黄燕铭荐阅二：公司研究基本框架.pdf

1、g7DBg1009gAFFg869g1107g63Dg11Fg704gDB3gFF9g8EEg80Eg427g97Fg84Fg69g69g859gE0BgB25g65Ag11DAg10D0g7DBg1009gAFFg5A5gFF9g8EEg1079g10F8g1gF8Dg48Dg6B6g95FgC68g11A6g4FBg1g124Bg1205g103Cg7g124BgFD0gD8Cg5A5gC5Eg6FDg112Fg11BCgFF9g8EEgE76g612g753g92CgC5Eg6FDg112Fg11BCg1gB25g65Ag11DAgE76g612g11D7g7EDg5BBg1042g10

2、6g114Bg1031g704gDB3gFF9g8EEg97Fg84Fg3BFg1176gFF9g8EEg5A5gF35g7AAg551g5BBg956g673gEB9gEF4g6F1g486g673g111g5BBg1042g111g704gDB3gFCAg1134g10Dg704gDB3gFF9g8EEg5A5gC0Fg5C4g111gCC2g785gFCAgA94g10Eg120g5BBg63Dg111g704gDB3g11CDg9D8g10D0gB3Dg965g10Dg73Fg445gFF9g8EEg684gF42g10Eg120g5BBgCD8g111g7CCg8E2g10D0g11

3、5EgA7Bg10Dg704gDB3gFF9g8EEg5A5g782gF8FgDEEg111Dg111gE2Bg459g731g11FFg8E9g119Ag10AAgD5Dg10Eg120g5BBgDB9g111gC12g103CgF9BgEB9g10Dg407g993g108FgF67gF9BgEB9g61g48DgF00gF9BgEB9g5A9gB3DgCB8g111g11FFg1069g784g704gDB3g115EgA7Bg8B2g786gFF9g8EEg10Eg120g5BBgEF4g111g48DgF00g10D0g719g11B4g10Dg556g7F6g839g673gF05

4、g61g48DgF00g673gF05g61g411g456g673gF05gCC6gD6Dg111g1173g51Bg704gDB3g1094g9E6gC7Ag5EEg5A5g782gF8Fg84CgD21g1079gDCDg111g8C9g637gE9Bg4EEg1094g9E6g10E7g4A9g10D0g719g11B4g10Eg62g111Dg704gDB3gFF9g8EEg5A5gD4Cg83Dg110Eg10A8g11CFg111gEE1gACCg1031g556g8DCg756g6FgFA9gD65g70g5A5g462g9CFg5A5g7F6g839gF90gF0Fg784g

5、664g7F6g839gF90gF0Fg11CFgE4Bg51Bg111gC80gFD9g1173g11D9gCA6gF8Fg11CFgB2Ag6F1gDBBg1187gDBBg84Cg5A5gDF2g111g482g1031g11B3g1222g10BFgDF2gD5Eg68Eg11BAgD5Eg11D9gCA6gF8Fg11CFgB2AgAC5g77Ag5A5gF58gF60g111g11BAgFB3g11A9g5A1g11D9gCA6g11ADgF8FgD5Eg68Eg1079gDF2g637g1161g662g111g119EgDEEgECCg6FgD57g8B8g111g664gD5

6、7g8B8g111gD5EgB00gD57g8B8g70g111g6FgD8EgD08g7BDg482g937g637gF8Fg11CFg7BDg1039g956g105Bg937g70g62g1g6BEgFF9g8EEg97Fg84FgD5Eg556gFF9g8EEg704gDB3g5A5g70BgF9Fg51Bg63Fg111g124Bg11D4gA8Bg896g59Eg704gDB3g5A5g6F1gF9Fg11ADgDEEg111Dg69g69g6Fg8E9g119Ag10AAgD5Dg70g111g58Cg1039g482g108Bg8FFgB43g10BFgDEEgECCg97Fg

7、84Fg111g6FgCC2g641g10DCg1180g111g645gD09g108BgD1Ag111g785g983g664g645g70g111gFF9g8EEg704gDB3g5A5gB3Dg6FFgFB3g1031gAA4gAA4gC80gFA9g9FFg111g482g1031g11B3gB51g10BFgB16g1042g9D8gB51g62g1gB25g65Ag11DAg111Dg54Eg1031gE2Bg459g6CBgF86g7DBg1009gAFFg9BAgD3Dg111g10BFgA42gB4DgC2Dg6F3gA14gEE1g1183g60DgFF9g8EEg107

8、9g10F8g111g111Dg937gC13gFF9g8EEg97Fg84Fg11ADgC2Dg111gF35gA0DgA0Dg1183g60DgFF9g8EEg1079g10F8g62g13g11g12g13gB4Dg5A5g8C1gC6CgD48g8ABg111g11DBgEB6g1042gBCBgCA3g805g4D4gE3Fg5A5g998gBD0g97Eg4D6g6D0g6D0gE7CgC8Fg111g576g6C0gD5EgEE1g7CEgAC0g10B5gF8Dg48Dg6B6gFE2g9EFg10F8g723g111g11BAg924g5A4g1183g1042gB4Dg5A

9、5gC6CgE3Fg6ECgE93gC62gDA1g62g592gD48g469g482g113BgF58g756g111g13g11g12g13gB4DgC6CgE3Fg5A5gC62gDA1g1069gEC5g1222g1231g54Eg10D0gC5EgDBEg1254g459g111g556g13g11g12g14gB4Dg11C0g8C2g5A5gAC4g1042g6F1gF31gC6Cg11ADg88Cg111g5FBg4EEgEB9g1042gB4Dg592g11CFg124BgAABgA5Cg5A5g8ABg5C4g62gB2Ag6F1gC6CgE3Fg111gEE1gACCg

10、753gDFCg92Cg3BDgF8DgCA9g5A5g7DBg1009gAFFgDEEg4C9g1031g6F3gFF9g8EEgDEEg10F4g6FDg784gD27g13AAg5B9gC75g5A5g486g673g95Ag7BCg8C9gF9BgEB9gBF9gA06gE3Fg5A5gFF9g8EEgBA1gFDEg62g613gEE1gACCg1183g1042g9CBgF1Dg738gA14g1037gAA0gD33g4C9g5A5gFF9g8EEg11F9g9D8g637gFFDg111g1183gEEDg1050gD5Eg1042g551g84Eg11B4g734gB51g5

11、A5gF21g9DCg10D0gFF9g8EEg9D8gB51g5A5g11D7gDD1g111g8FCg111Dg1183g551gBA1gFDEg11CFg111g7DBg1009gAFFg9BAgD3Dg4EEg8FCgA14gEE1g11ADg7AAg5A5gFF9g8EEg1079g10F8g62g1g7CEgC62gF09g83Ag5A4gD5Eg111DgD27g13AAgD67gEBEg594gF6Eg5A5g576g9DCgE16g9DAg111gEE1g1255g111Dg5BBg1042gB86g111g5BBg1042g551g1187g119EgE50gED4gA14

12、g785gEB9g11A3gC8AgFF9g8EEg111g592gD48g5A5gEE1g613g1042gF74g90EgE38g5A5g9D8gA82g11A9gD4DgCAFg569g1042g11A9g3F6g8B3g111g58CgB3DgF8FgD27g529g65Fg68DgE6CgC96g46Dg1109g86EgCB0gCFAg51Bg1042g5A1g73BgAA7g111gDF1g11D7g13g11g12g18gEg11g1AgEg13g12 g1gB25g65Ag11DAg1g753g92CgC5Eg6FDg65Ag11DAg1230gF8Dg7D2gC0FgA14

13、gEE1g613g756gC80gFB8g61Fg1058gFD0g11A9gD4Dg5A5gDB1g949g111g469g11B7g1084gEE1g87Cg1183gF74gB3DgCB8g531g9F3gC0Fg99Fg108Bg10A8g111Dg11A3gC8AgFF9g8EEg11ADgD08g111g434gD48gA37gEE1gF96g679g482g1058g111g10F0g99Fg1183g8FCgD5Eg556gEC3g1187g119EgE38g7F6g10D0g9D8g8B3g59Eg5A5g11A3gC8AgFF9g8EEg97Fg84Fg106gDDBg12

14、22g7DBg9BAgD3Dg1084g59DgD54g63FgED9g5A5g11EFg484gD27gCC6g111gEE1g10DFg63Fg924g5A4g1231g82Dg756gC80g5A5gDB1gEBBg10D0gD6Ag898gDFEg756gF2Eg3BAg111gC70g11A9g10E0g5A5gC7AgD50gEADgC8FgA14g613gE34gED9g5A5g914gB83g111g5BBg1042gB86g5A5gE5DgFD0gEB9gA14g622g445g7DBg9BAgD3Dg5A5g7AAgFC3gE34gED9g674g674g7AAg4DCg1

15、11g5FFgEE1g4E6g124AgC03g11CFg111g854gD6Fg5BBg1042gB86g62g8DCg756gA06gE3Fg412g684g11E7g10CFg3EEg5A5gF21g9DCg111gEE1g11A9g5A1g1231g82Dg90Fg9D6g1187g119Eg5A5g11A3gC8AgFF9g8EEg7CEg10B5g793g10F9g111g111Dg54Eg11ADg7AAgEE1g482gE54g5B9g651g6AFgDB1g949g111gD6BgE6Dg7EDg573g51Bg6Fg11A3gC8AgFF9g8EEg5A5g80Eg427g

16、97Fg84Fg8EEg8E8gD5EgD49gAB9g70g1183g6F1gED9gE35g5A5g573g3C3g62g807gFB8gD48g11C0g8C2gCB0g111g573g3C3g1239gDD8g876g8C9gED9gE35g5A5g427g10F7g111g592gC96gE10gFD9g573g3C3g5A5g756g4F1g9D6g482g937g61FgB4Dg7DBg9BAgD3Dg5A5gC13g63Fg105Bg823gE77g869g5A5g1042g427g6FDg90EgD80g69g69g75g8C1g6D0g8DCg76g62gBA1gFDEg8

17、B2gD8Fg7AAg576g10FFg19g6F1g1105g111g7DBg9BAgD3DgC9EgEE1g8A4gCA9gA14gC5Eg6FDg112Fg11BCgA35g10D7g6B5g1133gCA6g1183g1042g11AFgF00g111g10BFgEE1g637gFFDg111gAA1g575gAA1gDD8g11BAg10B5gA06gB4Dg61Fg5A5g11F9g9D8g8DCg9E5g8FCgD4CgF43g898gCE4g1207g44Dg111g4F4g7E1g4F4g963g120g10BFgEF0g41BgE5Dg12C1g11ADg11CFg111g

18、EE1g4EEgEB9g704gDB3g63DgB4Dg829gE5DgFD0g9DAg5A5g5BBg1042g6F1gA35g10D7g6B5g1133gCA6g111g1039g6F7gD50gEE1gFE2g9EFg41Fg1139g62g8A4gCA9g11ADgD48g9EBgF2Fg1133gCA9g1211g111gCCFgF8Dg48Dg6B6g482gD08g3FCg111g753gDFCg92Cg3BDgFF9g8EEgDEEg5A5g11AFg103CgD33gFEDg8FCg54EgA14g60Eg62g1183g111Dg592gD48g613gEE1g99Fg88

19、3g82Bg7ACgD5Eg1042g6F1g482g956gB3FgE9Bg4EEg5A5gCA9gF00g111g949gA6Eg59Eg6FgC2DgE6FgEEDgA0Ag70g111gEE1g8E8gAC0g10B5g87Cg7BCg967gC25g104Dg59Eg81Eg90Eg407gCB8gF9Fg5A5gD27g13AAg111g637gD5EgFCAg1134g83FgFC3gA3Dg111DgA14g723gF54g4EEg5FBg111g1183g1042g925g5E7g1039g11B0g8A4g59Dg11C1g7AAg99Fg570g756gBA5g11C2g

20、65Cg5B9g4C1g5A5g124Bg844gD48g5C4g62gEE1g5E4g1222g90Dg576g5A5gFE2g9EFg111g13g11g12g14gB4Dg5BBg1042g551g495gBDFgF8Dg48Dg6B6g8FCg1157g806g5BBg63DgB00g111g4EEg81Bg576g696g4D1gD67g4C6g823gEE1g5A5g10E7gBF9g120g13g11g12g15gB4Dg6F7gD5Eg1042g71Dg1254gC17g3D9g5A4gE68g514g62g10A8gA06gB4DgD48g857g556g3FCgD08gEE

21、DgB00g59EgECAgA19g5BBg1042g111gF9Bg103CgB3Dg8C7g10B5gC79g11B7g956gD94g5A5g673gF05gD3DgB3FgC7Cg5A4gCC2g54Eg979gDCEg5A5g974g1100gD54g8C9g484g111g807gFB8gC03g11CFg10B5gF9Dg110Eg5A5g1079gDCDg111g58Cg1183g441gC96g61FgD94g10B5g9A0g10BFgEE1gD59g103Cg59DgD3Dg69g69g7DBg9BAgD3Dg5A5g11B7g5C4g10D0g3FAg11F9g62g1

22、3g11g12g16gB4Dg61g13g11g12g17gB4DgEE1gFFCgFC3g11ADgC2Dg5A5gED7g725g63Fg7E8g111g9F5gFC3g806g5A4gA14gA06g551gF8Dg48Dg6B6g5BBg63DgB00g111g7A1g734g115EgA7Bg4AAgAEBg5A5g11B7g1084g1047g8F8g1031g6CBgF86g7DBg9BAgD3Dg111gCB0g4C8g11ADg11CFgD59gEEDg90DgF25g5A5g6FDg1254g6F7g9D6g482g937gEE1g664g4C8g10AAgFAEg5A5g

23、C2Dg7AAg82BgECAg571g596g11FgEF1gC98g29CFgE5DgFD0g61g9D9g9D3gFF0gE5DgFD0g61gEF1gF6Bg666gE5DgFD0g784gA1Fg1911g10D3gE5DgFD0g111gDF0gACCg927g613gD5Eg111DgC5Eg6FDg112Fg11BCgFF9g8EEgA35g10D7g124Bg51BgCE4g5A5gFF9g8EEg11F9g9D8g111gAC0g10B5g11ADg1042g62g54EgE93g111g57BgEE1g8C9gCC6g753g92Cg5A5gEA6g682g9BAgD3D

24、g784g942g93Ag6ACgDEEg4C9g1039g6F3gEE1gB0Dg576g5A5g731gF8Fg111g7CEg10B5g1042gC95g10AAgFAEg5A5gE5DgD59g1039gD5EgFD0gF1Dg5A5g3FCg1022g111g65Ag11DAg111DgF8Fg9DAg1042g1042gF86g756g62g1g1207g1004g59EgA14g13g11g12g18gB4Dg5A5g51Ag53Dg111g941gDBBg11BAgD5Eg1042g6F1g111Cg119Eg4C8g482g756g5A5gEA3gEFEg6AFgDCAg5A

25、5gD48g8ABg111gD4Cg1135gC8FgD5EgA36g1042g6F1gA7Dg7EDg5A5g937g60Ag62g63Dg829gD67g4C6g5A5gE67g1227g1180g784g673gF05gD3DgACCg63FgF43g8C2g53Dg482g10D0gDB9gD48gE5Dg111g22g16g11g1195g1195gCB0gD08g111g11CFgF6Cg537gC8FgF06g684g497g1176g111g7DBg9BAgD3Dg111Dg5BBg1042gD48g857g11B7g51Bg111g22g722gEC3g99Fg613g80E

26、g427gAEBgFF9g8EEg87Cg1100g99Fg1100g11D7gD6Ag111g883gA14gCD8g913g664g4C8g11D7g1031g5A5g734g5C4g11Fg459g6F3gEE1g883g723gD59g111gEE1g1031g784gB46gDB5g966g26g31g34g120g63g111DgC80g702g6F3g4A7g5A5g7CCg8E2gF2Fg111g1031gFD9g1173g8E9g119Ag10AAgD5Dg448g83DgE34gD36g5A5g704gDB3g120g63gFD9g1173g8E9g119Ag10AAgD5

27、Dg448g83DgE34gD36g5A5g704gDB3g124Bg865g586g5A5g3F7g645g8FCgD5Eg1173g6F2gF25g673gF9Bg103Cg5A5gA43gE68g62g1gDF0g1031gC70gEE1g784g653g1017g8D0g979g119Cg9D8g51Bg1042g6F1gF9Bg103Cg784g704gDB3gFF9g8EEg97Fg84Fg111g702gEE1gACCgFF9g8EEgDEEgF8Dg10F4g6FDgFD0gF1DgD50g10A8g62g1gEB9gA14gE9Bg4EEg1183g6F1g704gDB3gF

28、F9g8EEg97Fg84Fg111g7DBg9BAgD3DgE2Bg1069g111DgD08g75Ag3BDgB86gA14g1042g119CgE3FgD48g857g10D0gEE1gACCg673gF05gE29gA82g111gC62g523g5A5g83Ag5A4gB2AgE3FgD5Eg14g1105g12g14gCB0g111g119Eg77AgD5Eg7DBg9BAgD3Dg5A5gD33gCB0g62g7DBg9BAgD3Dg3DCgDF0g13g11g61FgB4Dg556gD59g11A3gC8AgFF9g8EEg613g704gDB3g5A5gFF9g8EEg97F

29、g84Fg5A5g1239g8B2gE34g9FFgEB9gEF4g6F1g486g673g111g7C2g111Dg3E2g3F0gD08gF5FgEE1g1042g1042g115AgD55g51Bg99Fg111g11ADg7AAgD94g1105gEE1g7BDg66Eg576gA08g8DAg9EFg87CgC03gE9BgCFFg111gCC2gF2Fg4EFgF43g6F3g11EDgECAg11Fg1表1. 行业研究的框架g12g61g704gDB3gFCAg1134g13g61g704gDB3g11CDg9D8g10D0gB3Dg965g14g61g7CCg8E2g10D0g

30、115EgA7Bg15g61gC12g103CgF9BgEB9g16g61g81BgF72g10D0g719g11B4数据来源：国泰君安证券研究g1g1g704gDB3gFCAg1134g12gFF9g8EEg722gBD0g441gFB6g1031g105Bg704gDB3gEB9g80Eg524g111g722gBD0g84Eg11B4g5A5g427g11C9gD5Eg10E7gBF9g111g704gDB3gFF9g8EEg827gD5Eg613gFF9g8EEgB22g453g704gDB3gEC3g99FgF43g8C1gA40gE4CgF43g5A5g10E7gBF9g823gC

31、03g448g83Dg44Dg7C4g62gB22g453g704gDB3g5A5gFCAg1134gD5Eg119Cg6F1g704gDB3gFF9g8EEg5A5gC0Fg5C4g784gD6Eg1031g731g86Fg11ADgDEEg111Dg111g827gCC2g785g6FgFCAgA94g70g62gEE1gACCgE59g4C8gDEEgDAAg6Fg1253gD49gAB9g431g1138gAB9g1253g6F7g11D7g1031g70g111g662g111Dg704gDB3gFF9g8EEgD08g827gD5EgFF9g8EEgB27g845g704gDB3g

32、431g1138g1022gFF9g8EEg6F7g11D7g1031g111g1183g8FCg1084gD23g51Bg1042g6F1gF4Dg592g81FgD6Dg5A5gED9gE35g111gEE1gACCgCC2g785gB3Fg556g75AgA08g704gDB3g11CFg1173g59Eg11B4g5A4gFF9g8EEg5A5g704gDB3g124g704gDB3gFCAg1134g11F6g1031g10B5gA06gE48gA5Eg8E5g11Fg1231gD08g637gF2Fg5A5gE38gF22gF9Fg4A6g7C3gFCAg722g784g1231g

33、F2Fg637gD08g5A5gD59g871gF9Fg4A6g7C3gFCAg722g111g1183gA06gE48gA5Eg8E5g5A5gF4DgE5Dg11ADg529g111Dg10BFg5FBgD5Eg8B2g786g7A1g734g61gF9Bg103Cg61g704gDB3gCD8gEBBg949gA6Eg111g482gE5Dg11ADg529g111Dg10BFg949gA6EgEBBg607g5A5gF35g7AAg10D0g11D7g1031gF9Fg62g12gFg12gFg1g1231gD08g637gF2Fg11FgE38gF22gF9Fg4A6g7C3g7A1

34、g734gD6Ag898gF2Fg5A5g80Eg427gAEBgFCAg722g62g1g6Fg1231gD08g637gF2Fg70g5A5gFCAg722g65Ag645g11F6g1031gD5Eg556g673gF05g7A1g734g8DCg836g1222gD6Dg111gE59g756g613g11DBgBF9g784g119Fg4A6g65AgF5Fg5A5g673gF05g111gFD9g1173gA7Dg5EEgC3CgD5Dg3F0g976g111g111Cg59EgF9Bg103Cg111g124Bg7AAg8DAgFCAg6F1g722g111g865g586g99

35、Fg883g8FCgD5Eg6F5gDDBg11DBgBF9g5A5g46Fg5EEgFCAg1134gBA5g11C2g65AgF5Fg111g556g6Fg7A1g734g69gF9Bg103Cg69g704gDB3g70g111gC92g5E7gFB3g1031gFF9g8EEg5A5gB22g453g704gDB3g62g9E8gCC2g111g13g11g11g14gB4DgEF4g623g8C1g7BDgF9BgC66g10F7g10BFg11CFg753g846gCC6g38g35g30g7AAgCB5gCC6gC86gC6Fg7C4g5A5g673g6FDg11C5g112Fg

36、11CFg111g105Bg51Bg967gEB9g59DgF5Fg5A5g11C5g112Fg103Cg456gF43g4D1g10E7gBF9g111g4C1gF67gA06gEABg111g84Eg6ECgD08g1168g111g105Bg6D1gE4Dg61gC1Ag4DAg61gD46g7C4g61g107FgF9Bg784g5C8g9EFgEB9g57Dg456g5A5g6FgEF4g623g8C1g7BDg70g111DgAA5gAA5gFA7gD67g11CFg1073g92BgE6CgC0Fg111g1183g1042g46FgF9BgC66g11F6g1031gD73g8

37、DCg836g1139g4C9g61g103Cg81BgE34gD36gC7Ag5EEg62g111Cg941g13g11g11g16g5Fg13g11g11g18g111g11CFg753g4ECg1193g7C4g784g11D7g6FDg103Cg7C4g846gDCEg111g722gBD0gD67g4C6g1092g99Fg1042g46Fg105Bg65Cg5B9g4C1g61g6D1gE4Dg61gABFgE12g61g10B5gCE4g61g879g48Bg61g6FDg4F1g80FgF80g61g107FgF9Bg5A9g11DBgBF9g722gEB9g57Dg456g5

38、A5g576gB64gD67g62g1183gF74gC3CgD5Dg3F0g976g5A5g51BgF43g784g592gD48g7A1g734g8DCg836gC74gD5Dg61g119Fg4A6g65AgF5Fg8C5gAE1gF4Dg9F5g62g1202g11FEg722gBD0gE67g1227g5A5gF22gE64gF9Fg80Fg7F6g111g664g4C8g11D7g1031g5A5g1042g5C4gD5Eg8C5g5E1g7A1g734g8DCg836g11DBgBF9g5A5g44Dg7C4g62g111Dg3DCgEE4g7A1g734g65AgF5Fg7AA

39、g111gE59g756gF9Bg103CgBA5g11C2g111gFD9g1173g3F0g976gA7Dg5EEg80Fg7F6g111g8DAgFCAg51Bg10AAg11C9g6F1g722g62g4A6gA7BgDB1gEBBgF2Fg5A5g684g6ECgFCAg722g62g4A6gA7BgDB1gEBBgFCAg722gD5Eg753gDFCg92Cg3BDgFF9g8EEgDEEg11ADg5FFg10B5gE2Bg5C4g111gDF1g10F7g10BFg613g1239gA08g5A5g3DCgEE4g784g576gD5Dg5A5gB91g60Eg111g482

40、g8C7g1031g941g8DCg836g11DBgBF9g46Fg5EEg111gE5Dg1022g11D7g1031g5A5gD5Eg613g684gF42g5A5gCAAgD4Dg10DgEEDg684gF42g9E6gA71g784g684gF42gBCAg77Ag10Eg62g13g11g12g15gB4Dg5A5g576gB64gD67g1079g785g637g99Fg124gD5EgEEDg684gF42g9E6gA71gF2FgF9Bg575gBE5g1191g595g6ECg905g62g13g11g12g15gB4Dg12g1105g7AAg111g9D8g48Dg4C

41、1gBD6g9E6gA71g51BgF43gF2Fg7C1g111gE4CgF43gA71g123Cg9B3g937gC13gF2FgF9BgC74gD5Dg111gEEDg684gF42g9E6gA71gF2Fg886gE77g5EEg25g25g2Eg719g11B4gB06gF98g5A5g673gB1Bg486g673g868gF6Cg62g13g11g12g16gB4DgD08g3F6gB4Dg5A5gD08g1168g1079g785g637g99Fg124gD5Eg684gF42gBCAg77Ag5A5g979gDCEg7EDgD36g62g6Fg576g11D9g537gF8D

42、g61gEA3g11D9g537g103Cg70g61g6Fg1042g57Bg1042gA5Eg70g61g6Fg753gC12g6BFg6EAg70g5A9g6BFg6EAg1246g786gC88g51Bg80Cg111gD67g4C6g684gF42gBCAg77Ag979gDCEgE34gD36g111g6F1gCA6gE67g1227g1180g937g7BCgD94g482g60Eg537gF8Dg6DAg111gCC6gD67gC66gFC2g6DAg1168g111gE77gD36g722gBD0gD67g4C6g5A5g719g11B4g11CFgD77g62gCC2g75

43、4g673gF05gD3Dg11BAg613g80Eg427gAEBg8C9gF9Bg673gF05g111g8FCg793gB34g1202g11FEg1183g551gE67g1227g80Fg7F6g111g1079gEB9g13g11g12g15g5Fg13g11g12g16gB4Dg556gD08gEAAgF2Fg941gD5EgB64gD67g111g58Cg556gF2FgEAAgD08g941g111gC8FgB34g1173gB64g722g62gEB9gD49gAB9g124g1079gEB9g673gB1Bg60Ag5A5g103Cg81Bg469gAC0g10B5g6B

44、FgCFFg111g6BFg44Dg5A5gD5Eg673gB1Bg60Ag5A5gEEDg684gF42g9E6gA71g784g684gF42gBCAg77Ag62gE5Dg1022g111g1183gA7DgB64gD67g11BAgF4Bg10BFg22g722g111g637g664g23g722g784g29g722g111g8FCgD5Eg1079gEB9g22g722g61g23g722g784g29g722g5A5g673g1230gF4DgE5Dg111g58CgD5Eg673gB1BgC8Fg482gE5Dg120g22g722g5A5gB64gD67g99Fg1231g

45、10BFg673gB1Bg1079gDCDg637g664g673g1230g1079gDCDg111g1079g54Eg1183g722g22g722g5A5gB64gD67g11ADg684g111g482g7F6g538g59Eg23g722g784g29g722g62g8DCg836g11DBgBF9g5A5g46Fg5EEg10Dg103Cg81Bg10Eg925g5E7g722g84EgC77gF4Cg5A5g46Fg5EEg111gEEDg684gF42g9E6gA71g784g684gF42gBCAg77Ag925g5E7g722g84Eg719g11B4g5A5g84Eg6E

46、Cg11CFgD77g62g1231gD08g637gF2Fg5A5g704gDB3gFCAg1134g111g1031g6F7g846g11FFg11D7g613g25g25g2EgB06gF98g5A5g9D8g8B3g784g108Bg10A8g62g25g25g2EgB06gF98g427gD26g111g8FCg1058g8DCg8B3gD64gA14g11A3gC8AgE67g1227g5A5g11EDg61FgED9gE35g62g111Dg1231gD08g637gF2Fg5A5g704gDB3gFCAg1134g756g4F1g11CFg111gEE1gACCgD6EgF35

47、g1031g90Eg421g5A5g8FCgD5Eg10E7gBF9gDB1gEBBg62gEE1gACCg99FgE10gE29g1042g6F1g427g10F7gF9Fg11C9g5A5gED9gE35g11Fg25g25g2EgB06gF98gDAAgAFCgA14gD49gAB9g124g25g25g2EgB06gF98g704gD54g5A9g77Cg5A5g1250g448gD5Eg722gBD0g592gC2Dg5A5g84Eg11B4g111g10B7g448gD5Eg613gEC3g99FgF43g8C1gA40g5A5g117CgF43g62g8FCg54Eg111gEE

48、1gACCg8FCgB3Fg63FgF43g111gF43g111Dg5A5g722gBD0g84Eg11B4gD5EgEC3g99Fg5A5gF43g8C1gA40g5A5g117CgF43g111g865g586g637gFFDg111g722gBD0g5A5g84Eg11B4g5A5g427g11C9gD5Eg10E7gBF9g62g1183g8FCg6E1gDD4gEE1gACCg111g4D9g722gBD0g111g756gC80g1138g1022g482g11D7g1031g111gF43g111Dg1138g1022g482g11D7g1031g111gEC3g99Fg113

49、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