="69" data-cropsely1="0" data-cropsely2="69" data-ratio="1" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIwaUyIuHQngl5c5PD5uQEXrh3UfLLLmbNNIYHsl0uM1fFRJCOicUgwgiaAoBNbUmeBiahGEFZBm9uXAw/640?wx_fmt=png" data-type="png" data-w="300" data-width="50px" style="box-sizing: border-box;z-index: -1;cursor: pointer;color: rgb(0, 0, 0);caret-color: rgb(255, 0, 0);width: 50px;font-family: 微软雅黑, &quot;Microsoft YaHei&quot;, Arial, sans-serif;max-inline-size: 100%;overflow-wrap: break-word !important;outline: none 0px !important;visibility: visible !important;" width="50px" /></p></section></section></section></section></section></section></section></section><section data-role="paragraph" 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);box-sizing: border-box !important;overflow-wrap: break-word !important;"><section data-role="paragraph" style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><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></section><section style="max-width: 100%;box-sizing: border-box;font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);text-align: right;line-height: 1.75em;margin-left: 8px;margin-right: 8px;overflow-wrap: break-word !important;"><br /></section><section style="max-width: 100%;box-sizing: border-box;font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);text-align: right;line-height: 1.75em;margin-left: 8px;margin-right: 8px;overflow-wrap: break-word !important;"><span style="max-width: 100%;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;;box-sizing: border-box !important;overflow-wrap: break-word !important;">感谢你的每一个分享 | 点赞 | 在看</span></section><section style="max-width: 100%;box-sizing: border-box;font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);text-align: right;line-height: 1.75em;margin-left: 8px;margin-right: 8px;overflow-wrap: break-word !important;"><span style="max-width: 100%;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;;box-sizing: border-box !important;overflow-wrap: break-word !important;">SPECIAL THANKS</span></section><section style="max-width: 100%;box-sizing: border-box;font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);text-align: right;line-height: 1.75em;margin-left: 8px;margin-right: 8px;overflow-wrap: break-word !important;"><span style="max-width: 100%;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;;box-sizing: border-box !important;overflow-wrap: break-word !important;">▼▼▼</span></section></section></section>

← 返回观点全库